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Bearing the name of the Yorkshire town it was born in, Halifax began life as a building society in 1853. It was then the UK’s largest building society for much of the twentieth century.
These days though, it is a bank, and is part of the HBOS banking group having merged with the Bank of Scotland in 2001.
It has a wide range of savings accounts. From easy access to fixed term, from children’s savers to ISAs. We walk you through the details and explain which of Halifax’s options might work best for you.
Instant access savings accounts
Table: sorted by interest rate, promoted deals first
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Halifax offers an everyday saver account. This is a straightforward and easy to use option.
Unlimited withdrawals and deposits.
However, this account has a low interest rate.
Open online in a matter of minutes.
Start with as little as £1.
Interest paid annually.
Fixed Term
Fixed term accounts tend to come with better interest rates than easy access. They are more suited to savers looking to put away a lump sum to fatten it up a bit. However, there is an obvious downside.
Two options available: the Fixed Saver and the Regular Saver.
No withdrawals. You can close the accounts early but you might be charged.
Fixed saver. Lasts for 2 years. Minimum deposit of £500 required.
Regular saver. Put in between £25 and £250 each month.
Cash ISAs
Get tax-free savings with ISAs. Halifax has three ISA options for adult savers: a Help to Buy ISA, a Fixed Term ISA and a Variable Rate ISA.
Help to Buy ISA
Get a 25% bonus of up to £3,000 when you buy your first property.
Earn a decent interest rate on your savings too.
Initial deposit of £1,000 then put in up to £200 each month by standing order.
Fixed Term
No early withdrawals.
2-year long ISA.
Can close early but will be charged.
Minimum opening balance of £500.
ISA Saver Variable
Unlimited withdrawals.
Open with as little as £1.
After 12 months your account reverts to an Instant ISA Saver, which has a lower interest return.
How do I decide which account is for me?
Firstly, you need to decide what you’re looking for in a savings account. How often are you planning to draw out money? How much money can you afford to save each month?
You need to work out what you need before comparing the different offers available for certain types of savings accounts. Once you have done that, it’s useful to look at:
Interest rates
Fees (If there are any.)
Access to cash (If you need quick access, for instance.)
Rewards and loyalty schemes (If you’re into add-ons or switching bonuses.)
Can I open a Halifax savings account online?
Yes, you can open and manage a Halifax savings account online, in a branch or over the phone. You can open kids savers online too.
What are the pros and cons of banking with Halifax?
Pros
Online banking. Access your Halifax savings accounts online or over the phone. You can even head into a branch too.
Flexibility. As an established bank Halifax offers a range of savings options, whatever your situation.
Quick application. Open an account online quickly and easily.
Great kids interest rate. Halifax kids monthly saver has a market leading rate.
Cons
Better rates elsewhere? You might be able to get better rates elsewhere when it comes to its adult savings options in particular.
Frequently asked questions
Eligible deposits with Halifax are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.
However, be warned. The FSCS doesn’t apply to an individual bank but the banking group it’s part of. So you might have savings with two banks, but if they are part of the same group you are still only covered for up to £85,000.
Halifax is under the same licence as Intelligent Finance (IF), Birmingham Midshires (BM Savings), Bank of Scotland, Bank of Scotland Private Banking, Bank of Scotland Germany, Lloyds Bank (in the Netherlands only), Bank of Wales and St James’s Place Bank. Some savings accounts under the AA Savings and Saga brand names are also deposits with Bank of Scotland plc.
Felix Thompson is a freelance writer at Finder. He covers everything from digital banking to car insurance and, whatever the topic, he aims to make it easy for consumers to get straight to the best deal. Felix has a postgraduate qualification in international journalism and is also a broadcast journalist. In his spare time, he loves to cycle.
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To open a Halifax Savings account, you may do this online (through their website), in a branch or over the phone. Please make sure that you have your proof of identification and proof of address handy.
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I would like help to open a savings account.
Hello Kerri,
Thank you for your comment.
To open a Halifax Savings account, you may do this online (through their website), in a branch or over the phone. Please make sure that you have your proof of identification and proof of address handy.
Regards,
Jhezelyn