Halifax are now offering 4.00 AER interest rate fixed for 4 years with the Fixed Saver Account. 4 years is a medium term investment with guranteed returns of 4.00 but the main drawback is that you can’t make any withdrawals during the four year term.

If you really need access to your money you can close your Halifax Fixed Saver account at any time, but Halifax will charge you the equivalent of 320 days loss of interest and if you haven’t earned enough interest on your investment to cover the penalty fee then you’ll get back less that your originally deposited. The moral of this is to make sure that this is the right product for you and that you can leave your money alone for 4 years without access.

Interest can be paid in one of two ways with the Halifax  4 year Fixed Saver account, either annually or monthly. The monthly interest option will attract a slightly different interest rate. Check the Halifax terms and conditions for full details.The minimum investment for this 4 year fixed saver account is £500.

If 4 years is too long to have your cash tied up then you also have the option of opening a Halifax Fixed Saver account with shorter durations; 3 months, 6 month,1 year, 2 years and 3 years. If you want to get the 4.00 rate for longer then you could sign up for the 5 year fixed rate term.

This review should not be considered as financial advice or recommendation. Consult and independent financial advisor for investment advice.

This review was posted on Wednesday, September 21st, 2011 and the offer details may have changed or ended since writing or updating. Check the company website for up to date information on offers.

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