Is Halifax 0.45pc rise a sign of a savings rate turnaround? Historically, higher bond yields mean higher consumer rates in the economy. However. intiatives such as the Government's Funding for Lending Scheme, which has provided cheap money to lend out, has pushed down mortgage rates and therefore also affected the amount banks are willing to pay on deposits. The rates offered by Halifax are still low on the best-buy tables, with other banks like Virgin and Shawbrook offering five year fixed rate Isa's at 2.75pc and 2.9pc respectively. But Halifax's increase in savings of up to 0.45pc marks a positive sign for the market. Richard Fearon, head of Halifax savings, said: "Fixed rate accounts give savers the opportunity to secure a guaranteed rate of interest on their savings for the amount of time that suits them. As a result they remain a popular choice for those wanting a secure a stable return on their savings. Sue Hannums of savingschampion.co.uk said: "These rates are underwhleming, although it's encouraging to see the rates going in the right derection, there are far better rates elsewhere, so savers shoulnd't be too excited about the 0.45pc increase. Always shop around to make sure you're getting the best deal. Halifax is also increasing the rate on its 18-month Tracker Bond and Online Tracker Bonds from 1.70pc to 2.00pc. Kent Reliance has announced it too will be upping the rates on its one and two year fixed savings accounts from Thursday, indicating a likely surge in banks offering better deals for their customers. KRBS will increase its 1.8pc interest rate on its one year fixed savings deal to 2.05pc, and increase its 2pc on its two year fix to 2.25pc.