Important Information
General
Financial Services Compensation Scheme
Tax
AER
Interest
Bank of Scotland Instant Access Savings Accounts (Standard & Reward)
Savers under 21
save4it
Halifax Children's Regular Saver
Halifax Guaranteed Saver
Halifax Guaranteed Saver Reward
Halifax Regular Saver
Halifax Guaranteed Reserve
Account eligibility
Withdrawal information
Customer complaints
Call charges
What happens if you change your mind?
Name or address change
General
This information is an overview of the Halifax savings account range. Each account has its own detailed conditions and you should be given a copy of these during the application process. If you open an account over the phone, the conditions will be sent to you before the application process is complete and you can operate the account. You can also ask for a copy of the conditions applying to your account at any time. The conditions explain how we can change them and the interest rates and charges for the account concerned. Click for further details on charges for certain services.
If you have any queries about Halifax savings accounts, please contact your local branch - our staff will be happy to help.
These pages are for people who are resident and ordinarily resident in the UK and should not be regarded as an offer or invitation to sell savings and investment products outside the UK. If you are a British expatriate living or working abroad, a non-British national living abroad or a foreign national living, working or studying temporarily in the UK you can save with the Halifax, provided you live in the UK or any jurisdiction that allows you to save with a UK financial company. You should take your own professional advice before opening an account.
We may monitor telephone calls to help us improve our level of service. We may record telephone calls to resolve any enquiries or complaints. Calls to be charged at local rate. If you are calling us from a mobile phone, rates will vary depending on your network provider.
Bank of Scotland is authorised and regulated by the Financial Services Authority (FSA). Our FSA register number is 169628. You can check the FSA register on the FSA's website www.fsa.gov.uk/register/ or by contacting the FSA on 0845 606 1234. All the information provided here and in our leaflets, and the Deposit Account conditions, are in English which is the language in which we will communicate with you. English law applies to our relationship with you. Details can be viewed on www.fsa.gov.uk.
You and your account are protected under the Data Protection Act and covered by the Financial Ombudsman Service. We are members of the British Bankers' Association (BBA) and we fully support the Banking Code: copies are available on request from ourselves or the BBA at Pinners Hall, 105-108 Old Broad Street, London EC2N 1EX. To view a list of BBA members or the Banking Code, visit the BBA website on www.bba.org.uk.
Financial Services Compensation Scheme
Bank of Scotland is a member of the Financial Services Compensation Scheme under the Financial Services and Markets Act 2000. Where a customer has made deposits in a savings or bank account, payments under the scheme are limited to 100% of the first £35,000, subject to a maximum payment to any one depositor of £35,000. This limit applies provided the insolvency or other default of the bank or firm concerned takes place after 1st October 2007. Please note that accounts with Bank of Scotland include accounts in its divisions and trading names, for example, Halifax, Intelligent Finance and Birmingham Midshires. Most deposits denominated in sterling and other European Economic Area currencies and euro made with offices of the bank within the European Economic Area are covered. There are different levels of protection for other investments covered by the Financial Services Compensation Scheme. Further details of the scheme are available on request.
Tax
Interest will either be paid net or gross. If it is paid net (with income tax taken off - currently at 20%), you may claim income tax back from HM Revenue & Customs if the amount we've taken off is more than you have to pay. Interest will only be paid gross (without income tax taken off - currently at 20%) if you are registered with us as a non-taxpayer. A separate registration is required for each account you hold.
Certain categories of investors, such as limited companies, charities or clubs who are able to provide documentary evidence which can reasonably be taken to support that they fall into these categories may also receive gross interest. The evidence might be the certificate of incorporation for a company or the registered number for a charity.
'Tax-free' means free of income tax. Please remember that the favourable tax treatment for ISAs may change in the future.
If you are a higher rate taxpayer, additional income tax is due on the interest we pay.
AER
AER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded each year. On accounts where interest is paid quarterly, this will be slightly higher than the quoted gross rate because of the compound interest earned on the interest paid during the year. As every advertisement for a savings account shows the AER you can easily compare what return you can expect from your savings over time. The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. Net is the amount of interest which would be payable after allowing for the deduction of tax specified by law (currently 20%).
