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Fixed rate savings
Earn a fixed rate of interest by putting your savings away for a longer term.
What is a fixed rate savings account?
Fixed rate accounts aren’t the most flexible savings option, but if you can leave your money in there for anything from one to five years, you’ll benefit from a fixed rate for that term.
Our fixed rate accounts are also fixed term accounts. That’s because the interest rate is fixed for the length of the term you select when you open your account.
You might be able to withdraw money from a fixed rate savings account, but charges could apply, reducing the benefit. Before you select an account, just consider how much flexibility you need.
Compare fixed rate savings accounts
Earn a higher rate of interest by setting aside your savings for longer.
|
Account |
Interest |
Minimum first deposit |
Open for |
Withdrawals |
More info |
|---|---|---|---|---|---|
Account |
Interest4.45% AER/tax free interest for the one year term. 4.20% AER/tax free interest for the two year term. An extra 0.15% AER/tax free for the one year term or 0.05% AER/tax free for the two year term will be added if you already hold a Halifax Personal Current Account that has been open for a minimum of 40 days. 4.00% AER/tax free interest for the five year term. Choose to receive interest monthly, or after each year. |
Minimum first deposit£500 |
Open forOne, two or five years. Your account will then change to an Instant ISA Saver. |
WithdrawalsBy account closure or transfer only. Charges apply. |
More info |
Account |
Interest4.15% AER/gross interest for the one year term. 4.00% AER/ gross interest for the two year term. An extra 0.20% AER/gross for the one year term or 0.05% AER/gross for the two year term will be added if you already hold a Halifax Personal Current Account that has been open for a minimum of 40 days. 3.20% AER/gross interest for the five year term. Choose to receive interest monthly, or after each year. |
Minimum first deposit£500 |
Open forOne, two or five years. Then your account will change to an Instant Saver. |
WithdrawalsBy account closure only. Charges apply. |
More info |
Account |
Interest5.50% Interest is paid after a year. |
Minimum first deposit£25 to £250 a month |
Open forOne year. Everything you save will then be moved to an Everyday Saver account. |
WithdrawalsBy account closure only. |
More info |
Account |
Interest4.10% Interest is paid after each year. |
Minimum first deposit10% of the agreed property purchase price, up to £50,000 |
Open forThree years. Your account will then change to an Instant Saver. |
WithdrawalsNo withdrawals or early closure. |
More info |
AccountIf you have an Everyday Saver, Fixed Saver, Bonus Saver, Reward Bonus Saver, Family Boost Fixed Savings Account or Money Smart savings account with us, it will change into this account at the end of its term. |
Interest1.45% 1.50% 1.80% The interest rate is variable. The rate applies to the full balance. Your interest frequency will stay the same as it was on your previous account. |
Minimum first deposit£1 |
Open forNo end date. |
WithdrawalsUnlimited. |
More info |
AccountIf you have an ISA Saver Variable, ISA Saver Fixed, ISA Reward Bonus Saver or ISA Bonus Saver with us, it will change into this account at the end of its term. |
Interest1.45% 1.50% 1.80% The interest rate is variable. The rate applies to the full balance. Your interest frequency will stay the same as it was on your previous account. |
Minimum first deposit£1 |
Open forNo end date. |
WithdrawalsUnlimited. |
More info |
Tax treatment depends on individual circumstances and may change in the future.
Interest on savings
Interest rates can change. However, your rate won’t change once you’ve opened your account. You can check current interest rates online at any time.
Explaining some common terms
AER
As well as making it easier to compare accounts, the Annual Equivalent Rate (AER) helps you to understand how much interest you could earn from your savings in a year.
AER includes the effect of compound interest – essentially the interest you earn on top of any interest that’s already part of your savings balance.
Tax free
You don’t usually need to pay tax on interest earned on:
- ISAs
- Kids accounts.
Adults can earn a certain amount of tax-free interest on their savings each year, depending on your:
- Starting rate for savings or personal savings allowance.
- Personal earnings allowance.
- Annual ISA allowance.
Gross
This is the percentage of interest you’ll earn on savings, pre-tax. Halifax won’t deduct any tax due, so you’ll need to declare and pay anything you owe to HM Revenue and Customs.
Frequently asked questions
-
That depends on the type of fixed rate savings account you have with Halifax. A fixed rate cash ISA will change to an Instant ISA Saver at the end of the initial term. The Fixed Saver and Family Boost Fixed Savings Account will switch to an Instant Saver. If you have a Regular Saver it will change to an Everyday Saver.
-
They suit people who have a lump sum of money to save that they can afford to put away for a fixed term. Fixed term savings accounts could give you access to a higher interest rate than an easy access savings account.
-
Many accounts don’t allow you to withdraw money before the date of maturity.
Others might allow you to withdraw, but charges usually apply – cutting the value of the interest you’ve earned. Sometimes, you might also need to close your account.
Check the terms and conditions before opening a savings account with a fixed rate and term.
Supporting your savings journey
Financial Services Compensation Scheme
Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.
