Our features and benefits
- With our Fixed Rate Savings, earn between 3.55% AER/Gross and 4.00% 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 (See footnote)* |
| 1 year fixed rate | 4.00% |
| 2 year fixed rate | 3.80% |
| 3 year fixed rate | 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 |
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 (See footnote)**.
Apply over the phone
If you want to open an account with £40,000 (See footnote)** 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?
This is the interest rate the Bank of England charges on money lent to financial institutions - like us. It is currently 4.25%. The Bank of England's Monetary Policy Committee meets 8 times a year to review this rate.
When does the Monetary Policy Committee meet?
The Monetary Policy Committee is due to meet 19 June, 7 August, 18 September, 6 November and 18 December in 2025.
What does the Bank of England Base Rate do to my savings?
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.
Fixed Rate Savings calculator
Your Results
With an M&S Fixed Rate Savings Account your savings after year(s) could be:
Your total interest earned could be £
Based on an interest rate of AER/Gross
Need some help?
Important documents
Fixed Rate Savings application form (PDF document)(opens in a new window)
Fixed Rate Savings summary box (PDF document)(opens in a new window)
Fixed Rate Savings terms and conditions (PDF document)(opens in a new window)
UK FSCS information sheet and exclusion list (PDF document)(opens in a new window)
You may require Adobe PDF reader to view these documents. Download Adobe Reader
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 13.05.2025.
** [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.