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Fixed-rate savings accounts mean your money is locked away for a set amount of time. Usually you cant make any withdrawals in this period but this is in exchange for a higher interest rate. Now, as a general rule of thumb, the longer you lock your money away for the better the interest rate you will get. When it comes to interest this is usually paid monthly, annually or at the end of your deal. As always, basic-rate taxpayers can earn up to 1,000 in interest tax-free per year, and if you are a higher-rate taxpayer, this is 500. Now, UK-regulated bank accounts protect your money up to a set limit via the Financial Services Compensation Scheme.