Fixed Savings Account
Why save with Monzo
A choice of competitive rates
It's not uncommon for people to inquire about a fixed rate savings account— or a savings account that earns a predetermined interest rate for a specific time period. While many financial institutions, including Ally Bank, do not offer fixed rate savings accounts, most offer certificates of deposit (CDs), which are savings products with fixed.
We're creating a Savings Marketplace in the Monzo app. Pick from an ever-growing number of providers and competitive interest rates to suit your savings goals.
A new way to save
Fixed rate savings (formally called 'bonds') allow you to fix your interest rate for a set period of time, and it will not be changed. By contrast, instant access savings account rates are variable and can be changed, e.g. To take account of Bank of England base rate changes, or changes in. Fixed savings accounts Based on the fixed account comparison, Capitec once again offers the best interest-earning potential at 9.25%. This is closely followed by the upper end of the interest ranges of Absa at 9%, Nedbank at 8.16%, and FNB at 8.70%. Most savings accounts have variable yields, so a CD is a way to earn a fixed APY during a term. However, CDs usually have an early withdrawal penalty if you take your money out too soon.
Fixed Interest Savings Account
Add custom images to your Savings Pots to stay motivated. Round up transactions to add spare change to Pots automatically and schedule monthly savings deposits to stay on track.
Your money's protected by the FSCS
The money you put into Savings Pots is protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS).
The FSCS apply this limit to each person and to the total amount of any money you have with the provider, whether held through Monzo or not.
Please note, this means if you have separate accounts with our savings providers outside of the Monzo app, then the deposits held in those accounts will also count towards the limit of £85,000.
Save in a way that suits you
We’ve got different types of savings, and we’re adding more all the time. We talk about AER below, which means Annual Equivalent Rate. It shows you what the rate would be yearly if we paid interest on top of interest (which we do for easy access and fixed savings).
Easy access
Great for short-term savings goals, like holidays or a new bike.
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Easy access ISA
High Interest Savings Account
Save without paying tax on the interest you earn. What's an ISA?
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Fixed Savings Account Meaning
Fixed
Great for long-term savings goals, like a home or a wedding.
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More providers coming soon
We’re talking to new providers all the time to give you access to a wider variety of competitive rates.
Download the Monzo app on iOS or Android and join the people who've changed the way they bank.