M&S Fixed Rate Savings

Home
Save & invest
Fixed rate savings

dpws-tools-calculator-creator

Our features and benefits

With our Fixed Rate Savings, earn between 3.45% AER/Gross and 3.50% 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.

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	3.50%
2 year fixed rate	3.45%
3 year fixed rate	3.45%

**Save for 1, 2 or 3 years.**

The longer the term, the longer your interest is fixed.
Interest	1 year fixed rate
AER/Gross*	3.50%

Interest	2 year fixed rate
AER/Gross*	3.45%

Interest	3 year fixed rate
AER/Gross*	3.45%

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.

You may also want to

Ready to apply?

Apply

Frequently asked questions

This is the interest rate the Bank of England charges on money lent to financial institutions - like us. It is currently 3.75%. The Bank of England's Monetary Policy Committee meets 8 times a year to review this rate.

The Monetary Policy Committee is due to meet 5 February, 19 March, 30 April, 18 June, 30 July, 17 September, 5 November and 17 December in 2026.

We don't currently offer savings products directly linked to a Bank of England Base Rate, but we constantly review our products and will notify customers of any changes to their products.

Your money is protected

Your money is protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, or £240,000 for joint accounts, per provider.

M&S Bank and HSBC

Following Court approval on 23 March 2026, all accounts and services provided by M&S Bank will be provided by HSBC UK instead. Once the transfer has completed, your total combined deposits with M&S Bank and HSBC will be covered up to £120,000 per person, or £240,000 for joint accounts.

More about the M&S Bank acquisition

Important documents

You may require Adobe PDF reader to view these documents. Download Adobe Reader

Find out more about FSCS

This link will open in new window

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 25.02.2026.

** [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.