Founded in 1853, Halifax is a British banking brand that now operates as a trading division of Bank of Scotland. It is the UK’s largest building society.
Halifax has a range of ISA savings accounts where you don’t pay tax on any interest you earn:
ISA Saver Fixed
With this account your money is locked away but you’ll know how much interest you’ll earn: a fixed rate of interest at 0.20% AER. The account matures after two years at which point it will change to an Instant ISA Saver. The minimum opening balance is £500.
ISA Saver Variable
This ISA lets you easily access your money when you want to with unlimited withdrawals. You’ll earn a variable rate of interest at 0.05% AER. After one year it will change into an Instant ISA Saver. The minimum opening balance is just £1.
Junior Cash ISA
This is a long-term account for children under 18. You cannot withdraw money until the child turns 18 at which point the account will change to an adult ISA Saver Variable. You’ll earn a variable rate of interest at 2.45% AER; interest is paid after each year. The minimum opening balance for this account is just £1.
If you haven’t already used your ISA allowance this tax year, you can invest tax-efficiently in an Investment ISA, which is not subject to personal Income Tax or Capital Gains Tax. The maximum amount you can invest in the current tax year is £20,000. You can choose to invest your full allowance into a cash ISA, a stocks and shares ISA, or an innovative finance ISA or any combination of the three. Investments opportunities are ready-made. Alternatively, you can invest in a wider range of funds, stocks and shares, or bonds.
Halifax has a large range of service offerings including banking services, savings and investments, car finance, mortgages, insurance, travel, financial planning and more.
Halifax Reviews and Ratings
Online reviews for Halifax are fairly poor. Users have complained that the customer service is slow with long waiting times on the phone. Many are unhappy that the products are misleading and overpriced and that the claims handling process is inadequate.
- A popular, trusted brand
- The UK’s largest building society, including Scottish Widows which is a part of the group
- A large range of ISA savings accounts
- Earn tax-free interest
- Helpful ISA comparison table
- Low cost, competitive funds
- Open an account online in minutes
- Helpful online videos to guide new customers
- Protected by the FSCS
- Service fee of 0.24%, a maximum ongoing charge of 0.26% and transaction costs which vary depending on the fund but are not greater than 0.17%
- Poor customer reviews
- Complaints about claims handling and slow communication
- Specific product details not readily available on website, phone for further details