Fixed rate savings accounts

With a fixed rate savings account  you'll agree to lock your money away for around 3 months or longer. In return the account will pay you a fixed amount of interest when the term comes to an end. It's not a good choice if you'll need your money quickly as you may not be able to access it, or there could be penalties, like losing your interest, for withdrawing your money early. You can check this in the terms and conditions of your savings account.

There's no limit to the number of fixed rate savings accounts you can have. You should be aware of the Financial Services Compensation Scheme limit of £85,000 as anything above that won't be returned if there's a problem with the bank you're using. As the limit applies to banking groups and not savings accounts, you should make sure you aren't saving more than £85,000 with banks that offer different savings accounts.

We won’t charge you for using the marketplace. Instead, we receive payments from the partner banks based on the amount of money deposited through Aviva Save. The savings accounts and interest rates offered directly by our partner banks may be different from the ones you see on Aviva Save.

Which account you choose will depend on the rate of interest you want balanced with how long you're happy to lock your money away for. 

There are a few easy steps to opening a savings account with Aviva Save. 

Firstly, you'll need to pick a savings account. From there, register for a MyAviva account if you don't already have one. It's the way you'll access your savings securely. To do this you have to be over 18 and a UK resident.

We'll also need a few details like your bank account and National Insurance number. Keep an eye on your email in case we need more information, and for confirmation that your registration is complete. You'll then be able to open any savings accounts you want with Aviva Save. 

We'll give you details of the transaction account that you'll use to fund savings accounts you open with Aviva Save. You'll move money from your bank to your transaction account, then it will be added to any Aviva Save accounts automatically - this takes around 2 business days. 

We'll send a security code by text or email to complete any transfers.

With a fixed rate account the interest you've earned will be paid to you at the end of the term. The upside to this is that you'll be able to work out exactly how much interest you'll get before opening the account. 

Not sure which savings accounts are right for you? Learn more about the different types of savings accounts available on our Aviva Save marketplace.

If you're a UK basic rate taxpayer, you can usually earn up to £1,000 a year tax-free on your savings, known as a Personal Savings Allowance. If you're a higher rate taxpayer, the tax-free amount is up to £500. If you are an additional rate taxpayer, you don’t get a Personal Savings Allowance. If your interest goes above your Personal Savings Allowance, it will be added to your income and taxed at the rate that applies to you. Taxation depends on your personal circumstances and rules may change in the future. To get the latest information on tax on savings interest, you can visit HMRC.

You can open an account if:

• You're aged 18 or over
• You're a resident in the UK, or you or your spouse or civil partner are a Crown servant
• You don't have citizenship rights or pay taxes in the US.

We've teamed up with Raisin UK to offer you Aviva Save. You're unable to open an Aviva Save account if you already hold savings account with Raisin UK or one of their partners (Smart Savings from Willis Owen or AJ Bell's Cash savings hub).

You can simply apply for Aviva Save online, but if you'd prefer some advice based on your personal circumstances, speak to your financial adviser. You can also visit MoneyHelper.