Halifax savings rates review, from savings accounts to ISAs

Formerly the UK's largest building society, now a hugely popular arm of the Lloyds Banking Group, Halifax offers a good range of savings accounts. Halifax's top savings rate of 5.5% is available on its regular savings account.

Easy access savings accounts

Halifax's best easy access rate of 3.7% is significantly lower than today's market-best rate of 7.09%. Compare more instant and easy access accounts up to 7.09%

Cash ISAs

Halifax's best cash ISA rate of 4% is slightly lower than today's market-best rate of 5%. Compare more ISAs up to 5%

Fixed-rate bonds

Halifax's best fixed-rate bond rate of 4% is slightly lower than today's market-best rate of 4.8%. Compare more fixed-rate bonds up to 4.8%

Regular savings accounts

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%

What is Halifax's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Halifax offers, plus the highest interest rate currently available.

Savings account types include	Easy access, cash ISAs, fixed-rate bonds, regular savers
Best easy access rate	3.7%
Best cash ISA rate	4%
Best fixed-rate bond rate	4%
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:

• Halifax current accounts
• Halifax student and graduate accounts
• Halifax kids accounts

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 independent 2024 customer satisfaction survey, 93% of Halifax’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s easy to use app and competitive rates. Here’s what some of those Halifax customers had to say:

“Easy to open initially. No fuss, straightforward. Simple to use both on website and using the app”

“Halifax has been looking after my money since I was a child. The interest rates on my savings account are brilliant and they keep me well informed about the account”

The Halifax app has a rating of 4.8 out of 5 from over 1.5 million reviews on the App Store. On Google Play, the app has a score of 4.1 from almost 230,000 Android app users (February 2024).

What are the pros and cons of banking with Halifax?

Customer service information for Halifax

Email support
Telephone support
In-app or live chat
Contact form
Branch support

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

• Is Halifax safe?

  Eligible deposits with Halifax are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

  However, be warned. The FSCS doesn’t apply to an individual bank but the banking group it’s part of. So you might have savings with two banks, but if they are part of the same group you are still only covered for up to £85,000.

  Halifax is under the same licence as Intelligent Finance (IF), Birmingham Midshires (BM Savings), Bank of Scotland, Bank of Scotland Private Banking, Bank of Scotland Germany, Lloyds Bank (in the Netherlands only), Bank of Wales and St James’s Place Bank. Some savings accounts under the AA Savings and Saga brand names are also deposits with Bank of Scotland plc.

  If you had £170,000 to put in savings (well hello there!) then you you might want to split it across two completely separate banks with separate banking licences.

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.