Best Halifax savings account to open with £5400?

Vanchatron

I'm currently with Halifax and have an "Instant Saver" account, with approximately £5400 inside.  I get around £350-400 per month spare that I add to the savings account.

I'm now considering switching to a better savings account with higher interest, but I've absolutely no idea where to start or which would be best.  This is my first ever savings account, and don't have much experience at all.  I like the fact that the Instant Saver account allows me to withdraw whenever I want, and have heard that some savings accounts only allow you to withdraw a certain amount, or after a specific time, albeit with them having better interest rates.

Is there any better savings account on Halifax that will still allow me to withdraw whenever I need to, but will give higher interest rates?

Any help is massively appreciated,

Thank you.

JGB1955

Have a look at Best Easy Access Savings Accounts | Up to 4.85% Dec 2024

sunshine5432

Does it need to just be Halifax? If you are starting out its good to open accounts with other banks/ building societies to gain experience. Its easy to open them online.For the £350 - £400 a month 1 or more regular saving accounts might suit you best because they pay more interest. For the £5400 you want to aim to get above 4.5% interest for easy access. At the moment instant access accounts and fixed pay about the same so for you there is probably little advantage in opening a fixed account or though interest rates will likely go down over the next year.. There are accounts where you are only allowed 2 or 3 withdrawals per year that pay slightly higher interest we are probably talking about 0.3%. They are usually called double access or defined access or something like that.

Have a look at moneyfactscompare. co.uk savings. All the current highest paying accounts are listed there.

friolento

Halifax wouldn’t be my first choice for savings, except perhaps for their Regular Saver which isn’t bad but not as good as you can get elsewhere. Definitely check out moneyfacts.co.uk

LeafGreen

I have a current account with Halifax but I haven’t had any savings with them for a long time, as they are not very competitive.  Best to look elsewhere for better rates.

winkowinko

Halifax instant saver currently pays a paltry 1.8%

You can get genuine easy access with Gatehouse which pays 4.75%

Bigwheels1111

winkowinko said:

Halifax instant saver currently pays a paltry 1.8%

You can get genuine easy access with Gatehouse which pays 4.75%

If you had a regular saver with Gatehouse it was moved to a 5% easy access.

Robin9

winkowinko said:

Halifax instant saver currently pays a paltry 1.8%

You can get genuine easy access with Gatehouse which pays 4.75%

The Bonus Saver pays 3.54 %

Janie2008

You can put £250 a month in their regular saver 5 5%. If you need the money you can close the account. You can then open it again. I've done this several times. You could open a better paying savings account elsewhere. If you want to stick to we'll known banks/building societies you could open the Ybs instant access and transfer your money over there. 

Brie

What's to stop you putting a portion (half?) of your money into a higher interest account with limited access and the rest and any new savings into something that is easy access?  Get the best of both worlds.