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M&S Fixed Rate Savings

Save with certainty for as long as you choose
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Our features and benefits

  • With our Fixed Rate Savings, earn between 3.55% AER/Gross and 3.80% AER/Gross with fixed rates over 1, 2 or 3 years. Early withdrawal fees apply for deposits under £50,000. No Withdrawals for deposits £50,000+
  • Start saving from just £500 up to £1 million. Whatever your balance, you'll receive the same interest rate - and it's fixed for the full term

Our Fixed Rate Savings are subject to availability.

Apply

Interest

Save for 1, 2 or 3 years.

 

The longer the term, the longer your interest is fixed.
Interest AER/Gross*
1 year fixed rate 3.80%
2 year fixed rate 3.75%
3 year fixed rate 3.55%

Save for 1, 2 or 3 years.

 

The longer the term, the longer your interest is fixed.
Interest 1 year fixed rate
AER/Gross* 3.80%
Interest 2 year fixed rate
AER/Gross* 3.75%
Interest 3 year fixed rate
AER/Gross* 3.55%

You can add the annual interest to your savings - or transfer it elsewhere.

Early closure option

If you need to access your money, and provided your deposit is under £50,000, you can close your Fixed Rate Savings before the end of the fixed term. There's a single charge to do this. Depending on when the withdrawal is made, you may get back less than originally deposited. If your deposit is £50,000 or more you can't close your bond or withdraw any money until the end of the deposit term. Partial withdrawals are not permitted.
Early withdrawal charge  
1 year fixed rate £50
2 year fixed rate £75
3 year fixed rate £100
If you need to access your money, and provided your deposit is under £50,000, you can close your Fixed Rate Savings before the end of the fixed term. There's a single charge to do this. Depending on when the withdrawal is made, you may get back less than originally deposited. If your deposit is £50,000 or more you can't close your bond or withdraw any money until the end of the deposit term. Partial withdrawals are not permitted.
Early withdrawal charge 1 year fixed rate
  £50
Early withdrawal charge 2 year fixed rate
  £75
Early withdrawal charge 3 year fixed rate
  £100

Benefits of our Fixed Rate Savings account

  • Know what your money will earn
    Because your interest is fixed for 1, 2 or 3 years, you can calculate exactly how much your money will earn, regardless of what happens to interest rates.
  • Easy to save
    You can open our Fixed Rate Savings online, by post or over the phone. It'll take just a few minutes.
  • Online application
    You can open our Fixed Rate Savings online if you deposit less than £40,000**.
  • Apply over the phone
    If you want to open an account with £40,000** or more, please call us on 0808 001 1111.
  • Apply by post
    Please print and return the relevant forms in the 'Important documents' section.

Ready to apply?

Frequently asked questions

What is the Bank of England Base Rate? 

When does the Monetary Policy Committee meet? 

What does the Bank of England Base Rate do to my savings? 

Definitions

* [1] AER is the annual equivalent rate and illustrates what the rate of interest would be if interest was paid and compounded on an annual basis.

Gross is the rate of interest if interest was paid and not compounded each year.

All credit interest will be paid gross. Interest rates correct on 10.07.2025.

** [2] [3] We recommend you contact your bank before making a large deposit with your debit card so that they're aware that a payment will be requested from your account. This will reduce the chance of your payment being declined by your bank.

Lines are open 8am-6pm Monday to Friday (closed weekends and public holidays). Calls are recorded.

Set up digital banking for your credit card or Everyday Savings Account, and access your accounts safely and securely at your convenience.