Interest
Accounts with balances below £50 receive no interest (unless you appear in our records as being under 21, in which case we will pay you interest at the special rate for young savers). This does not include Halifax Monthly Saver, Halifax ISA Saver, Halifax Asset Reserve Cheque Account, save4it, Halifax Web Saver or Bank of Scotland Instant Access Savings Account.
Bank of Scotland Instant Access Savings Account (Reward)
Interest is fixed and paid annually or monthly (at a slightly lower rate). If you choose annual interest you will receive the first interest payment including your Reward interest on the anniversary of your opening deposit. To qualify for the reward interest rates you must deposit and maintain a balance between £5,000 and £5 million in a Bank of Scotland Instant Access Savings Account Reward and make no more than 1 withdrawal for 12 calendar months from the date we receive your opening deposit ("reward period"). Unlimited deposits allowed throughout the Reward period. The reward interest rates will apply for the reward period. After the reward period or if you do not keep the above requirements, the account becomes an Instant Access Savings Account (standard) and the standard variable interest rates will apply.
Bank of Scotland Instant Access Savings Account (Standard)
Instant Access Savings Account interest rates are variable and are paid either annually or monthly (at a lower rate). You may tell us the date on which you prefer us to pay your interest into your account. If you do not choose a date we will pay it into your account on the last bank working day of each month (if you choose to have your interest paid monthly) or (if you choose to have your interest paid annually) on the last bank working day in February.
Bank of Scotland Instant Access Savings Account (Standard and Reward)
Account Conditions
View the account conditions (PDF). To view PDF documents you will need the latest version of Adobe Acrobat reader (new window). To read the PDF document with a screen reader please link to the Access Adobe website (new window).
Telephone Transfers
If you opened your IASA before 4th July 2005 and your nominated account is a Bank of Scotland Current Account, transfers may take up to two hours if requested between 8.00am and 4.00pm, Monday to Saturday, or overnight if after 4.00pm. Transfers requested after 4.00pm on a Saturday or Sunday will take place by Monday 12.00 noon. Transfers to other banks or building societies may take up to four working days.
Telephone calls
Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Bank of Scotland makes no charge for the use of its Telephone Banking Service.
Calls from BT landlines will cost a maximum of 4p per minute plus a 6p call set-up fee. The price of calls from other telephone companies will vary. The call price is correct at 1 April 2008.
Savers under 21
A special rate of interest is available on Halifax Instant Saver, Halifax Saver Reward, Halifax Monthly Saver, Halifax Liquid Gold, Halifax 60 Day Gold and Halifax Bonus Gold accounts if you appear in our records as being under 21. Interest is paid at the special rate or at the tiered rate of interest (whichever is the higher) on any balances of £1 or more on these accounts.
save4it
You cannot use a save4it account as a club or charity account. Nor can you use it as a company, partnership or other kind of business account. We may refuse to open an account if you (as trustee) are a company or other kind of business.
A child cannot hold more than one save4it account. However a trustee may open more than one account as long as these are opened for different children. A child may have a save4it account in that child's own name and also be the beneficiary of a trust account opened for that child's benefit.
Halifax Children's Regular Saver
One year fixed rate set when opening credit received and on each anniversary of that date. At least 12 consecutive monthly deposits (£10-£100) by standing order and no withdrawals or missed payments in a year, otherwise your Halifax Children's Regular Saver account will be closed and the amount saved, plus interest paid at the current save4it rate, will be transferred to your nominated Halifax savings account (current save4it rate available from any of our branches or on the website ). No standing orders from Halifax savings accounts. Interest calculated daily and paid on the anniversary of the first deposit when the amount saved, with interest, will be transferred to your nominated Halifax account. The nominated account must be held in the same name(s) as the Halifax Children's Regular Saver account, eg Alan Smith in re of Timmy Smith. Accounts can only be held by one or two trustees jointly on trust for a child. Only one account per trustee per child. Available for children up to 16 only, but accounts can continue to the anniversary following the child's 16th birthday.
If you already have a Halifax Liquid Gold, Halifax Bonus Gold, Halifax 60 Day Gold or Halifax Saver Reward account in the same name(s) as the Children's Regular Saver account, your savings and interest can be transferred into this instead of a save4it account.
