SAVINGS
1-Year Fixed-Rate Savings Bond
Save towards your future
If you already bank with us, you can apply for this account in the Barclays app or Online Banking.
Interest rates
Is the 1-Year Fixed-Rate Bond right for you?
Save for the longer term
Watch your money grow with a fixed interest rate for 1 year.
Open with £500 or more
You can open this bond with £500 or more. The more you put in when you open it, the more interest you’ll earn.
No withdrawals or top-ups until the term ends
You won’t be able to withdraw money from or top up your bond during the 1-year term.
1-Year Fixed-Rate Bond FAQs
You can open and manage your account in the Barclays app(2) or Online Banking(3). Alternatively, you can do this in a branch or over the phone.
If you don’t bank with us yet, you can book an appointment to open an account in one of our branches. You’ll need proof of your identity (such as your passport, UK biometric residence permit or UK, EU or EEA full driving licence), three years of address history and a UK mobile number.
See how to apply.
It’s a fixed-term savings account that gives you a fixed interest rate for a set period of time, which is also known as the ‘term’.
Yes, you can have more than one 1-Year Fixed-Rate Bond, held in sole or joint names, at any time.
No, you can only close this account early in exceptional circumstances(4).
If you want an account you can take money out of, you could explore our flexible bonds or instant-access savings accounts.
You can choose a bond that pays interest monthly or a bond that pays all the interest at the end of the term.
Interest can be paid into a current account or instant-access savings account you have with us, or paid by cheque.
No, you can’t top up or withdraw any money during the 1-year term. When you open your bond, you need to pay in the full amount you want to keep in it. You can open another bond if you want to .
We’ll contact you before the term ends to explain your options in detail. Typically, you can either leave your money in a bond for another year at an interest rate we’ll confirm at the time, or we can return your money to you. Find out more about what happens when your term ends.
You’ll get the most out of this account by putting in as much money as you can when you open it – you can’t withdraw money or top up after this. You’ll need to put in a minimum of £500.
If you want to put away a large amount of money, and have some access to your money, you could open our 18-Month Flexible Bond.
You could also open multiple bonds that start in different months and split your savings across them. This would mean you wouldn’t need to wait long for your next bond term to end to access some of your money.
If you want a savings account that lets you access your money, you could try our instant-access savings accounts, such as the Everyday Saver, Reward Saver or Instant Cash ISA. With a Reward Saver you’ll earn a lower interest rate in the months you make withdrawals.
If you’re a Barclays Blue Rewards member or Premier Banking customer, you could explore our instant-access Rainy Day Saver and Blue Rewards Saver accounts. With a Blue Rewards Saver you’ll earn a lower interest rate in the months you make withdrawals.
We also have flexible cash ISAs which offer limited access, so you can leave your money to grow with the option to withdraw it occasionally.
For long-term plans, explore your investment options with us. Investments may offer higher returns than cash savings in the long term.
For savings accounts, the interest rate tells you how much interest we’ll pay you for saving with us – it’s shown as a percentage of your account balance. The higher the interest rate, the more interest you’ll earn by leaving money in the account.
Your Personal Savings Allowance (PSA) is the total amount of interest you can earn each tax year, across all your accounts (except ISAs) with any bank or building society, without paying tax. The tax year runs from 6 April to 5 April.
For basic-rate taxpayers, the PSA is £1,000 and for higher-rate taxpayers, it’s £500. Additional rate taxpayers don’t have a PSA.
Our 1-Year Fixed-Rate Bond offers a choice of monthly and end-of-term interest payment options. If you choose end-of-term interest, you’ll receive all your interest in one tax year. This means you could reach or exceed your PSA more quickly in that tax year.
Tax liability on interest applies in the tax year it’s paid, which may be different to the tax year(s) in which interest is earned.
You’ll need to start paying tax on any interest you earn above your PSA. Go to HMRC’s site to find out how to do this.
Summary box
Account name
1-Year Fixed-Rate Bond – Issue 118
What is the interest rate?
Interest rates for balances of £500+, effective from 28 August 2024.
Interest option |
Monthly gross rate p.a. % |
End of term gross rate p.a. % |
AER % (all interest options) |
|---|---|---|---|
|
1-year term |
4.30 |
4.30 |
4.30 |
Monthly and end of term interest payment options are available – monthly interest will be paid into your chosen Barclays account (this must be in the name of one or more bond holders) or will be paid to you by cheque.
If you choose end of term interest, you’ll receive all of your interest in one tax year. This means you could reach or exceed your Personal Savings Allowance more quickly in that tax year.
Tax liability on interest applies in the tax year it’s paid, which may be different to the tax year(s) in which interest is accrued.
Can Barclays change the interest rate?
No, the interest rate is fixed for the 1-year term of the bond.
What would the estimated balance be after 12 months based on a £1,000 deposit?
Deposit amount |
Monthly (estimated value at the end of the term) |
End of term (estimated value at the end of the term) |
|---|---|---|
|
£1,000 |
£1,043.00 |
£1,043.00 |
How do I open and manage my account?
Open and manage your account – in our app, in Online Banking, in a branch or over the phone
Eligibility criteria – you must be 18 or over and a UK resident
Minimum balance – £500
Maximum balance – £1 million
See how to apply.
Can I withdraw money?
No, withdrawals or transfers to other accounts aren’t allowed during the term of the bond. You can open additional bonds if they’re available.
We’ll contact you again before your bond term ends to find out to what you’d like to do next.
Additional information
In accordance with tax legislation, from 6 April 2016, interest is paid gross. If you’re a UK taxpayer, you may have to pay tax on interest earned in excess of your Personal Savings Allowance (PSA) – for information and guidance please refer to HMRC’s site. It’s your responsibility to ensure that any tax due on interest payments received is paid to the appropriate tax authority.
Our 1-Year Fixed-Rate Bond – Issue 118 is a strictly limited offer and may be withdrawn at any time.
Additional deposits aren’t allowed during the term of the bond, although a bond holder may acquire additional bonds subject to availability.
Terms and conditions
1-Year Fixed-Rate Bond terms and conditions [PDF,119KB]
See the full details about the 1-Year Fixed-Rate Bond [PDF, 374KB]
How to apply
If you already bank with us, you can open an account in the Barclays app or Online Banking. If you don’t use Online Banking yet, you can register here.
If you don’t bank with us
You can book an appointment to open an account in one of our branches. You’ll need proof of your identity and address.
Other ways to save and invest
Important information
‘Gross’ is the rate payable without tax taken off. ‘AER’ (Annual Equivalent Rate) shows what the interest rate would be if interest was paid and compounded once each year. (Return to reference)
You need to be 18 or over to access this product or service using the app. Terms and conditions apply.(Return to reference)
Online Banking and the Barclays app are only available if you’re registered to use these services.(Return to reference)
If your circumstances have changed significantly, perhaps due to illness, a relationship ending or financial difficulties, you might be able to access money in a savings account that doesn’t normally allow withdrawals. You can ask us about this by calling 0345 744 5445. We’re here Monday to Friday 8am to 8pm and Saturday 9am to 5pm. Alternatively, you can send us a message from the ‘Help’ section in our app or Online Banking, or visit a branch.(Return to reference)