A fixed-rate savings account stashes your money away for a set period of time at a set interest rate — sometimes, you’ll be able to choose how long your money is “locked” away for and sometimes, this is set by the bank beforehand.  Interest rates for a fixed-rate account can be higher compared to standard savings accounts, but if you access your savings account before the end of the term, you may have to pay a fee.  Different banks have different policies about duration, interest rates, and depositing/withdrawing money from the accounts, so it’s best to check your options before putting your eggs into one basket.