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Halifax Guaranteed Saver
Only one account per person held in your sole name, or in joint names, but not both.
If you do not keep at least £2,500 in your Halifax Guaranteed Saver account, the interest paid will be at least the same as Halifax Instant Saver.
Interest rates will track Bank of England base rate until 16 July 2008. After 16 July 2008, provided you keep at least £2,500 in your account, the interest rate is guaranteed to be no lower than 0.50% below the Bank of England base rate until at least 1 January 2013.
Variable interest paid annually on the anniversary of your Halifax Guaranteed Saver account opening.
Halifax Guaranteed Saver Reward
Only one account per person held in your sole name, or in joint names, but not both.
Interest paid annually on the anniversary of your Halifax Guaranteed Saver Reward account opening.
After the 12 month reward period, the Halifax Guaranteed Saver variable interest rate and conditions apply.
If more than one withdrawal is made during the 12 month reward period, Halifax Guaranteed Saver interest rate and account conditions apply to your account from the date of the second withdrawal and you will then be able to make 2 further withdrawals (a total of four) without loss of interest.
If you hold an existing Halifax Guaranteed Saver, you cannot have a Halifax Guaranteed Saver Reward (unless the existing Halifax Guaranteed Saver is closed).
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Halifax Regular Saver
Minimum age 16. Sole accounts only. Only one account per person. Regular monthly payments of at least £25 by standing order. (No standing orders from other Halifax savings accounts.) If you fail to make a payment of at least £25 by standing order to reach the Regular Saver account on or before the 28th of each month, we will close your account, pay interest up to the date of closure at the current rate for Halifax Web Saver (no card) account and transfer the account balance to your linked easy access savings account.
Halifax Guaranteed Reserve
You cannot use a Halifax Guaranteed Reserve account as a club or charity account. Nor can you use it as a company, partnership or other kind of business account. We may refuse to open an account if you (as trustee) or your beneficiary is/are a company or other kind of business.
During a fixed interest rate campaign, you can only open one Halifax Guaranteed Reserve account, either in your sole name or jointly with someone else. In addition you can open a Halifax Guaranteed Reserve for someone else but you cannot open both a Halifax Guaranteed Reserve account in your own name and be named as beneficiary on a Halifax Guaranteed Reserve trust account. We may impose a maximum investment during the period of the campaign.
Bank of Scotland Instant Access Savings Account (Standard and Reward) - UK resident personal customers aged 11+
Halifax Web Saver – UK resident personal customers aged 11+
Halifax Web Saver Extra - UK resident personal customers aged 11+
Halifax Instant Saver – UK resident personal customers only aged 11+
Halifax Liquid Gold - UK and non-UK resident personal customers
Halifax Saver Reward – UK resident personal customers only
Halifax Premium Savings Direct – UK resident personal customers only aged 11+
Halifax Guaranteed Saver – UK residents only
Halifax Bonus Gold – UK and non-UK resident personal customers
Halifax 60 Day Gold – UK and non-UK residents personal customers
Halifax ISA Saver Direct – UK resident, personal customers only aged 16+
Variable rate Halifax ISA Saver – UK resident, personal customers only aged 16+
Fixed rate Halifax ISA Saver – UK resident, personal customers only aged 16+
Halifax Regular Saver – UK resident personal customers only aged 16+
Halifax Monthly Saver – UK and non-UK resident personal customers only
Halifax Extra Income Saver – UK and non-UK resident, personal customers only
Halifax Guaranteed Reserve – UK and non-UK resident personal and non-personal customers
Halifax Stepped Income Reserve – UK and non-UK resident personal and non-personal customers
Halifax Children’s Regular Saver –UK resident only, held on behalf of a child under 16 years old
save4it – UK and non-UK resident personal customers, aged under 16
Halifax Treasurers account – Non-personal customers only
Halifax Asset Reserve Cheque Account – UK and non-UK resident, personal and non-personal customers
General
Halifax Guaranteed Saver
Halifax Guaranteed Saver Reward
Halifax Web Saver
Halifax Web Saver Extra
Halifax Regular Saver
Halifax Monthly Saver
Halifax Saver Reward
Halifax Bonus Gold
Halifax Guaranteed Reserve
Halifax Stepped Income Reserve
Halifax 60 Day Gold
Halifax Premium Savings Direct
Halifax ISA Saver
General
You can usually withdraw up to the normal daily cash limit of £1,200 a day per account from any of our branches, or £600 a day per account from any of our agencies, or up to £250,000 by counter cheque, subject to account conditions. If you want to withdraw more than these amounts in cash or by cheque, just let your branch or agency know in advance.
