Fixed-Rate Savings

Haley29

Hi,

Is it a general rule that with fixed-rate savings you can only deposit money one, when you initially open an account?

I'm looking for a 5-year fixed-rate savings account but want to be able to deposit money weekly/monthly.

Thanks in advance :T

alanq

Usually only one deposit is permitted for a fixed-rate account.

Sometimes there is a very limited period to make additional payments - e.g until a couple of weeks after the bond is withdrawn from general sale. This allows funds to be deposited from more than one source.

There are other exceptions where a current or regular savings account will pay a fixed rate on a limited sum for a year or so. Also some savings accounts have a fixed rate bonus for a year.

However, to the best of my knowledge, the type of account you are seeking does not exist.

PeacefulWaters

Lloyds fixed rate ISA used to offer this option.

No idea if it still does. And I wouldn't expect award winning rates.

Eco_Miser

Some Regular Savers offer a fixed rate for a year, none for five years.
It may be possible to open a new fixed rate account every month, or quarter to have more in each account, or annually after saving in a regular saver.