Instant Saver

Some of our savings accounts will change into an Instant Saver at the end of their term.

Who this account is for

  • If you have an Everyday Saver, Fixed Saver, Bonus Saver, Reward Bonus Saver, or Family Boost Fixed Savings Account with us that’s coming to the end of its term, we will contact you to let you know your options. If you don't ask us to do something else, your account will change to an Instant Saver.
  • This account is not available to any other customers.
  • If you don’t have one of these accounts that is coming to an end, you can compare our available accounts.

The benefits

  • Earn up to 1.80% AER/gross variable interest. The rate depends on your balance. See summary box for details.
  • Save and withdraw your money as it suits you.
  • Qualifying account for the Halifax Savers Prize Draw

How it works

  • If you choose to let your account change into an Instant Saver, your sort code and account number will stay the same.
  • You can manage the account online, on our app, in branch and by phone.
  • You could renew your Instant Saver to another account. It's important you review your savings options.

Summary box for the Instant Saver 

  • 1.45% AER/gross on balances from £1 - £9,999.

    1.50% AER/gross on balances from £10,000 - £49,999. 

    1.80%AER/gross on balances of £50,000 or more.

    The interest rate is variable. The rate applies to the full balance. There will be no change to how often your interest is paid.

  • Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our account conditions (PDF, 347KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

  • For example, if you deposit £1,000.00 when you open the account, the balance after 12 months will be £1014.50.

    If you deposit £10,000.00 when you open the account, the balance after 12 months will be £10150.00.

    If you deposit £50,000.00 when you open the account, the balance after 12 months will be £50900.00.

    This assumes:

    • You make the deposit on the day you open the account.
    • You don’t pay more money into the account.
    • You don’t withdraw any money or interest.
    • The interest rate stays the same.
    • Your interest is paid each year.
  • How the account is opened

    If you have an Everyday Saver, Fixed Saver, Bonus Saver, Reward Bonus Saver, or Family Boost Fixed Savings Account with us that's coming up to the end of its term, we'll contact you to let you know your options. If you don't ask us to do something else, your account will change to an Instant Saver.

    Your sort code and account number will stay the same. You can start saving with your new Instant Saver from as little as £1.

    This account is not available to any other customers.

    You can manage your account:

    • on our app
    • online
    • by phone
    • in branch.
  • Yes. You can make as many withdrawals as you like from this account and there are no charges for doing so. You can also close your account at any time. 

  • Gross rate means we won’t deduct tax from the interest we pay on money in your account. You will need to pay any tax you may owe to HM Revenue & Customs (HMRC).

    AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

    For more definitions, view our savings glossary.

Not the account for you?

If you don't have one of these savings accounts that's coming up to the end of its term, then this is not the account for you.

Compare our available accounts

Savers Prize Draw

Every month, there are over 1,600 winners in our Savers Prize Draw. Visit the prize draw page for the full draw rules.

Find out how to register

Financial Services Compensation Scheme

Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

FSCS logo 

Visit our FSCS page