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Halifax Guaranteed Saver
If you make any more than four withdrawals in a year you will lose an amount equal to 30 days interest on the amount you withdraw. Closing your account is classed as a withdrawal.
Halifax Guaranteed Saver Reward
If more than one withdrawal is made during the 12 month reward period, Halifax Guaranteed Saver interest rate and account conditions apply to your account from the date of the second withdrawal and you will then be able to make 2 further withdrawals (a total of four) without loss of interest.
Halifax Web Saver
If you choose a fixed rate Halifax Web Saver it is best to leave the account open until the end of the fixed term. If you do need to withdraw your money you can close your account as long as it's been open for three months. If you close your account early, you'll lose the equivalent of six days' interest for each remaining month of part month of the term (minimum of 30 days and the maximum will not exceed the value of interest already earned).
Halifax Web Saver Extra
You can withdraw money from your account by transferring it to a pre-nominated account or another Halifax or Bank of Scotland account, or an account with another bank or building society. You may only make one withdrawal a year. For this purpose "year" runs from the date the opening payment was made. If you make more than one withdrawal a year, or you close your account having already made a withdrawal that year, you will lose an amount equivalent to thirty days interest on the amount withdrawn (or the closing balance).
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Halifax Regular Saver
Although you cannot make withdrawals from your Halifax Regular Saver, if you do need access to your money you can close your account at any time. If you close we will pay interest up to the date of closure at the rate for the Halifax Web Saver (no card) account.
Halifax Monthly Saver
Although you don't have to give notice to make a withdrawal, you'll lose your bonus if you make two withdrawals a year. If you make three or more withdrawals a year, your account will be changed to a Halifax Liquid Gold account. If you close your account, you will not receive a bonus for the part of the year during which you have held the account.
Halifax Saver Reward
Your annual interest rate depends on the number of withdrawals you make a year - fewer withdrawals means a better rate.
If you have a regularly funded Halifax Current Account, a Halifax Personal Loan or a Halifax mortgage (even if this is held in deedstore), you can make up to three extra withdrawals each year without affecting the interest rate.
Halifax Bonus Gold
The Halifax Bonus Gold interest rate includes a special annual bonus of 0.50% gross a year (0.40% net a year) calculated on the balance at the end of each day.
This is paid if no withdrawals are made apart from: (1) interest and bonus credited to the account on or after 1st April 1997; (2) regular transfer to a Tessa 2 account; and (3) three withdrawals of any amount per month.
Please remember that you must also keep at least £5,000 in your account and must not close it during the 12 months before each anniversary of account opening to qualify for the bonus.
Your guarantee (for Bonus Gold account holders who opened their account before 10th January 2007 - applicable until 28th February 2007): The interest rate, (including the conditional bonus of 0.50% gross pa (0.40% net pa) will be no lower than 2% below base rate* on balances of £10,000 and over. (Although following a base rate* increase there will be a time when this will not apply, but this will never be longer than a month). When an account balance falls below £5,000 (10,000 for accounts opened before 1 August 2004) the balance will be available immediately without any loss of interest. The interest paid will be at least the same as the Halifax Liuid Gold rate on balances below £5,000.
Your guarantee (for Bonus Gold account holders who opened their account on or after 10th January 2007 and all Bonus Gold account holders from 1st March 2007): If we change the interest rate on your account then, for a period of 30 days from the date the rate changes, you may make a withdrawal or close your account without charge or loss of interest or bonus. We will tell you about rate changes either by a notice in at least 3 national newspapers and in our branches or by letter. If your account balance falls below £5,000 (£10,000 for accounts opened before 1 August 2004) then, regardless of whether there has been an interest rate change, the balance will be available immediately without any charge or loss of interest. The interest rate paid will be be at least the same as Halifax Liquid Gold.
