A fixed rate is a fantastic tool for those who like to plan ahead, earn a consistent interest rate, and grow their savings. It works differently from an instant access account and understanding a few key milestones is all you need to get started.

Here’s a simple guide to how the Moneybox Fixed Rate works.

The power of a fixed rate

A fixed rate is all about certainty and commitment:

  • Certainty: You commit your money for a set period of time and in return, you lock in a specific, guaranteed interest rate for the entire duration. This takes the guesswork out of saving and provides confidence that your money is growing steadily. By fixing your rate, you’ll avoid any market fluctuations with changing interest rates and know exactly what you’re earning at any time.
  • Commitment: This certainty comes with a trade-off: once you make your first deposit, your funds are locked away. You won’t be able to make any withdrawals or add extra money later on. Any money you deposit should be cash you won’t need to touch again until the term ends.

Getting your cash in

When you save with a Moneybox Fixed Rate, there are two dates to keep an eye on:

  • The funding window – when you open a fixed rate, you enter a short, initial period where you can add money—this is the funding window. During this window, you can deposit funds as often as you like. Once the funding window closes, your money is locked in, and no further deposits can be made. It’s worth noting that you won’t be able to withdraw any funds after they’re deposited, even during this window.
  • The access date – this is when your account matures, and the full balance, including your original deposits and all the interest you’ve earned, is available to access.

Save for multiple goals and fix again

Looking to save for different goals or want to stagger when your money becomes available?

There is no limit to the number of Moneybox Fixed Rates you can have open at any one time. This flexibility allows you to manage different savings pots exactly how you want.

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

Why a Moneybox Fixed Rate could be right for you

If you have a lump sum that you know you won’t need to access for a period of time, locking it in with a fixed rate could be one of the smartest things you can do for your money. It gives you the confidence to keep growing your money, insulating you from any potential market fluctuations over the fixed term.

Ready to explore more?

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