What is a fixed rate?

A fixed rate is a type of savings product where you can earn a fixed interest rate over a set period of time in exchange for locking in your money for that length of term.

The length of term on a fixed rate is important, as during this time you won’t be able to access your money, including any withdrawals or adding any more funds. Any money added into a fixed rate will need to be deposited before the ‘fund by’ date.

Fixed rates and key dates

There’s two dates to be aware of when saving in a fixed rate:

  • Fund by date – when you open a fixed rate there’s a set period of time where you’ll be able to add money, also known as a ‘funding window’. You can deposit as often as you like during this window and will start to earn interest from your first deposit right until your access date.
  • Access date – this is at the end of the fixed term when you’ll be able to access your money and all of your interest earnings. At this point, you can decide what you do next with your cash – whether you choose to secure another fixed rate, move your money into another savings or investing account, or withdraw it into your linked bank account.

Remember, once you deposit money into your fixed rate, your cash will be locked in and you won’t be able to add, move, or withdraw any money. The cash deposited during the funding window should be money that you don’t need to access again for that period of time as you won’t be able to withdraw this at any time until your access date.

How can I add money into a fixed rate?

During the funding window, you can add money into Moneybox Fixed Rate using a manual bank transfer of £100 or more directly from your bank account – just like a normal payment.

We’ll be rolling out more ways to deposit soon. So keep an eye for any updates.

Manual bank transfers usually take minutes to arrive, but can take up to 24 hours. We can only accept manual bank transfers from your linked bank account for security reasons.

Can I open more than one fixed rate?

Yes, there’s no limit to how many Moneybox Fixed Rates you can have open at any time.

Head in-app to explore what’s available and secure your next fixed rate.

 

Why the Moneybox Fixed Rate could be right for you?

With Moneybox, you can open a 1 Year Fixed Rate and earn 3.75% AER, fixed for a year.

Whether you’re looking to avoid market fluctuations, have the confidence that you’re earning the same rate consistently for a year, or ready to lock in some spare savings with a great rate – the Moneybox 1 Year Fixed Rate could be the next savings account for you.

 

Deposits made to a 1 Year Fixed Rate cannot be withdrawn until the end of the fixed term. There is no ‘cooling off’ period.

% AER (annual equivalent rate) is the rate you will earn after a year, including compounding. The interest rate is fixed.