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.

Easy access savings accounts

first direct's best easy access rate of 4% is significantly lower than today's market-best rate of 7.09%. Compare more instant and easy access accounts up to 7.09%

Cash ISAs

first direct's best cash ISA rate of 2.7% is significantly lower than today's market-best rate of 5%. Compare more ISAs up to 5%

Fixed-rate bonds

first direct's best fixed-rate bond rate of 4.05% is slightly lower than today's market-best rate of 4.8%. Compare more fixed-rate bonds up to 4.8%

Regular savings accounts

first direct's best regular savings account rate of 7% is slightly lower than today's market-best rate of 8%. Compare more regular savings accounts up to 8%

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.

Savings account types include	Easy access, cash ISAs, fixed-rate bonds, regular savers
Best easy access rate	4%
Best cash ISA rate	2.7%
Best fixed-rate bond rate	4.05%
Best regular saver rate	7%
Fixed bond terms	1 year 1 month
Opening options	Website, mobile app, post, telephone
FSCS protection

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 in with first direct, it’s incredibly simple. Just use the online HSBC store locator to find your local branch.

You can pay in cash or cheque. In addition, you can take cash out over the counter at an HSBC branch. However, you need to call first direct in advance to arrange this particular service.

If you have a 1st account then you 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 goes 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.

It 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

Email support
Telephone support
In-app or live chat
Contact form
Branch support

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.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.