A savings account that pays a fixed rate for a fixed term. You agree the term at the start, and the rate does not change during it, whatever happens to the market.

They are sometimes called fixed rate bonds or fixed term deposits. The trade off is access: your money is locked away until the maturity date.

Yes, in everyday use. A fixed term deposit, a fixed rate bond and a fixed term savings account all describe the same thing: money placed with a bank for an agreed term, at a rate fixed for that term. Banks and savings platforms use the names interchangeably.

Terms run from six months upwards, including 6 month, 9 month, 1 year, 18 month, 2 year and 3 year options. Shorter terms give you your money back sooner, longer terms usually pay more.

You do not have to choose just one. You can hold several fixed terms at the same time through a single Meteor account, so some of your money is available sooner than the rest.

Generally, no. Fixed term products are designed to be held to maturity. Fixed term products have a 14 day cooling off period. After that, they cannot usually be accessed before the maturity date except in very limited circumstances.

Some savers keep part of their money in an easy access or notice product for this reason. You can hold both through Meteor at the same time. This is general information, not a recommendation about what is right for you.

No, and that is the point of the platform. You register once with Meteor and complete one identity check, then apply for products from any of the banks available through that single account.

You see every product, balance and maturity date in one place, rather than juggling a login for each bank.

Your capital and interest is returned to your Meteor holding account. You can then choose another savings product, with a competitive rate, from the same account. Because you are already registered and verified, there is no new registration required, no new identity check and no waiting for money to clear somewhere else.

We tell you when a product is approaching maturity. Nothing rolls over without you.

Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person, per authorised bank or banking group. Anything above that limit with the same bank or group is not covered.

Because a Meteor account gives you access to products from a range of UK-authorised banks, a larger balance can be spread across more than one banking group without opening an account with each bank. Some brands share a banking licence, in which case the £120,000 limit applies to the combined balance. Eligibility conditions apply. You can check what is covered at fscs.org.uk.

Interest on a savings account outside an ISA is taxable, although your Personal Savings Allowance may cover some or all of it depending on your circumstances.

If you want your interest to be tax free, a Cash ISA is the alternative, subject to your annual ISA allowance. This is general information about how tax works, not advice. Tax treatment depends on individual circumstances and may change in future.

A cash deposit is not invested in the stock market, and eligible deposits are protected by the FSCS up to £120,000 per person, per banking group. The main risks are different: your money is locked away for the term, and if prices rise faster than your rate your savings may not stretch as far in future.

A savings product from a Sharia-compliant bank. It does not pay interest, because Islamic finance principles do not permit it. Instead the bank invests the deposit in Sharia-compliant activities and pays a share of the profit, quoted in advance as an expected profit rate.

The expected profit rate is not guaranteed. In practice the bank operates a make good policy, If the bank ever expected to pay less than the quoted rate, it would contact you before maturity. These products are open to savers of any faith.

A deposit that returns your original capital at maturity and pays the rate shown, with a bonus on top only if defined conditions are met over the term.

It has more moving parts than a standard fixed rate product, so read the product terms in full before you apply.

Nothing. Meteor Savings is free for you to use. We do not charge you any fees, and on fixed term and notice products we do not take a share of the interest the banks pay.