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This comparison simply includes all savings accounts.

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 12 Months
Interest AER 1.87%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 18 Months
Interest AER 1.95%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 24 Months
Interest AER 2.14%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 30 Months
Interest AER 2.16%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 3 Years
Interest AER 2.31%

Why we like it: Save from £1,000 to £1,000,000. No withdrawals before the end of the term. RCI Bank are protected up to a total of €100,000 by the FGDR (Fonds de Garantie Dépôts et de Résolution), the French deposit protection scheme. Apply online.

Vanquis
Fixed Rate Bond Vanquis
Min deposit £1000
Term 4 Years
Interest AER 2.52%

Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.

Vanquis
Fixed Rate Bond Vanquis
Min deposit £1000
Term 5 Years
Interest AER 2.66%

Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.

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.

Latest news

Pensioner Bond Maturity - 5 Ideas For Your Cash

From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. Savers who have been enjoying 4% pa are going to get a shock when they look for comparable returns from cash in the current market. We have put together 5 ideas for your cash in 2018

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Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.