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 Lloyds Banking Group, having been bought by the financial services group in in 2009.
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.
Halifax instant access savings accounts
What savings accounts does Halifax offer?
- Easy access
- Fixed Term
- Cash ISAs
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 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.
- Three options available: the Fixed Saver, the Regular Saver, and the Family Boost Fixed Savings Account.
- 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.
- Family Boost Fixed Savings. Account for savers who want to help a family member buy their first home via the bank’s Family Boost Mortgage Scheme. The savings are used as security against a mortgage. Only open to existing Reward current account holders.
Get tax-free savings with ISAs. Halifax has two ISA options for adult savers: a fixed term ISA and a variable rate product. It also has a Junior ISA option, which locks the money away until the child is 18 years old.
ISA Saver Fixed
- 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.
Junior Cash ISA
- No withdrawals until the account holder is 18 years old.
- Open with as little as £1.
- Once the child reaches 18, the account will convert into an ISA Saver Variable, 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?
- 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.
- Better rates elsewhere. Halifax’s easy access and ISA savings rates are very low. You will be able to get better rates elsewhere, particularly when it comes to adult savings options in particular.
The bottom line
Whether you want to lock away your money for a fixed amount of time, or need to be able to access it whenever required, Halifax offers a range of savings accounts and other options to help you manage your money. However, the savings rates on offer are pretty poor and can easily be beaten by a wide range of other mainstream and digital challenger banks.
Don’t forget to check our other reviews first, though, to see how Halifax savings accounts weigh up against the competition in terms of rates, fees and perks.
Frequently asked questions
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