This comparison simply includes all savings accounts.
Halifax Savings Accounts
Why we like it: No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.
Why we like it: Open with £1. Unlimited deposits and withdrawals. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.
Why we like it: Earn 1.00% gross/AER on balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest.
Why we like it: Unlimited deposits and withdrawals. Save from £1,000 to £250,000. Interest paid monthly. Eligible deposits covered by UK FSCS.
Why we like it: 6 month term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected
Why we like it: Minimum deposit £500. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.
Why we like it: Interest can be paid monthly, quarterly or at maturity - Minimum deposit £1,000 - Maximum deposit £200,000 - No withdrawals permitted - FSCS Protected
Why we like it: 3 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected
Why we like it: 4 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected
Why we like it: 5 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected
Compare Halifax savings accounts
Choosing a savings account can make a big difference to how much you end up getting out of the money you put away. How much you have to save, how long you want to save for and what kind of return you would like to see will all have a big impact on your choice.
To make sure you get the best deal possible, it’s important to know all of the options available to you.
For smaller amounts of money, a current account will often give the best return as they tend to have attractive interest rates, but only up to a certain deposit.
If your savings go over the interest-paying limit, you will likely be better moving the excess to a different kind of account so you can maximise the amount of money you are getting back.
An instant access account is one of the most basic types of savings accounts. It allows you to put in and take out money whenever you need. You may even be given a cash card that allows you to withdraw money from cash points.
Most instant access savings accounts come with online and telephone banking, allowing you to make instant transfers when you need to. There may, however, be a limit on how many withdrawals and transfers you can make each year.
Putting away a small amount consistently each money can allow you to build up significant savings over time. Regular savings accounts are designed for this approach and they tend to offer good interest rates, as long as you can commit to making a minimum deposit each month.
The downside with this kind of account is that it can take a long time to build up your capital, so you won’t initially see much benefit from the high interest rate. There is also normally a maximum monthly deposit, preventing you from increasing your monthly deposits too much if you later find yourself with more money to spare.
If you want a reliable return on your money, fixed rate bonds can be very appealing. They offer a guaranteed interest rate for a fixed period (usually 1-5 years). The trade-off is that you cannot normally make any additional deposits or take any money out until the fixed period ends.
Generally speaking, the longer the bond lasts, the better interest rate you will receive. If you haven’t already used your ISA allowance, it may be worth putting at least part of your savings into a fixed rate ISA instead (see below).
UK taxpayers can minimise the tax they pay on the interest earned from their savings by placing them into a cash ISA. There is a limit on how much you can place in an ISA which is decided each year by the government. For the 2017/18 tax year it is £20,000.
The most common form of ISAs are instant access and fixed term (also known as fixed rate). An instant access cash ISA allows you to put money in and withdraw it when you want to, and they will usually offer a variable rate of interest. A fixed term ISA works like a fixed rate bond, giving you a guaranteed interest rate for the life of the ISA.
In general, fixed term ISAs offer better interest rates, although overall ISAs do not necessarily give the best rates. This means it is important to judge how much you will save in tax versus how much extra interest you could earn from an alternative account.
Find the best Halifax savings account for you
Halifax are just one amongst a whole range of different providers offering savings accounts. Knowing where to find the best deal can be difficult, which is why we offer a savings account comparison tool (found at the top of this page).
This tool allows you to compare all of the best deals on savings accounts from across the market so you can make an informed decision that is right for you.