The obvious benefit to fixed rate savings is that your interest rate won’t fall at any point during the fixed period. However, it won’t rise either. And because you are locking your savings away you will usually receive a higher rate of interest than an easy access account.
You need to be aware that when you open one of our fixed rate savings accounts there is a short window for payments in. After that you can’t continue to pay in for the rest of the fixed term.
Most of our fixed rate bonds don't allow withdrawals or closure during the fixed term. If you want to withdraw from our fixed rate ISAs before the end of the fixed term you will have to withdraw the full balance, the account will close and you will have to pay an interest penalty, meaning you may get back less than you paid in.
Each different type of fixed rate account has its own set of pros and cons. You should take a look at each account in detail to make sure it’s right for you.