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Fixed Term Savings Account

Our fixed term, fixed rate savings account

Our Fixed Term Savings Account

Set aside a lump sum for 1 or 2 years and you’ll know exactly what interest rate you’ll get and how much your money will grow

1 year terms - earn 4.90% / 4.79% AER/Gross on balances between £1  - £5,000,000

2 year terms - earn 4.70% / 4.60% AER/Gross on balances between £1 - £5,000,000

You can save between £1 - £5,000,000 per term

How does it work?

Get started

It’s quick and easy to apply. Just click Apply now to get started. If you don't already have a current account with us you can open one here.

Choose your term

It’s up to you – pop in a lump sum and choose how long you’d like to fix your savings for. You will know how much exactly you will have earned by the end of the term.

Fix your money

Sit back and see your money grow. Remember, your money is locked away for the term you choose so you won’t be able to access until then.

Opening your Fixed Term Savings account

Whether you are a new or existing customer, you can still open a Fixed Term Savings account with us. Please be aware that this offer can be withdrawn at any time. Early closure charges may apply.

Summary Box

Account name: Fixed Term Savings Account

What is the interest rate?

Can Royal Bank change the interest rate?

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.

What would the estimated balance be at maturity based on a range of deposits?

How do I open and manage my account?

To open a Fixed Term Savings account:

  • You must be aged 16 years or over and a UK resident to open an account.
  • This account is for sole applicants only and cannot be opened in joint names
  • If you already have a current account with us you can open your account on our mobile app or online
  • If you don’t have a current account with us you will need to open your account online before setting up our mobile app
  • We will need your email address and mobile number to open your account
  • Your balance at the Fixed Term Start Date must be at least £1 
  • The maximum deposit is £5,000,000
  • We will send you a certificate of deposit within 14 days of the Fixed Term Start Date

Key dates 1 year

Key dates 2 year

Additional Information

Definitions

AER: This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

Gross Rate: The interest rate you are paid without the deduction of income tax.

p.a.: per annum (per year).

FAQs

Get ready to apply

Before you apply, we need to check you're happy with a few things. And ask you a few questions up front. Then we can make your application as quick and simple as it can be.

First things first. Please take a look at the important legal info:

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

All okay? You're nearly ready to start.

To speed up your application for our Fixed Term Savings account, we need to do a few final checks with you. They'll only take a minute.

Are you an existing Royal Bank Customer?

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account you must:

  • Be aged 16 years or over and a UK resident
  • Have a phone number and email address we can contact you on
Do you use Digital Banking?
If you log in to Digital Banking we can pre-fill some of the application for you.
Do you hold a Current Account with Royal Bank?

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account you must: 

  • Be aged 16 years or over and a UK resident
  • Login using your Royal Bank Digital Banking details at the start of the application

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account you must: 

  • Be aged 16 years or over and a UK resident
  • Have a phone number and email address we can contact you on.

Register for Digital Banking

You'll need to sign up for digital banking with us in order to apply for the Fixed Term Savings account online. The good news is that it normally takes just 5 minutes.

What you'll need
You'll need your sort code and account number, and your Royal Bank debit card if you have one.