CoverMapKey takeaway: Fixed-rate accounts generally pay more, but you lose access to your money for the term. Easy-access accounts pay less but let you withdraw anytime (sometimes with limits).
Fixed-rate savings
You lock your money away for a set term (commonly 1, 2 or 5 years) in exchange for a guaranteed rate that's usually higher than easy access. The trade-off: you typically can't withdraw early without a penalty, or at all in some products.
Easy-access savings
You can withdraw whenever you like, but the rate is usually lower and can be variable (meaning it can drop without much notice). Some "easy access" accounts limit the number of penalty-free withdrawals per year, so read the terms.
A simple way to decide
Keep enough in easy access to cover your emergency fund (see our emergency fund guide), then consider fixing any additional savings you're confident you won't need during the term, to capture the higher rate.