*Base rate means the rate published by the Bank of England in connection with its open money market operations.
Halifax 60 Day Gold
60 days' written notice for withdrawals (otherwise you lose an amount equal to 60 days' interest on the amount you withdraw). Alternatively, you can have instant access with no loss of interest if you leave at least £10,000 in your account.
Your guarantee (for 60 Day Gold account holders who opened their account before 10th January 2007 - applicable until 30th March 2007): The interest rate will be no lower than 2% below base rate* on balances of £5,000 (the minimum opening balance)and over. (Although following a base rate* increase there will be a time when this will not apply, but this will never be longer than a month). When an account balance falls below £5,000 the balance will be available immediately without any loss of interest. The interest paid will be at least the same as the Halifax Liquid Gold rate.
Your guarantee (for 60 Day Gold account holders who opened their account on or after 10th January 2007 and all 60 Day Gold account holders from 1st April 2007): If we change the interest rate on your account then, for a period of 30 days from the date the rate changes, you may make a withdrawal or close your account without charge or loss of interest. We will tell you about rate changes either by a notice in at least 3 national newspapers and in our branches or by letter. If your account balance falls below £5,000 then, regardless of whether there has been an interest rate change, the balance will be available immediately without any charge or loss of interest. The interest rate paid will be be at least the same as Halifax Liquid Gold.
*Base rate means the rate published by the Bank of England in connection with its open money market operations.
Halifax Guaranteed Reserve
Although it's best to leave the Guaranteed Reserve account open until the end of the fixed term, if you do need to withdraw your money you can close it (unless it is classed as a Time Deposit) as long as it's been open for six months. If you close your account early, you lose the equivalent of six days' interest for each remaining month or part month of the term (minimum 30 days).
Halifax Stepped Income Reserve
Although it's best to leave the Stepped Income Reserve account open until the end of the fixed term, if you do need to withdraw your money you can close it as long as it's been open for a year. If you close your account early, you lose the equivalent of six days' interest for each remaining month or part month of the term (minimum 30 days).
Halifax Premium Savings Direct
Withdrawals are made by telephoning 08457 26 36 46 to arrange to transfer your money directly into another Halifax account or to an account with another bank or building society. (Transfers to an account with another bank or building society can take up to four working days.) Lines are open 24 hours a day.
Halifax ISA Saver
Detailed conditions apply to Halifax ISA Saver accounts. These cover withdrawals and the amounts you can pay into an account under the Government's ISA rules. For full information please ask for a copy of our ISA brochure.
The minimum amount you can withdraw from a variable rate Halifax ISA Saver is £10.
Although it's best to leave a fixed rate Halifax ISA Saver open until the end of the fixed term, you can close your account or transfer out to another ISA Manager. However, you will lose an amount equal to 180 days' interest, calculated on the rate at which interest is paid on your account.
Customer complaints
We aim to please - but we know that sometimes things go wrong. If you have a problem or complaint we want to know. In most cases this can be dealt with at your branch or by calling us on 08457 26 36 46.
If your complaint is not resolved to your satisfaction, then ring our Customer Complaints Helpline on 08457 25 35 19. A copy of our complaints procedure is available on request. Complaints we cannot settle may be referred to the Financial Ombudsman Service.
Calls from BT landlines will cost a maximum of 4p per minute plus a 6p call set-up fee. The price of calls from other telephone companies will vary. The call price is correct at 1 April 2008.
What happens if you change your mind?
Cancellation under the Financial Services (Distance Marketing) Regulations 2004
You have 14 days starting from the day after your savings account agreement is concluded to give us written notice that you wish to cancel (unless you have opened a fixed rate fixed term account, other than fixed rate Halifax ISA Saver). Notice should be given in writing to: Halifax, PO Box 548, LEEDS, LS1 1WU. (You must repay any monies owed and return any card(s).) If you do not exercise your right to cancel you may still close your account as set out in your account conditions. Whenever you cancel, we will repay any credit balance outstanding. There is no charge for cancellation under these regulations and we will pay interest on the account for the time your money was with us.