Question 1

What is a fixed-rate bond?

Accepted Answer

In UK savings, a fixed-rate bond usually means a bank or building society savings account that pays a set interest rate for a fixed term, such as one or two years. You typically can't add money after opening or withdraw before maturity. The term is also used for corporate or investment bonds, which are different — they are investments, not deposits.

Question 2

What is the difference between a deposit and an investment bond?

Accepted Answer

A deposit is money held by a bank or building society; eligible deposits may be protected by the FSCS. An investment bond is a loan to, or investment in, a company or issuer. Its value and returns depend on the issuer, your capital can be at risk, and FSCS deposit protection does not apply automatically.

Question 3

How long can I fix my savings?

Accepted Answer

Common terms range from 6 months to 5 years, though some providers offer shorter or longer terms. Longer terms lock your money away for more time, so consider when you may need access.

Question 4

Can I withdraw my money early?

Accepted Answer

Many fixed-term products do not allow early withdrawals. Where they do, there is often a penalty, such as loss of a number of days' interest. Always check the provider's terms before applying.

Question 5

Are fixed-term deposits protected by FSCS?

Accepted Answer

Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme, currently up to £120,000 per eligible person, per authorised firm. Some brands share a banking licence and therefore share one limit. Investment bonds are not deposits and are not automatically covered.

Question 6

How much money do I need?

Accepted Answer

Minimum deposits vary by provider. Our enquiry form starts from £10,000, but individual products may have different minimums and maximums.

Question 7

Are interest rates guaranteed?

Accepted Answer

For a fixed-rate savings account, the provider fixes the rate for the agreed term. For investment products, returns depend on the issuer meeting its obligations and are not guaranteed. FixedWise does not guarantee any rate or return.

Question 8

Is there a fee to use FixedWise?

Accepted Answer

Our comparison and enquiry service is free to use. You do not pay us anything. We are paid an introduction fee by the provider or partner we introduce you to. Any product charges or terms are separate and should be checked directly with the provider.

Question 9

How are comparison results selected?

Accepted Answer

We focus on fixed-rate and fixed-term options from providers and partners we work with. We do not cover the whole market, so it is worth checking other sources before you decide.

Question 10

What happens after I submit my details?

Accepted Answer

Your enquiry is stored securely and reviewed. We may contact you by email or phone with information about products that may fit what you told us. You are under no obligation to proceed with anything.

Frequently asked questions