This comparison simply includes all savings accounts.
Halifax Savings Accounts
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: The Home Deposit Saver lets you earn a competitive rate of interest whilst building up the deposit needed for your first or next home. £500 bonus to boost your savings if you receive a residential purchase mortgage offer from Leeds Building Society. Interest paid annually. Open and manage online. FSCS Protected. You can only pay in up to £500 in a single month. Withdrawals are limited to 1 each year. You can deposit up to £30,000 in total. Bonus eligibility criteria apply. Must be UK resident and be aged 18 or older
Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. 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: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
Why we like it: Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. 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: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 9 month term, minimum deposit £1,000, 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.
Current Accounts
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.
Instant Access Savings Accounts
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.
Regular Savings Accounts
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.
Fixed Rate Bonds
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).
Cash ISAs
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.
