first direct savings accounts and interest rates

Since its launch in 1989, first direct has branded itself as the bank of the future and offers a range of savings accounts for its customers. It has no branches and prefers to operate online and via its telephone service.

first direct's top savings rate of 7% is available on its regular savings account.

Cash ISAs

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Product	Rate	Minimum investment	Interest paid	Withdrawals	Deposit protection	Open via	Incentive	Table product description
first direct – Cash ISA	2.35% AER variable	£1	Monthly	Instant access	protected	Open via: website, post. Additional account needed	Go to siteView details	loading Fetching your data...

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Fixed-rate bonds

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Product	Rate	Invest	Interest paid	Withdrawals	Open via	Deposit protection	Open via	Incentive	Table product description
first direct – Fixed Rate Savings	4% AER fixed until 05.06.26	£2,000 - £1,000,000	On maturity	Withdrawals not permitted	Website, mobile app, telephone	protected	Open via: website, mobile app, telephone. Additional account needed	Go to siteView details	loading Fetching your data...

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Regular savings accounts

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Product	AER	Save	Withdrawal notice	Interest paid	Deposit protection	Open via	Incentive	Table product description
first direct – Regular Saver Account	7% fixed for 1 year (on first £3,600)	£25 to £300 per month	1 year bond	On maturity	protected	Open via: website, mobile app. Additional account needed	Put away between £25 and £300 for a fixed 12 month term. If you save £300 every month for 12 months and qualify for the 7.00% AER/gross p.a. interest rate, you'll earn approximately £136.50 interest (gross). Interest is calculated daily and paid 12 months after you opened the account. No partial withdrawals allowed. Early closure will result in interest being paid at the standard account variable rate.	Go to siteView details	loading Fetching your data...

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What is first direct's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts first direct offers, plus the highest interest rate currently available.

Other popular accounts

Didn’t find the account type you were looking for? Check our other guides:

• first direct current accounts

Who owns first direct?

first direct is owned by HSBC. So, while you can’t find first direct on the high street, it does offer cash and cheque paying-in services through HSBC’s branches.

first direct is a separate division to HSBC but the two do offer similar savings account rates and deals. However, the two differ in other aspects. first direct often tops polls for the quality of its customer service.

How to pay a cheque or cash into first direct

If you’re wondering how to cash a cheque with first direct, it’s incredibly simple. You can use the online HSBC store locator to find your local branch and pay in that way. Or you can scan and pay in cheques through the first direct mobile app (up to £2,000 a day) or post them to first direct.

In addition, you can pay in and withdraw cash over the counter at an HSBC branch. However, you need to call first direct in advance to arrange a withdrawal over the counter.

If you have a 1st account, you can also use your debit card to do all these actions at a Post Office branch. However, paying in a cheque is slightly more complicated. Here are the details:

• You need a pre-printed first direct credit slip, from your paying-in book.
• You’ll also require an HSBC Post Office® cheque deposit envelope, which you’ll find on the Post Office® counter.
• Cheques paid into the Post Office® will take a day longer to reach your account than cheques paid in at HSBC branches.
• first direct sometimes also offers a cheque cashing service at Post Office® branches, to customers who can’t use a chip and PIN card – subject to status.

How safe is first direct?

One thing to bear in mind is if you plan on having accounts with both HSBC and first direct. FSCS rules mean you’ll be covered for up to £85,000 if your bank becomes insolvent. However, the rules apply to the overall banking group, rather than the individual bank.

So if HSBC and first direct both go bust, you would only be covered for £85,000 – not £170,000.

first direct is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Customer service information for first direct

Our verdict

Whether you want to lock away your money for a fixed amount of time, or need to be able to access it whenever required, first direct offers a range of savings accounts and other options to help you manage your money.

Don’t forget to check our other reviews first, though, to see how first direct savings accounts weigh up against the competition in terms of rates, fees and perks.

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Written by

Felix Thompson

Writer

Felix Thompson is a freelance writer at Finder. He covers everything from digital banking to car insurance and, whatever the topic, he aims to make it easy for consumers to get straight to the best deal. Felix has a postgraduate qualification in international journalism and is also a broadcast journalist. In his spare time, he loves to cycle. See full bio