Halifax offers a range of savings products that are tax-free, easy to access and on fixed or variable term. You can select your preferred financial product from the assortment of cash Individual Savings Accounts (ISAs), followed by a quick process online. You will have an account number within minutes!
You are invited to carefully read the terms and conditions of engagement as they are legally binding. Note that opening an account is viewed as acceptance of the terms, which are legally enforceable. If there is anything you do not understand, call Halifax contact number 08434550108 before you make the application.
The interest earned by Halifax ISA’s is tax-free. However, taxation on individual savings accounts is dependent on particular circumstance and therefore subject to changes.
Savings Accounts Offered By Halifax
Help To Buy Individual Savings Account
Features of a Help to Buy ISA
Saving in a Help to Buy ISA requires the following;
- A deposit of any amount from £1 – £1,000 that must be received within three weeks of opening the account.
- A monthly saving of any amount from £1 to £200, which should be received no later than the 25th day of the month
- Monitoring the account in branch, on the phone or via online banking systems is encouraged
If you already have a Help to Buy savings account with Halifax, you are allowed do the following;
- Transfer to any other account and take full advantage of the Halifax ISA Promise
- Transfer the total amount or up to £1,000 to a more profitable Halifax ISA, or to another Help to Buy ISA
If you would like to know more about the benefits that come with the transfers or are not sure how to do it, you can call Halifax contact number 08434550108 for guidance.
Keep the following in mind;
- This Individual Savings Account is for 1st time clients only
- Once you are set to purchase your new home, you should close your account in one operation in branch (not on phone or online)
- You get your bonus when you buy UK property of not more than £450,000 within London and £250,000 outside of London
- All other costs of property purchase incurred before the process is over will not be covered by the bonus
- You cannot pay into more than one cash ISA in any given tax year. You can call Halifax contact number 08434550108 for more details
Benefits of a Help to Buy ISA
- Based on individual eligibility, an account holder gets a 25% government bonus of a maximum of £3,000
- You can make as many withdrawals as you want. Note that you may not be able to claim a reward if your total amount doesn’t qualify you and it may take a while to get to the qualifying amount if you withdraw too often
- This type of account qualifies for a chance at the Halifax Savers Prize Draw
ISA Saver Fixed
Features and Benefits of ISA Saver Fixed
- You are allowed to save a maximum of £20,000 each tax year. If you have extra allowance which you wish to invest, you can put it into an innovative finance ISA, stocks and shares ISA or a lifetime savings account
- You get the very best of our ISA Promise for any transfers
- You get the freedom to choose where the interest you earn will be paid. You are allowed to have it paid into your ISA, or into any other account with any other building society or commercial bank. Keep in mind that interest earned from other accounts after the transfer may be subject to taxation unless of course, the account is tax exempt as well
- You are at liberty to cancel an application for a new account or close one, or transfer your funds into another ISA without charge so long as it is done within 14 days of opening the account. The credit balance in the account you close and the interest accrued will be remitted to an account of your choice
- Minimum opening balance for a Saver Fixed ISA is £500
- All transfers and deposits into the account should be done within 60 days of opening an account
- The interest accrued is paid annually on the anniversary date the account is opened
- You are not allowed to make any withdrawals unless you are closing the account
- Early withdrawal attracts a penalty, which may cost you 6 months’ tax free interests for an account on 2 year fixed term. This means that you will get less than you invested
- The account automatically becomes an Instant ISA Saver once the fixed term is over, unless differing instructions are communicated beforehand
- A National Insurance Number is a requirement in the application process
ISA Saver Variable
Features and Benefits of ISA Saver Variable
- You need only £1 to open an account
- The account can be easily accessed with limitless withdrawals allowed
- You can save up to £20,000 in any given tax year (less any amount invested in innovative finance, lifetime or stocks and shares ISA’s)
- The interests your savings accrue are paid annually on the anniversary date the account was opened. If it doesn’t fall on a working day, payment is done on the subsequent working date
- The interest accrued in this savings account is tax free
- With the flexible ISA rules, you can withdraw cash and replace it in the account in the same year and still have your tax free entitlement intact
- You can efficiently manage your account over the phone on Halifax contact number 0843 455 0108, in branch or online.
Junior Cash ISA
Would you like to save up for your child? Opening a savings account for your child not only teaches them how to handle money but is also an excellent way to earn tax-free returns!
Features and Benefits
- Pre-existing Child Trust Fundholders are only allowed to apply for a Junior Cash ISA at the branch.
- Anyone can deposit into a Junior ISA, though the annual limits apply. Deposits are not refundable as they are treated as gifts
- This is a long-term savings account whose earnings are tax free and opening balance is only £1
- You can save as much as you want, up to £4,128 in any given tax year less any amounts saved in a stocks and shares JISA
- The parent can open an account for any child who is less than 16 years old. However, if the child is between 16 and 17 years old, they are allowed to open the account themselves
- A Junior Cash ISA can only be cashed in when the child attains the age of 18 years. The only time early cash in is allowed is if the beneficially suffers a terminal illness or passes away
Here is a brief summary of the most popular of Halifax Savings Accounts
|Halifax ISA||Interest Rate||Annual Equivalent Rate|
|Help to Build ISA||2%||Variable|
|ISA Saver Fixed||0.5%||Fixed for 2 years|
|ISA Saver Variable||0.2%||Variable for 12 months|
|Junior cash ISA||3%||Fixed|
Terms and Conditions of Opening A Savings Account With Halifax
One cannot over-emphasize the importance of reading and understanding the account terms and conditions before signing up. Once you open the account, the terms and conditions become legally binding. If there is any part that you do not understand, kindly get in touch on Halifax bank contact number 0843 455 0108 for clarification before you open the account.