Halifax

Who they are

Halifax is a British banking brand operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group. The bank's roots go back to 1853, when it was founded as a building society in West Yorkshire. It demutualised in 1997 before merging with the Bank of Scotland in 2001 to form HBOS, which was then taken over by Lloyds in 2009 after the financial crisis left it facing collapse.

One significant change is now in motion. Lloyds Banking Group is to scrap the Halifax brand. Halifax customers will keep the same sort code and account number , so there is nothing urgent to act on - but it is worth knowing the brand is in transition.

Because Halifax sits under Bank of Scotland within Lloyds Banking Group, your savings sit under that group's banking licence. All the accounts listed on this page show FSCS protection up to £120,000, but that limit is shared with any other savings you hold across Halifax, Bank of Scotland, and Lloyds Bank. If you hold large balances across those brands, it is worth checking your total exposure against the FSCS cap.

Savings accounts

Halifax offers a wide range of accounts, from fixed-rate bonds and cash ISAs to easy access, regular savers, and children's savings. The standout rates in the current data come from the structured accounts rather than the easy-access options.

The Kids' Monthly Saver pays 5.50% fixed - the highest rate in the range - though access is by account closure only, and the minimum deposit is £10 a month. The Regular Saver also pays 5.00% fixed, with a minimum of £25 a month and no access until maturity. These accounts reward commitment over flexibility.

On the fixed side, the Fixed Saver 2 Year and Fixed Saver 5 Year both pay 4.10%, while the 1 Year version pays 4.00%. The equivalent fixed cash ISAs match those rates exactly, starting from £500. That parity makes the ISA versions worth considering first if you have not used your annual ISA allowance, since the interest is sheltered from tax.

Easy access rates are considerably lower. The Bonus Saver and Reward Bonus Saver both pay 3.00% variable, while the Everyday Saver pays just 0.75%. The Everyday Saver is a holding account at best - there are far better easy-access options available elsewhere. Halifax also offers a Junior Cash ISA at 2.35%, a Kids' Saver at 2.25%, and a Family Boost Fixed Savings Account at 5.00% fixed, which is designed to help family members support a first-time buyer's mortgage deposit.

Is it right for you?

Halifax benefits from a fiercely loyal customer base who find the bank easy to use and excellent for setting up specific products like children's savings or 12-month fixed accounts. However, adult savers frequently express dissatisfaction, citing less competitive interest rates for loyal customers and the ongoing negative impact of high street branch closures. The mobile banking app holds a rating of 4.8 out of 5 from 1.9 million ratings on the App Store , though customer service can be inconsistent, with many customers experiencing long waiting times when contacting support, and resolving more complex problems can be frustrating.

Halifax is worth considering if you want a fixed-rate saver or cash ISA with a well-known name and branch access, or if children's accounts are your priority. For easy-access savings, the headline rates are weak - you will likely find stronger variable rates elsewhere. There is also no current switch offer to factor in.

As always, the rates shown here change over time - check the live figures on this page before you decide.