What is a Fixed Term Savings Account?

Updated a month ago

With a Fixed Term Savings account, everything is 'fixed' –you commit your money for a fixed period of time and get a fixed rate of interest. With the Zopa Fixed Term Savings account you can save from 1 to 5 years.

These accounts are very safe as your money is protected by the FSCS (Financial Services Compensation Scheme) up to £85,000.

The most important thing to remember about this type of savings account is that you cannot access your money until the end of the agreed term, so you should only consider saving an amount that you know you won’t need until your term is up.

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