Best Halifax savings accounts

Searching for a new UK savings account? Perhaps you’re saving for a new car or your first home, or simply want to put money aside for a rainy day. Whatever your needs, one thing is for sure - you’ll be looking for the highest interest you can get.

Here in this guide, we’ll be checking out the best Halifax savings accounts currently available. We’ll see what interest rates are on offer right now, and look at options for easy access, fixed term savings and ISAs too. And if you see an account you like, we’ll also run through how to open one.

Want to earn a return in multiple currencies? With Wise Interest, you can get a 4.70% variable rate on your GBP balance held in your Wise multi-currency account.

Capital at risk. Current rates do not guarantee future growth.

Variable rate is based on 7 day performance as of 14 Dec 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds.

What kinds of savings accounts does Halifax offer?

Like many UK high street banks, Halifax offers a variety of different savings accounts. This gives you lots of options as a saver, and the chance to compare account terms, access and interest rates.

At Halifax, you can choose from the following account types:

• Easy access savings accounts, including the Halifax Reward Bonus Saver, Bonus Saver and Everyday Saver. All of these give you access to your money when you need it, while still earning interest.
• Regular savings accounts, such as the Halifax Regular Saver. These let you set up regular payments from your current account per week or per month. The aim is to gradually build up your savings pot, and make saving a habit.
• Individual Savings Accounts (ISAs), including the Halifax ISA Saver Fixed, ISA Reward Bonus Saver, ISA Bonus Saver, ISA Saver Fixed and ISA Saver Variable. Cash ISAs are accounts which offer tax-free interest on your savings, up to a certain allowance each tax year. The bank also has a Junior Cash ISA for under 18s.
• Fixed Term Savings. Also known as fixed term bonds, these are savings rates that offer a guaranteed interest rate for a fixed term. The interest rate varies depending on the account term. At Halifax, you can open a Fixed Saver or a Family Boost Fixed Savings Account.

How to pick the right savings account?

Choosing a new type of account can be tricky, especially if you’re unfamiliar with the provider. And there are a huge number of savings products out there. So how do you narrow it down? Here are some key things to consider:

• Interest rates

  The interest rate is the first thing to compare when shopping around for savings accounts. It’ll always be the most important factor, because it determines what return you get on your hard-earned savings.

• Access

  You should also think about whether or not you’ll need instant access to your money. The other option is to lock it away for a set period and let it grow.

  With any savings accounts labelled ‘fixed term’, this means that you’ll be locking your money away for a set period. You won’t usually be able to make withdrawals without incurring a fee or penalty. However, you will usually get a higher interest rate in return.

• Account management

  Lastly, consider how you’ll open the account and manage it. Does the bank offer online banking, along with a mobile banking app? Most offer both, including Halifax.

  But you’ll also find some old-school banks and building societies which only let you manage your account via branch, post or telephone. On the other end of the scale, some newer digital banks have a mobile app and nothing else.

Exploring the best Halifax savings accounts

Now, let’s dive into what savings accounts are on offer at Halifax, honing in on the best products in each category.

Best regular Halifax savings account

There’s just one account for regular savings at Halifax. This is what you’ll get with a Halifax Regular Saver account:¹

• Interest of 5.50%% AER/gross (fixed) for 12 months
• Interest paid after a year
• Save anywhere between £25 to £250 a month
• No withdrawals permitted within 12-month term
• Manage your account via online and mobile banking.

Interestingly, when you open this account, Halifax will also open an Everyday Saver for you at the same time. This is because at the end of the 12-month term, the interest from the Regular Saver will automatically be paid into the Everyday Saver. Then your Regular Saver renews for another year.

Before you open this account, you’ll need to be sure that you won’t need access to your money over the coming year. There are no withdrawals permitted within the 12-month term. But if you’re happy to lock your money away, you’ll benefit from a pretty high interest rate.

Best easy access Halifax savings account

Halifax has quite a few accounts for easy access, everyday savings. Arguably the best is the Halifax Bonus Saver.

It offers a great interest rate of 4.10% AER, and you don’t need to have to be an existing Halifax customer. If you’re a UK resident over 16, you’re eligible.

This is unlike the Halifax Reward Bonus Saver, which offers a slightly higher interest rate (4.20% AER) but is only available if you have a Halifax Reward Current Account.² This is an account offering cashback and other rewards, but has a monthly fee (waivable if you meet certain conditions).

Here are the account facts and features at a glance:²

• Interest rate of 4.10% AER for 12 months (after a year, the account becomes an Instant Saver)
• Interest paid monthly
• Open the account with just £1
• Manage your account online, on the Halifax app, in a branch or over the phone
• Instant access, but interest drops to 1.05% AER if you make more than 4 withdrawals in a year.

Best Halifax individual savings account (ISA)

Halifax is a great choice for tax-free savings, as it has lots of different Cash ISAs available. Although it depends on your needs, one of the best is the Halifax ISA Bonus Saver.

This is because it’s easy access (although your interest rate will drop if you make 4+ withdrawals in a year) and offers a good interest rate. And you don’t need to have a Halifax current account to open one.

Here are the details:²

• 4.10% AER/4.02% tax-free (variable) for 12 months (drops to 1.05% AER after 4+ withdrawals)
• Minimum opening deposit of just £1
• Interest paid monthly
• Manage your account in branch, over the phone or in mobile/online banking.

Happy to lock your savings away for a period? You might be better off with a Halifax ISA Saver Fixed, which offers 5.30% AER/tax-free interest for a 1-year term. This rises to 5.35% AER for a 2-year term.²

Looking for info on the Halifax Help to Buy ISA? Unfortunately, you can no longer open this kind of ISA in the UK, so Halifax and other banks have withdrawn them from sale. However, you can still transfer a Help to Buy ISA from another provider to Halifax.

Best Halifax fixed-rate bonds account

And lastly, we have fixed term savings accounts. Alongside fixed term ISAs, Halifax has a Fixed Saver account available to open for 1, 2 or 5 years. The interest rate varies depending on the term:²

Remember, with a fixed-term account, you won’t be able to make any deposits or withdrawals until the term has ended. You can close the account early, but charges will apply. You’ll need to make a minimum deposit of £500 to open this account.²

How to apply for a savings account with Halifax?

Like the look of one of the Halifax accounts above? The next step is to apply.

For most of its accounts, Halifax lets you apply online or via its mobile banking app. So you should find the process pretty quick and easy. Although, if you prefer, you can also call up or pop into a local branch - find your nearest Halifax branch here.

To open a Halifax account online, follow these steps:

1. Go to the Halifax website and check the eligibility criteria for the account you’re interested in. Read the terms and conditions too.
2. If you’re happy, click the ‘Open now’ button
3. Complete the online form, providing your personal details when prompted. You’ll need to provide your addresses for the last 3 years.
4. Check your application and submit. You should receive a confirmation email right away, followed by another email or letter once your account has been opened.

And there you have it - your handy guide to the best Halifax savings accounts.

The bank has options for pretty much every kind of saver. So you should be covered whether you need on-demand access to your money, or are prepared to lock it away in exchange for higher interest rates.

It’s also good to know that you don’t necessarily need to be an existing customer to open a savings account with Halifax.

Just remember that a traditional savings account isn’t the only way to boost your pot.

Sources used:

Sources last checked on date: 28-Jul-2023