Customer rating
★★★★★
Satisfaction survey
Great for kids’ savings accounts with a market leading rate
Adult savings rates are not as competitive as other providers
Halifax savings rates
Halifax offers a broad range of savings accounts with interest rates up to 5.5%.
Formerly the UK’s largest building society, now a hugely popular arm of the Lloyds Banking Group, Halifax genrally matches other big banks for selection. BUT, it rarely attracts new customers through table-topping savings rates (perhaps leaning on its competitive mortgage deals or current account switch offers). Plus, some of its best easy-access savings rates are reserved for customers with pay-monthly current accounts (frown). Here’s the current Halifax range.
Easy access savings accounts
Table: sorted by interest rate
Halifax's best easy access rate of 4.2% is significantly lower than today's market-best rate of 8%.
Compare more instant and easy access accounts up to 8%
Cash ISAs
Table: sorted by interest rate
Halifax's best cash ISA rate of 4.7% is slightly lower than today's market-best rate of 5.71%.
Compare more ISAs up to 5.71%
Fixed-rate bonds
Table: sorted by interest rate
Halifax's best fixed-rate bond rate of 4.7% is slightly lower than today's market-best rate of 5.85%.
Regular savings accounts
Table: sorted by interest rate
Halifax's best regular savings account rate of 5.5% is significantly lower than today's market-best rate of 8%.
Compare more regular savings accounts up to 8%
Overview of Halifax savings
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, regular savers |
|---|---|
| Best easy access rate | 4.2% |
| Best cash ISA rate | 4.7% |
| Best fixed-rate bond rate | 4.7% |
| Best regular saver rate | 5.5% |
| Fixed bond terms | 1 year - 5 years |
| Opening options | Branch, website, mobile app, telephone |
| FSCS protection |
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 it’s a bank, and is part of the Lloyds Banking Group, having been bought by the financial services group in in 2009.
Other popular accounts
Didn’t find the account type you were looking for? Check our other guides:
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’ve 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.
Halifax customer reviews
In our 2023 customer satisfaction survey, Halifax scored 4 stars out of 5, with 76% of customers saying they’d recommend the brand to a friend.
Customers in our survey commented positively on Halifax’s “helpful staff”. Several also found their Halifax savings account easy to use and set up. One commented: “My online savings account is easy to use, and it is easy to transfer money to and from different accounts”. However, several customers felt Halifax’s interest rates could be better.
The Halifax app has a rating of 4.8 out of 5 from over one million reviews on the App Store. On Google Play, the app has a score of 4.1 from around 213,000 Android app users (last updated June 2023).
What are the pros and cons of banking with Halifax?
Pros
- Online/app/phone/in-person banking. Access your Halifax savings accounts online, in the app 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.
- Good rates for kids. Halifax often has market-leading rates on kids savers.
- Savers prize draw. If you hold over £5,000 in savings with Halifax, you could be in with a chance of winning a prize payout.
Cons
- Better rates elsewhere. Many of Halifax’s easy access and ISA savings rates are very low. You’ll be able to get better rates elsewhere, particularly when it comes to adult savings options in particular.
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 the range to be able to support you. However, the savings rates on offer are mostly pretty poor and can easily be beaten by a wide range of other mainstream or digital challenger banks.
Against a backdrop of rising living costs, inactivity or missguided loyalty can come at a cost. Halifax (along with several other banks) has been accused of not passing on increases to customers when the Bank of England base rate has gine up.
Yes, there’s a monthly savings prize draw… which may be enough to dissuade some people from putting their savings elsewhere. But the most reliable way to maximise your precious savings returns will be to check today’s best savings rates across the board.
Frequently asked questions
Savings ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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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