The Halifax savings account comprises different savings accounts where you can be able to save for this or save for that. With some great offers, the Halifax savings account could be the answer to ‘where do you save your money?’.
Saving is a great skill that anyone who wants to have life come to their beck and call needs to have. A saver hardly lacks anything when it involves money, could be for occasions, for some purchases, or anything related.
Savings accounts have their limitations on how frequently you can withdraw your funds. But it does offer exceptional flexibility, in general, that is ideal for building an emergency fund.
You may be saving for a short-term goal like buying a car or going on vacation. It could also be that you simply just want to put the surplus or extra cash that you do not need at the moment into your checking account so it can earn more interest for you.
Knowing how dangerous it could be for a person to save their money anywhere and anyhow, it is important that you pay close attention to the company you choose for your savings.
Therefore, we have created this article to help you have the necessary knowledge about one of the companies that allow individuals to save with them ‘Halifax’.
What is a savings account?
A savings account is a deposit account that bears interest for owners and is held at a bank or any other financial institution. Although these accounts do always pay a decent interest rate, the level of security, safety, and reliability make each of them a great option for parking cash you want available for short-term needs.
It may not be necessarily for a short-term goal, but you can save up for the future, maybe for marriage, college school, or any other major event in the future. You have to check the level of safety of a company before you can go ahead to save your money with them.
That is the reason it is very important to read reviews of the companies by other people. This article is a very important review about Halifax saving accounts that you should read to the end.
Savings account interest rates are typically different by company. With the exception of a promotion promising a fixed rate until a certain date, banks and other financial institutions may change their interest rates at any time.
Simply put this way, the more the rate becomes competitive, the more likely it is for it to fluctuate.
Except you need just to throw in your money anywhere and it does not matter if it is safe or not, then you need to pay attention to every detail of this article for a great saving option for your cash.
Do I need a savings account?
It is left for you to decide whether you need to save or not. Except for a human who sees out even to the future, you need to be prepared for circumstances that may come up in the future that may need urgent cash.
The truth there is, when situations are about to arise to you or visit you, they do not send you a letter to know if you would welcome them or whether you are prepared at the moment for them.
So what could be the best way to stay prepared for those breathtaking situations that could choke a person by the neck when they come? Saving is not meant for a particular set of people.
It is rather a great skill that everyone and anyone living, needs and should have. It does not matter how much you have to save $1 is enough money to add to a savings account.
Also, you cannot say you want to save your money in your current account. Sometimes, though, it may only take discipline, but most of the time, it takes prevention to stop some heartbreaking occurrences.
Instead of tempting yourself to save the money that is meant for the future in your current account where you can only always take it out so far, it is in your front. It is more important to save your money in a savings account that will multiply with interest. On the Halifax savings account Open with just £1. Save and access your money when you want to.
Why do I need a savings account?
Savings accounts are important because they provide you with a place to put your money that is separate from your everyday banking account. It also allows you to save your money for the rainy days or keep your money safe for you to be able to achieve whatever savings goal you have, whether big or small.
Furthermore, the bank’s security measures, with the help of the federal protection against bank failures provided by the Federal Deposit Insurance Cooperation, will keep your money safer than it would have been under your mattress or in a small wooden box with your name inscription.
Asides from keeping your funds safe, savings accounts also multiply by earning interest, therefore it pays to keep any unneeded-at-the-moment funds in a savings account instead of accumulating cash in your current account, where you will have nothing but only the money you put in at the end of the day.
In addition, your ability to access the funds in your savings account will remain extremely liquidated, unlike certificates of deposit, which impose a hefty penalty if you withdraw your funds too soon.
You need savings to account for this because you have insatiable needs, present or future. You also need a savings account because matters can always arise and you will need funds in the future for your events or anything related.
What can the Halifax savings account offer me?
Halifax is a savings account that provides its customers and savers with different offers and benefits. Every month, the Halifax Savers Prize Draw makes three lucky savers £100,000 better off than the others.
There are a lot of benefits for you by saving with Halifax, from the fact that you can be able to choose from a variety of ideal accounts to save your money.
You can also choose to open savings accounts for your kids, for their future grades, or for college even. If you have an Everyday Saver, Fixed Saver, or Family Boost Fixed Savings Account with Halifax savings that are coming up to the end of its term, they will not hesitate to contact you to let you know your options.
They will change your account to an instant saver if you do not ask them to do anything else. They have different ideal accounts for the Halifax savings account available for their users to choose from.
Types of Halifax savings account
Here are the various types of Halifax savings accounts:
- Easy access Halifax savings account
- Kid’s savings
- Regular savings account
- Instant saver
Easy access Halifax savings account
On this account, users can be able to deposit their money anytime they choose to and be able to also withdraw them anytime.
You can also have your own account in minutes online. You can open this account if you’re 16 or over. And you must be a UK resident.
Users have the chance of earning 0.25% gross variable interest for 12 months once they open this type of Halifax savings account.
Kid’s savings
This type of account is not only meant for kids per se. It is the first account that every young adult has.
With Halifax savings, you can be able to open a savings account for your kids and teach them how to save so that when they grow older they would master the act of saving.
Regular savings account
Regular savings is meant for savers who want to save £25–£250 every month with one standing order.
It does not even matter if you are 16 years or a little above 16, you can open this type of account and be able to save your money even as a teenager.
Instant saver
The instant saver is typically there so that when your everyday saver, family boost, or fixed saver account has somewhat come to the end of term, it will automatically change to this account.
A great benefit of this is that you can manage the account online, on our app, in the branch, or by phone.
Halifax open a saving account
You can open a halifax saving account through the following means:
- online
- on our app
- in branch
- by phone.
Also bear in mind:
- You can open this account if you’re 16 or over and a UK resident.
- You can have up to five Everyday Saver accounts and name each one.
- You need to open the account in sole name but you can make it joint once it’s open.
- Open with just £1.
Visit here to open Halifax a saving account.
Halifax savings account interest rate
Halifax savings account interest rate is fixed interest of 0.80% gross/AER on balances of £1 or more for two years from account opening when interest is paid annually.
A fixed interest rate of 0.80% gross/ 0.80% AER on balances of £1 or more for two years when interest is paid monthly. You can have your interest paid monthly or annually, depending on when you open the account.
Conclusion
Saving is a basic necessity for anyone who wants to grow in life. When you think of saving your money somewhere the first thing that comes to your mind is how safe can your money be.
You cannot just save your money anywhere, under your mattress, in your clothes, and in other odd places. At least not in this recent world where there are banks that offer savings accounts to you where you would be able to earn interest on your savings.
If you are thinking about where to save your money so that it would be safe for you, a Halifax savings account could be the one for you.
You can be able to choose from the different savings account types available with Halifax to be able to save your money, Regular saver, instant saver, kids savings account, or cash ISA.
Make sure to compare benefits and offers to choose the one that is suitable for you before you proceed to the account opening.
FAQs about Halifax savings accounts
How many savings accounts can i open with halifax at a time
On a Halifax savings account, you can open and manage more than one savings account at the same time.
How can i set up a halifax savings account
Before you can be able to set up a Halifax savings account, you need to provide some documents to the bank, like your income and expenditures, personal details, contact, address details, and proof of identity.
What savings accounts do halifax have
Halifax savings account types include the regular saver, instant saver, instant access saver, kids savings, and cash ISA.
