Get more certainty with a guaranteed interest rate.
See why over 360,000 customers (as of April 2024) already have this account.
Our Fixed Term Savings Account
Get more certainty with a guaranteed interest rate.
See why over 360,000 customers (as of April 2024) already have this account.
Available until 5pm on 26 February 2025 for new customers and 03 March 2025 for existing customers. Please be aware that this offer can be withdrawn at any time. To apply, you must be 16+ and a UK resident. Early closure charges may apply.
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Our Fixed Term Savings Account can offer you a range of features and benefits:
Choose to put your savings aside for one or two years.
Enjoy a guaranteed interest rate, so you know how much your money will grow.
1 year terms - earn 4.05% / 3.98% AER/Gross on balances between £1 - £5,000,000.
2 year terms - earn 3.90% / 3.83% AER/Gross on balances between £1 - £5,000,000.
Save between £1 - £5,000,000 per term.
Our Fixed Term Savings Account gives you a guaranteed, fixed interest rate for a set time. That means you’ll know exactly what your interest rate will be and how much your money will grow. You just need to pay in a lump sum and leave it until your term ends.
Just remember that regular deposits aren’t allowed. And you might be charged for early withdrawals if you want to close your account to access your savings early.
When you open our Fixed Term Savings Account, you can choose between terms of 1 and 2 years. This is the main thing to consider:
If you decide to fix your savings, you’ll know how much you’ll earn and what they’ll be worth at the end of the term. You’ll often get higher interest rates than you would on an instant access account.
Keep in mind that fixing doesn’t give you as much flexibility though. You can’t pay more money in as you go or take cash out, unless you close your account before the end of the term.
At NatWest, a fixed rate bond is the same as a fixed term account. Our Fixed Term Savings Account gives you a guaranteed, fixed interest rate on your savings for 1 year or 2 years. You get to choose. This means you’ll know exactly what the interest rate on your savings will be and how much interest you’ll earn monthly.
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.
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 it until then.
Whether you are a new or existing customer, you can still open a Fixed Term Savings Account with us. T&Cs apply.
As you're a new customer, we'll need to check your ID before opening your account.
We'll do this by matching your photo ID to a selfie of you. You’ll need a device with a camera to upload these. We may also ask for other ID like proof of address. If you don’t have your ID to hand, you can finish this step later.
26 February 2025 by 5pm
As a new customer, this is the last day you can apply.
03 March 2025
It’s important we receive the requested information by this date. If we don’t, we’ll be unable to open your account. You'll still be able to apply for our next offer so check back with us on 04 March 2025.
Please ensure you read the summary box below before applying.
If you already have a current account, credit card, loan or a savings account with us and want to open a Fixed Term Savings Account, select apply to begin your application.
Please ensure you read the summary box below before applying.
Account name: Fixed Term Savings Account
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.
Before you apply, you must be:
Key info for opening your Fixed Term Savings Account:
When your fixed term is coming to an end, we will notify you via letter and provide you with available options.
At maturity your Fixed Term Savings Account will automatically reinvest, unless you tell us you don’t want to.
Banking can be confusing sometimes. Here's what some of the words we use mean.
Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.
Compound interest is interest that is earned on interest that’s already been paid.
Gross means the interest rate you are paid on your savings with no compounding.
Per annum (per year).
We pay all savings interest without the deduction of tax. You do not pay any UK tax on interest earned in ISAs. You may have to pay tax on interest earned in non-ISA accounts depending on your Personal Savings Allowance. The tax treatment may be subject to change in the future.
We will soon be making changes to our Terms and Conditions, see the changes here.
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.
If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet. Please take some time to review, print and/or save the important information.
All kinds of general info about our savings accounts. Including details about the Fixed Term Savings Account.
This Information Sheet sets out the key information you need to know about the Fixed Term Savings Account including interest rates and balance examples.
Very important information about how your money is protected. Just in case.
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.
As part of the checks that we will complete to verify your identity, we’ll take an image of your face so that it can be compared with your photo ID and this biometric data is captured.
You can only withdraw money (in branch, online or by telephone banking) until 3.30pm on the last date to make payments or withdrawals. After this, your money will be locked away. If you do withdraw your money, you may be charged a fee. Partial withdrawals are also not permitted from fixed rate accounts after this time.
If you don't currently hold another account with us you can still do this in branch, online or by telephone banking and the withdrawal will be sent to you via cheque.
At the maturity date, we’ll automatically reinvest your deposit and any outstanding interest into a new Fixed Term Savings Account unless you tell us you want to opt out.
The NatWest interest rate for the new account may be higher or lower than the rate which applied to your Fixed Term Savings Account when you took it out originally.
If you choose not to reinvest, your account will be converted into a Primary Saver Account on the Maturity Date (or if the Maturity Date is not a business day, the next business day). Your money can be accessed on the following day.
With our Fixed Term Savings Accounts, interest is paid on the first business day of every month and on the Maturity Date.
Your goals and circumstances will ultimately decide whether a fixed rate savings account is right for you. It may be an option if you’re willing to save for the medium to long term and have a lump sum available. But it might be worth researching other NatWest savings accounts if you want instant access to your money. Or if you prefer regular saving.
You can make deposits up until 3:30pm on the last working day before the Fixed Term start date through electronic transfers, or cash deposits by visiting branch.
Funds can be paid in by cheque but please be aware that the cheque has to clear in time for it to be credited into the account and this must be cleared on or before the last business day before the Fixed Term Start Date. After this time money cannot be paid in until the maturity date.
You can’t make regular deposits into a fixed NatWest saving account. Instead, you’ll need to make all your deposits by a specific cut-off date, shortly after opening the account.
A fixed term account will usually offer a higher interest rate than an instant-access product. That effectively means you’re rewarded for locking your money away.
Fixed savings account rates depend on the term you choose. This is the length of time you’re willing to set your cash aside for. Longer terms usually offer higher interest rates.
Unlike regular savers, you’ll pay in a single lump sum shortly after opening your fixed savings account. You can’t usually access this cash until the maturity date. This is when the fixed term ends.
Not sure a fixed account is right for you? Explore other NatWest savings options.
You can close fixed savings accounts by giving 35 days written notice to your branch. An Early Closure Charge will be deducted from the balance of your account, except in the event of your non-voluntary redundancy, death or some other circumstances. Please contact us to find out more.
The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.
The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Fixed Term Start Date. For example, if you have earned 50 days’ interest, you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest, you will only be charged an Early Closure Charge equivalent to 90 days’ interest.
The Early Closure Charge will be deducted from the balance of your Fixed Term Savings Account.
When funding your newly opened savings account a limit of £99,999 per day applies. However, the following day you can quickly and easily transfer money to your savings account any time you like via our mobile app or online banking if you have them, or you can call us or visit us in branch. You can transfer between two of your own accounts as many times you like (up to £99,999) per day.
You need to have your account fully funded by the ‘last date to make payments or withdrawals’ date. As stated on key dates info.