This comparison simply includes all savings accounts.
Halifax Fixed Rate Bonds
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Why we like it: MARKET LEADING 2 YEAR FIXED RATE BOND. Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Why we like it: MARKET LEADING 3 YEAR FIXED RATE BOND. Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Is a Halifax fixed rate bond right for you?
A savings account will generally offer the highest rate of interest for relatively small amounts of money.
For example, RCI Bank and Post Office presently offer 1.30% on their savings accounts.
Fixed rate bonds allow you to earn a guaranteed rate of interest on your savings up to a much higher threshold than that offered on most savings accounts. These interest rates will be fixed for the life of the bond and should help your savings increase in real world value by the time the bond matures.
The most common types of bonds run for 1 year, 2 years, 3 years or 5 years. In general, you will receive a higher rate of interest the longer you are willing to lock your money away. Some providers allow you to remove funds from your account early, but you will usually have to pay a penalty equivalent to a certain number of months’ interest payments.
If you currently have savings which are not earning you a return, placing them into one or more fixed rate bonds can be a relatively simple way to start getting more from your money. You can keep your existing current account alongside a bond, meaning there should be no consequences for your day-to-day banking.
Why choose a Halifax fixed rate bond?
Halifax operates as a trading division of Bank of Scotland, which is in turn a subsidiary of Lloyds Banking Group. Taking out one of their fixed rate bonds offers the following benefits:
- Minimum deposit of £500
- Interest can be paid monthly, annually or at maturity
- Manage your account online, in branch or by phone
Restrictions
Investing in a Halifax fixed rate bond comes with the following conditions:
- No withdrawals can be made until the bond reaches maturity (although you can close the account early in exchange for a financial penalty)
Compare Halifax fixed rate bonds
Halifax currently offer 2 year fixed rate bonds as well as a number of cash ISAs. If you are looking to invest over a longer period, or want to achieve a higher rate of return, you may want to consider alternative providers such as Aldermore, UBL or Vanquis.
Getting the best deal on fixed rate bonds
Like all financial products, the interest rates and features offered on fixed rate bonds by different companies change over time. This reflects the constantly shifting market and customer demand. This can make it difficult to keep track of exactly which savings accounts are offering the best value.
Our fixed rate bonds comparison table, above, allows you to easily compare and contrast the most competitive deals currently on the market. This table is frequently updated, so it is well worth checking in regularly to see the latest deals.
Before making a decision, you need to carefully weigh up the level of return you would like to achieve and your financial needs for the foreseeable future. This should allow you to make an informed decision that will work for you in the long term.
