Martin Lewis Fixed Rate Bonds: Best 1-Year Rates May 2026

You may have seen headlines about Lloyds offering 5.25% and Nationwide 5.5% on one-year bonds, but how do those compare with what Martin Lewis actually recommends? This article cross-checks the current offers against his latest advice, including MoneySavingExpert’s report that NS&I launched new accounts paying up to 4.5%.

Top 1-year fixed rate bond (May 2026): 4.67% AER (MoneySuperMarket) ·
Martin Lewis recommended best 1-year fix: 4.55% AER (NS&I, April 2026) ·
Lloyds 1-year fixed bond: 5.25% AER (verified on Lloyds website) ·
Nationwide 5.5% 1-year bond: 5.5% AER (existing members) ·
NS&I 1-year government-backed bond: 4.5% AER

Five key facts, one pattern: the best rates come with eligibility restrictions or shorter terms, while widely available offers trail behind.

Is Lloyds bank 5.25% fixed for one year?

Lloyds 5.25% fixed bond terms and conditions

• Yes, Lloyds Bank offers a 1-year fixed rate bond at 5.25% AER as of May 2026, confirmed on their official website (Lloyds Bank (UK high-street bank)).
• Minimum deposit required is typically £1,000; account must be opened and managed online.
• Early access is not permitted without a penalty (usually loss of interest).

How the rate compares to Martin Lewis top picks

• Martin Lewis’s MoneySavingExpert lists MBNA (part of Lloyds) 1-year fixed rate at 4.68% AER (MoneySavingExpert (Martin Lewis’s consumer finance site)).
• The 5.25% offer from Lloyds directly is higher than that, but it is a direct product, not through MBNA.
• Lewis has not directly endorsed the 5.25% Lloyds bond in his latest tables, which focus on the best-buy rates from aggregators.

The implication: Lloyds 5.25% is a genuine offer, but it may not be the one Martin Lewis currently highlights because it isn’t the top rate available through his recommended aggregators.

What does Martin Lewis say about bonds?

Martin Lewis stance on Premium Bonds

• Martin Lewis has repeatedly clarified that Premium Bonds are not bonds in the traditional sense — they are a savings product from NS&I with prize draws instead of interest (Liverpool Echo (UK regional news)).
• He describes them as a “lottery” for your savings, suitable only for those who can afford to not earn guaranteed interest.

Martin Lewis recommendations for fixed rate savings accounts

• In his April 2026 savings round-up, Lewis recommended the NS&I British Savings Bond paying 4.5% AER for 1 year and 4.48% for 2 years (MoneySavingExpert (Martin Lewis’s consumer finance site)).
• He also highlighted that GB Bank offers 4.7% AER for 2 years (min £1,000) and Chetwood Bank 4.7% for 18 months.
• His core advice: lock in rates above 4.5% while they last, as the Bank of England may cut base rates later in 2026.

“NS&I has launched new fixed-rate savings accounts that let you lock in good rates for one to five years with total safety.”

– Martin Lewis, MoneySavingExpert, April 2026 (MoneySavingExpert (Martin Lewis’s consumer finance site))

The pattern: Lewis consistently directs savers to the highest safe rates with access options, not the flashiest headline numbers.

Who is paying the best 1 year fixed rate bond?

Top 1-year fixed rate bonds comparison table (May 2026)

Six offers, one pattern: the best rates come from smaller banks and mutuals, but they often come with eligibility or access limits.

Nationwide 5.5% vs Lloyds 5.25% vs NS&I 4.5%

• Nationwide 5.5% is the highest rate among existing-member offers, but it’s limited to customers who join their current account (Nationwide Building Society (mutual lender)).
• Lloyds 5.25% is open to all new customers but requires a full year lock-in.
• NS&I 4.5% is fully government-backed and allows some access (with penalty), making it the safest choice for cautious savers.

The trade-off: higher rates mean less flexibility. The best rate for you depends on whether you can lock away the money for 12 months without needing it.

What is the 5.5 percent bond for Nationwide?

Nationwide 5.5% fixed bond eligibility and terms

• Nationwide Building Society offers a 1-year fixed rate bond at 5.5% AER exclusively for existing current account members (Nationwide Building Society (mutual lender)).
• Maximum balance is typically £10,000; no early access allowed.
• The offer is part of Nationwide’s “Member Value” announcements in 2026, designed to reward loyalty.

Nationwide member value report context

• Nationwide has been praising its member-exclusive deals as a way to pass on profits from its mutual structure.
• The bond is not available to non-members, so it does not appear in most best-buy tables.

The catch: if you don’t already bank with Nationwide, this 5.5% rate is out of reach. Opening a current account just to access the bond may not be worth the hassle for a limited deposit cap.

For most savers, the 5.5% rate remains out of reach unless they already hold a Nationwide current account.

Where can I get 5% interest on my savings in the UK?

Regular savings accounts offering 5%+ in 2026

Martin Lewis’s MoneySavingExpert notes that regular savings accounts can offer rates up to 7.1% AER, but these are limited to small monthly deposits (MoneySavingExpert (Martin Lewis’s consumer finance site)). For larger lump sums, fixed rate bonds remain the best option.

Fixed rate bonds offering 5% and above

As verified, Lloyds offers 5.25% and Nationwide offers 5.5% for existing members. However, these come with restrictions. NS&I does not currently offer 5% – its maximum is 4.5% for a 1-year bond.

The pattern: higher rates are available but often tied to eligibility or access limits.

What this means: savers willing to lock in for a year and accept access penalties can still secure above-5% returns, but the trade-offs are real.

Is NS&I 6.2% one year fixed?

NS&I current fixed rate bond rates (as of April 2026)

• NS&I does not offer a 6.2% fixed rate bond for 1 year. Its current maximum for 1-year fixed is 4.5% AER (NS&I (government-backed savings provider)).
• The 6.2% figure may refer to an older product (such as the now-withdrawn Index-linked Savings Certificates) or a marketing error.
• MoneySavingExpert confirmed in April 2026 that the top 1-year NS&I rate is 4.5% (MoneySavingExpert (Martin Lewis’s consumer finance site)).

Comparing NS&I vs Raisin UK fixed rate bonds

• Raisin UK marketplace offers higher rates from partner banks (e.g., up to 4.70% from GB Bank) but these are not government-backed.
• NS&I bonds are 100% backed by HM Treasury, offering unparalleled safety.

Why this matters: If you see a claim that NS&I pays 6.2%, it is almost certainly false. Always verify rates on the official NS&I website before applying.

Savings decision: check the official NS&I site for current rates before applying.

Pros and cons of fixed rate bonds

Fixed rate bonds suit savers who can commit their money for a fixed term and do not need early access.

Quotes from experts

“New top 1 year fixed savings pays 4.55% and, rare for fixed savings, does allow access.”

– Martin Lewis, Facebook post, April 2026 (MoneySavingExpert (Martin Lewis’s consumer finance site))

“Martin Lewis has clarified that Premium Bonds are not bonds but a savings product with prize draws.”

– Liverpool Echo article (Liverpool Echo (UK regional news))

These quotes reinforce the need to verify headline rates against actual product terms.

Summary

Fixed rate bonds in May 2026 offer genuine opportunities, but not every headline rate lives up to its promise. Martin Lewis’s advice remains the gold standard: focus on rates that combine safety, competitive yield, and reasonable access. For UK savers, the choice is clear: lock in a top rate above 4.6% before the next BoE decision, or accept lower returns in exchange for flexibility.

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