M&S Fixed Rate Savings

Save with certainty for as long as you choose

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Fixed rate savings

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Our features and benefits

With our Fixed Rate Savings, earn between 3.85% AER/Gross and 4.05% 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.

Please note that issue 65 of our M&S Fixed Rate Savings option will close shortly and a new issue will launch on 16 October. As rates are increasing you may wish to consider waiting until 16 October before making your deposit.

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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	3.85%
2 year fixed rate	4.05%
3 year fixed rate	4.00%

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

The longer the term, the longer your interest is fixed.
Interest	1 year fixed rate
AER/Gross*	3.85%

Interest	2 year fixed rate
AER/Gross*	4.05%

Interest	3 year fixed rate
AER/Gross*	4.00%

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

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.

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Ready to apply?

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Frequently asked questions

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

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.

You can close your account early and withdraw all of the funds, but you may have to pay a withdrawal charge. To close your account, please call to discuss. Visit our contact us page for details on how to get in touch.

Your money is protected

Your eligible deposits with HSBC UK Bank plc are protected up to a total of £120,000, or up to £240,000 for joint accounts, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.

This limit is applied to the total of any deposits you have with the following: HSBC UK, HSBC Private Bank, first direct, and M&S Bank. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Important documents

Find out more about FSCS

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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 18.06.2026.

** [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.