Halifax fixed term savings rates rise

The new rates on the Halifax Fixed Saver and Fixed Online Saver accounts are available to new and existing customers from Tuesday 9th July.

The new Halifax Fixed Saver and Fixed Online Saver rates available from Tuesday 9th July:

2yr Fixed Rate: 2.10%
3yr Fixed Rate: 2.25%
4yr Fixed Rate: 2.30%
5yr Fixed Rate: 2.35%

Richard Fearon, Head of Halifax savings, says:

"Fixed rate accounts give savers the opportunity to secure a guaranteed rate of interest on their savings for the amount of time that suits them. As a result they remain a popular choice for those wanting a secure a stable return on their savings."

Halifax is also increasing the rate on its 18 month Tracker Bond and Online Tracker Bonds from 1.70% to 2.00% from Tuesday 9th July.

Unlike the Halifax Fixed Saver accounts, where the rate is set and guaranteed for a fixed term, the rate paid on Halifax Tracker Bonds follow the Bank of England's Base Rate and is therefore subject to change. This recent rate increase on this account will see savers receiving a gross rate of interest 1.50% above Base Rate.

Richard Fearon adds:

 "Whilst saving tax free in an ISA should always be the priority, for savers who have already used their tax free allowance, or have additional funds to save, fixed term and fixed rate accounts can prove a good option to meet their savings needs."

Key features of Halifax Fixed Saver and Fixed Online products:

- Minimum balance of £500. Account must be funded within 60 days of opening
- Available in branch, over the phone and online
- Terms available: 6m,1, 2, 3, 4 and 5 years
- Interest paid annually or monthly
- Part withdrawals are not allowed
- The customer will receive a maturity letter approximately one month before the account matures, informing them of their options and asking them to provide maturity instructions. 

Key features of Halifax Tracker Bond and Online Tracker Bond products:

- Minimum balance of £500. Account must be funded within 10 days of opening
- Available in branch, over the phone and online
- Terms available: 18mth
- Interest paid monthly
- Part withdrawals are not allowed
- Any change in the Bank of England Bank Rate will be reflected in account rate from the 1st working day of the - The customer will receive a maturity letter approximately one month before the account matures, informing them of their options and asking them to provide maturity instructions.
- The customer will receive a maturity letter approximately one month before the account matures, informing them of their options and asking them to provide maturity instructions.