Interest
Save for 1, 2 or 3 years
The longer the term, the longer your interest is fixed.
| Interest | 1 year fixed rate | 2 year fixed rate | 3 year fixed rate |
|---|---|---|---|
| AER/GrossFootnote* | 3.50% | 3.75% | 4.00% |
M&S FIXED RATE SAVINGS
Save with certainty for as long as you choose
- With our Fixed Rate Savings, earn between 3.50% 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+.
- Our Fixed Rate Savings are subject to availability.
Apply for an M&S Fixed Rate Savings
Features and benefits
Peace of mind - 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.
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 will be a charge for doing this - please see early withdrawal charges below.
Save up to £1 million
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.
Easy to save
You can open our Fixed Rate Savings online, by post or over the phone. It'll take just a few minutes.
Interest paid annually
You can add the annual interest to your savings - or transfer it elsewhere.
Online Application
You can open our Fixed Rate Savings online if you deposit less than £40,000**.
If you want to open an account with £40,000** or more, please call us on 0808 001 1111.
Definitions
Footnote* [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 15.12.2022.
Footnote** [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.
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
Instant help
Important documents
Fixed Rate Savings application form
Fixed Rate Savings Summary Box
Fixed Rate Savings Terms and Conditions
UK FSCS Information Sheet and Exclusion List
You may require Adobe PDF reader to view these documents. Download Adobe Reader
You may also want to
Early withdrawal charges
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.
| 1 year fixed rate | 2 year fixed rate | 3 year fixed rate | |
|---|---|---|---|
| Early withdrawal charge | £50 | £75 | £100 |
Ready to apply?
Apply for an M&S Fixed Rate account
Please print and return the relevant forms in the 'Important documents' section.
Lines are open 8am-6pm Monday to Friday, 9am-5pm Saturday (closed Sundays and public holidays). Calls are recorded.