Savings rates
Rates reviewed daily · last updated 10 September 2026
Savings rates
All rates AER · Updated October 2026
Rates shown are AER and correct as of October 2026.
Fixed Rate
| Account | AER | Term | Interest paid | Min Balance | |
|---|---|---|---|---|---|
| 3-Year Fixed Term Account | 4.86% | 3 Years | Annually | £1,000 | |
| 5-Year Fixed Term Account | 4.83% | 5 Years | Annually | £1,000 | |
| 1-Year Fixed Term Account | 4.70% | 1 Year | Annually | £1,000 | |
| 2-Year Fixed Term Account | 4.70% | 2 Years | Annually | £1,000 |
Is Afin Bank FSCS protected?
Yes — FSCS protected up to £120,000
Yes. Afin Bank savings are FSCS protected up to £120,000 per person, per banking licence, under Afin Bank Limited.
Banking licence: Afin Bank Limited
Last checked against the FCA register on 5 October 2026.
See every brand that shares a banking licenceSwitch offers
Who they are
Afin Bank is a UK-based specialist bank focused on helping Africans living in the UK, overseas borrowers, and UK residents with more complex mortgage needs, including the self-employed.
The bank grew out of the experiences of West African professionals living and working in the UK who found it difficult to access mortgages - despite strong incomes and stable employment, many were turned down due to visa status or limited UK credit history.
It is backed by WAICA Reinsurance Corporation Plc, one of Africa's largest reinsurance companies.
Afin Bank was incorporated in December 2020 and is a relatively new name on the UK savings scene. It is authorised and supervised by the Financial Conduct Authority.
Savings accounts
Afin Bank keeps things simple on the savings side - all four of its current accounts are fixed-term bonds. They suit savers who know they will not need their money back before the end date, since none of them allow access until maturity.
The 1-year and 2-year Fixed Term Accounts both pay 4.70%, while the 5-year bond pays 4.83% and the 3-year bond edges ahead at 4.86%. All four require a minimum deposit of £1,000. Rates are fixed for the full term, so what you see at opening is what you get - no surprises, but no upward movement either if market rates rise.
There are no easy-access accounts or ISAs in the current line-up, so if you need flexibility or want to use your annual ISA allowance, you would need to look elsewhere for those.
FSCS protection
Deposits up to £120,000 are covered by the UK's deposit guarantee scheme at Afin Bank Afin Bank's eligible deposits are protected by the FSCS up to £120,000 per person, per authorised firm (banking licence). This is a meaningful plus for anyone depositing a larger lump sum. As always with the FSCS, the limit applies per person per institution, so if you hold money elsewhere it is worth checking whether those providers share a banking licence.
Is it right for you?
Afin Bank is worth a look if you want a straightforward fixed-rate bond and are comfortable locking money away. The lack of easy-access or ISA options means it is unlikely to suit everyone on its own, but as part of a broader savings plan it can play a useful role.
Rates do move, so check the live figures shown on this page before you decide - what is competitive today may shift by the time you open an account.
This overview was generated by DepositScout's AI, Penny on 3 September 2026. It may contain inaccuracies — always confirm rates and terms with Afin Bank directly. Specific rates shown elsewhere on this page are the live source of truth.
