Easy access
first direct savings accounts and interest rates
first direct offers a variety of savings accounts with interest rates up to 7%.
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Since its launch in 1989, first direct has branded itself as the bank of the future.
It was a novel idea. Why not give customers all their banking needs over the phone, and why not provide 24/7 customer service every day of the year?
Read on for an overview of the savings accounts on offer from first direct.
Easy access savings accounts
Table: sorted by interest rate
first direct's best easy access rate of 2.76% is significantly lower than today's market-best rate of 5.12%.
Compare more instant and easy access accounts up to 5.12%
Cash ISAs
Table: sorted by interest rate
first direct's best cash ISA rate of 2.3% is significantly lower than today's market-best rate of 4.2%.
Compare more ISAs up to 4.2%
Fixed-rate bonds
Table: sorted by interest rate
first direct's best fixed-rate bond rate of 3.5% is lower than today's market-best rate of 4.68%.
Regular savings accounts
Table: sorted by interest rate
first direct's top regular savings account rate of 7% is the best currently on the market.
Compare more regular savings accounts up to 7%
Overview of first direct savings
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, regular savers |
|---|---|
| Best easy access rate | 2.76% |
| Best cash ISA rate | 2.3% |
| Best fixed-rate bond rate | 3.5% |
| Best regular saver rate | 7% |
| Fixed bond terms | 1 year |
| FSCS protection |
Other popular accounts
Didn’t find the account type you were looking for? Check our other guides:
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.
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.
Savings ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
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.
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