A Fixed Term savings account can offer certainty of return for a fixed time period, which can mean you know what you’re getting whatever happens to interest rates elsewhere. The longer the term you choose, the higher the interest will be, so it could be a good option if you're disciplined with yourself.
However, although you might know in advance what you could be earning on interest, anything you do save is often tied up for the duration of your agreed set term, which can be 1 or 2 years. So it's best to make sure you're happy to keep that money in the account for the time frame, rather than dipping into that pot.
Usually you can't take any money out during a fixed term, and if you close the account early you might get a charge - so make sure you're clear on the terms and conditions before you apply.Learn more about Fixed Term savings accounts