How they work
You place a sum with a bank or building society for a set term. The rate is agreed upfront and fixed until maturity. Business and personal versions are available, and some providers offer notice or staggered-maturity options.
Maturity dates
At maturity, your provider will usually offer to return your money, roll it into a new fixed term, or move it to a variable account. If you don't respond, funds often move to a lower-paying account — note the date.
Deposit requirements
Minimum deposits vary. Larger balances may need spreading across providers to stay within FSCS limits — remember brands sharing a banking licence share one £120,000 limit per eligible person.
Withdrawal restrictions
Many products don't allow early access; others charge a penalty such as a number of days' interest. Keep an emergency fund elsewhere.
AER vs gross
Gross is the rate paid before tax; AER shows the annual equivalent, useful for comparing products that pay interest at different frequencies.