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Easy access savings accounts
If you need instant access to your savings and don't want to tie your money away, then our range of easy access savings accounts could be ideal.
What is an easy access savings account?
An easy access savings account is sometimes known as an instant or flexible savings account. These accounts can help you earn variable interest on your savings without tying your money in for a fixed term.
You can still access your savings when you need to, without limits or additional charges.
This does mean you’re likely to earn a bit less interest than you would on a fixed rate account, but the advantage is flexibility. Just be aware, the interest you can expect to earn will be affected each time you make a withdrawal.
Compare easy access savings accounts
Our options help you to save when you can, with the flexibility to access your money when you need it.
|
Account |
Interest |
Minimum first deposit |
Open for |
Withdrawals |
More info |
|---|---|---|---|---|---|
|
Account Only available to Reward Current Account or Ultimate Reward Current Account holders. |
Interest 3.70% 1.05% Interest is paid monthly. |
Minimum first deposit £1 |
Open for One year. Your account will then change to an Instant Saver. |
Withdrawals Unlimited. If you make four or more withdrawals, you’ll get the lower interest rate from the month you make the fourth withdrawal, until the end of the account year. |
More info |
|
Account |
Interest 3.60% 1.05% Interest is paid monthly. |
Minimum first deposit £1 |
Open for One year. Your account will then change to an Instant Saver. |
Withdrawals Unlimited. If you make four or more withdrawals, you’ll get the lower interest rate from the month you make the fourth withdrawal, until the end of the account year. |
More info |
|
Account |
Interest 3.60% 1.05% Interest is paid monthly. |
Minimum first deposit £1 |
Open for One year. Your account will then change to an Instant ISA Saver. |
Withdrawals If you make four or more withdrawals, you’ll get the lower interest rate from the month you make the fourth withdrawal, until the end of the account year. |
More info |
|
Account Only available to Reward Current Account or Ultimate Reward Current Account holders. |
Interest 3.70% 1.05% Interest is paid monthly. |
Minimum first deposit £1 |
Open for One year. Your account will then change to an Instant ISA Saver. |
Withdrawals If you make four or more withdrawals, you’ll get the lower interest rate from the month you make the fourth withdrawal, until the end of the account year. |
More info |
|
Account Open as many as five Everyday Saver accounts, giving you different saving pots. |
Interest 1.15% 1.25% 1.60% Interest is variable and paid after a year. The rate applies to the full balance. |
Minimum first deposit £1 |
Open for One year. Your account will then change to an Instant Saver. |
Withdrawals Unlimited |
More info |
|
Account |
Interest 1.15% 1.25% 1.60% Interest is variable and paid after a year. The rate applies to the full balance. |
Minimum first deposit £1 |
Open for One year. Your account will then change to an Instant ISA Saver. |
Withdrawals Unlimited |
More info |
|
Account If 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. |
Interest 1.30% 1.35% 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 last account. |
Minimum first deposit £1 |
Open for No end date. |
Withdrawals Unlimited. |
More info |
|
Account If 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. |
Interest 1.30% 1.35% 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 last account. |
Minimum first deposit £1 |
Open for No end date. |
Withdrawals Unlimited. |
More info |
Tax treatment depends on individual circumstances and may change in the future.
Interest on savings
Interest rates can change. You can check current interest rates online at any time.
Explaining some common terms
AER
The Annual Equivalent Rate (AER) helps you to understand how much interest you could earn from your savings in a year. It also makes it easier to compare accounts.
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 take off any tax due, so you’ll need to declare and pay anything you owe to HM Revenue and Customs.
Frequently asked questions
-
An easy access savings account is a savings account that lets you put money in and take it out whenever you want to. It’s sometimes known as an instant access savings account.
Depending on the account, you may earn interest on money you have in the account. Easy access savings usually pay a lower rate of interest than fixed term savings accounts. Always check the account terms and conditions for information on the interest rates.
With Halifax easy access savings accounts, there are no limits on the number of withdrawals you can make. However, some accounts may pay a lower rate of interest if you make over a certain number of withdrawals.
-
You can only open one cash ISA at any time. But there are other types of ISA available, including Lifetime or Stocks and Shares ISAs. You can hold one of each if you like.
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The interest rates on easy access savings accounts are usually variable. That means the rate can change over time, based on what’s happening with the wider economy and the Bank of England base rate.
You’ll find that some accounts offer higher interest rates than others, potentially subject to conditions. For example, Halifax might offer special interest rates to existing Reward Current Account and Ultimate Reward Current Account holders.
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It depends on the type of account you have. With a regular savings account, you can earn tax-free interest on your savings up to your Personal Savings Allowance. If you’re a standard rate tax payer, you can earn up to £1,000 of interest without paying tax on it. For higher rate tax payers, interest is tax free up to £500.
Learn more about how the Personal Savings Allowance works.
If you have an easy access ISA, you can save tax free up to the ISA allowance for that year. The ISA allowance for this year is £20,000. Learn more about how ISAs work.
Supporting your savings journey
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