Six-month fixed-rate savings accounts

If you’re looking for a secure savings account that lets you know exactly how much interest you’ll earn, a 6-month fixed-rate savings account could be just the thing.

A 6-month fixed-rate savings account could be the perfect place for a lump sum you’re sure you won’t need for half a year. It’s like putting your money into a secure cocoon, where it grows steadily for 6 months, shielded by a fixed interest rate. 

These fixed-rate savings bonds can be a fantastic partner in your short-term financial goals, whether you’re saving for a dream getaway or new investments. And they’re super easy to manage; deposit your funds and come back in 6 months to find your balance increased by added interest. 

What is a 6-month fixed-rate savings account?

6-month fixed-rate savings accounts are a type of savings account that holds your money for 6 months. The interest rate is fixed and won’t change from the day you open the account until the end of your agreed term. During this time, your savings collect interest, which is added to your balance when the 6 months end (when the account reaches maturity).

The interest rate you sign up for isn’t affected by market changes, which means it stays the same throughout your 6-month bond. So, when you open your account, you can calculate exactly how much interest you’ll earn by the end of the term. 

Because you agree to leave your money in the account for 6 months, the interest rate is often higher than it might be for an instant-access savings account. 

When you reach the end of your 6-month period, what happens next is up to you. You can either withdraw your money (plus interest) or transfer it to a new fixed-term account and keep saving – this could be for another 6 months, for 3 months or a year.

Our 6-month fixed-rate bond interest rate 

When you apply for a 6-month fixed-rate savings account with the Saga Savings Platform, the interest is calculated daily and applied to your balance at the end of the period.

The amount of interest you earn depends on how much you deposit (this must be at least £10,000) and the interest rate offered at the time you open your account. Some of the banks have a £1k minimum deposit so you are able to split your deposit to different terms and rates.

You won’t need to pay any administration or management fees when you create an account with us. The rate you see is the rate you get, so you can calculate your interest as soon as you open the account.

How to apply for our 6-month fixed-rate savings account

We make applying for 6-month fixed-rate savings accounts straightforward. Follow these steps to start saving:

1. Go to the Saga Savings Platform and click 'Apply now'.
2. Enter some details to complete your application.
3. Select a single or joint account and deposit a minimum of £10,000 to the platform.
4. Browse the six-month fixed savings accounts and find one that suits your goals.
5. Transfer the minimum eligible deposit and enjoy earning interest over the next six months.

Financial Services Compensation Scheme 

Keeping your savings secure is our top priority. That’s why all deposits up to £85,000 (£170,000 for joint accounts) are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

There’s no hassle for you – the FSCS ensures automatic compensation, which is paid within 7 working days if a bank fails, so you can be sure your funds are safeguarded. For details, visit the FSCS website.