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Interest rates and charges information 

from 1 February 2012

 

Current savings account rates

cash e-ISA

Balance AER(1) Tax free(2)
£1+ 0.50% 0.50%
£5,000+ 1.20% 1.19%
£10,000+ 1.70% 1.69%
£20,000+ 2.20% 2.18%
£40,000+ 3.00% 2.96%

 

e-Savings Account(4)(5)

Balance AER(1) Gross(3)% p.a Net(3)% p.a.
All balances 0.40% 0.40% 0.32%

The e-Savings Account is limited to one per customer. No interest is paid on the full account balance in any month you make a withdrawal.

 

Regular Saver(4)

  AER(1) Gross(3)% p.a. Net(3)% p.a.
£25 - £300* per month fixed for 12 months 8.00% 8.00% 6.40%

* If you do not save the maximum monthly subscription of £300 in any given month, you can carry over any unused subscription to the following months. Regular Savers can save up to a maximum of £3600 a year into this account.

Interest is calculated daily and paid on the first anniversary of account opening.
Interest rates quoted are fixed for the duration of the 12-month term.
You must continue to hold a 1st Account with us for as long as you have your Regular Saver Account.
Only one account per customer.

 

Fixed Rate Savings - February 2012 issue

Available until 28 February 2012. Matures 1 March 2013.

  AER(1) Gross(3)% p.a. Net(3)% p.a.
£2,000 to £49,999 2.50% 2.50% 2.00%

Interest paid at maturity. Multiple products can be opened. This is a bond which means you deposit a fixed amount of money for a fixed period at a fixed rate of interest.

 

Everyday e-Saver(4)

  AER(1) Gross(3)% p.a. Net(3)% p.a.
£1 and over 0.25% 0.25% 0.20%

Other rates are available from time to time. Please visit firstdirect.com/savings or call us on 08 456 100 100 for details.

 

Bonus Savings Account(4)

Interest will be calculated daily and applied monthly. Minimum balance £3,000. Only one account per customer.
With conditional Bonus
Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£250,000 and over 0.20% 0.20% 0.16%
£100,000 - £249,999 0.15% 0.15% 0.12%
£50,000 - £99,999 0.10% 0.10% 0.08%
£3,000 - £49,999 0.10% 0.10% 0.08%

Without conditional Bonus
Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£250,000 and over 0.15% 0.15% 0.12%
£100,000 - £249,999 0.10% 0.10% 0.08%
£50,000 - £99,999 0.05% 0.05% 0.04%
£3,000 - £49,999 0.05% 0.05% 0.04%

If no withdrawals are made from the account during a calendar month we will pay the rate 'with Monthly Bonus'. If during a calendar month a withdrawal is made we will pay the rate 'without Monthly Bonus'.

 

Savings Account(4)

Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£100,000 and over 0.05% 0.05% 0.04%
£50,000 - £99,999 0.05% 0.05% 0.04%
£5,000 - £49,999 0.05% 0.05% 0.04%
£250 - £4,999 0.05% 0.05% 0.04%
£1 - £249 0.05% 0.05% 0.04%

Other rates are available from time to time. Please visit firstdirect.com/savings or call us on 08 456 100 100 for details.

 

Everyday Savings Account(4)(5)

Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£50,000 and over 2.00% 1.98% 1.58%
£1 - £49,999 0.10% 0.10% 0.08%

 

offset Savings

Equivalent Credit Interest Non tax payer Standard rate tax payer Higher rate tax payer
All credit balances (AER) 3.75% 4.71% 6.33%

Instead of receiving interest on your savings, your savings and 1st Account balances are offset against your outstanding mortgage balance and you only pay interest on the difference between the two. Therefore, you can benefit from the equivalent of the same rate of interest on your savings and 1st Account as you pay on your mortgage, up to the amount outstanding on your mortgage. Although no credit interest is paid, you effectively achieve the same overall benefit as an account paying 3.75% AER, and because you don't receive any interest there is no tax to pay on it, therefore tax payers would have to find a savings account that pays 4.71% AER (or 6.33% AER for higher rate tax-payers) to achieve the same overall benefit. You could receive a higher or lower equivalent rate depending on your current mortgage rate. All of these rate examples are based on our standard variable rate.

Linked accounts could include 1st Account, Everyday Savings Account and Savings Account.

Linked Offset 1st Accounts and savings accounts.

Any debit balance on 1st Accounts or additional borrowing linked to your offset Mortgage will be secured against your property and charged the same rate of interest as your mortgage.

Linked accounts can include 1st Account, Everyday Savings Account and Savings Account

Other fees may apply:

  • if you are purchasing a property
    In addition to any arrangement fee, you will also need to pay for your legal and valuation costs.
  • if you are re-mortgaging a property in England or Wales
    In addition to the arrangement fee and/or booking fee you will need to pay for a professional valuation. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees.
  • if you are re-mortgaging a property in Scotland or Northern Ireland
    In addition to the arrangement fee and/or any booking fee you will need to pay for a professional valuation for both offset and Repayment Mortgages. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

 

Previous rates

The rates below are provided for information only

Regular Saver

Effective for all Regular Saver accounts opened between 26 August 2009 and 31 October 2010
  Credit interest
Credit balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£25-£300* per month fixed for 12 months 5.00% 5.00% 4.00%

* If you do not save the maximum monthly subscription of £300 in any given month, you can carry over any unused subscription to the following months. Regular Savers can save up to a maximum of £3600 a year into this account.

Interest is calculated daily and paid on the first anniversary of account opening.
Interest rates quoted are fixed for the duration of the 12-month term.
You must continue to hold a 1st Account with us for as long as you have your Regular Saver Account.
Only one account per customer.

Savings Account

Effective from 2 March 2009 to 19 March 2009
  Credit interest
Credit balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£100,000 and over 0.10% 0.10% 0.08%
£50,000 - £99,999 0.10% 0.10% 0.08%
£5,000 - £49,999 0.10% 0.10% 0.08%
£250 - £4,999 0.10% 0.10% 0.08%
£1 - £249 0.10%* 0.10%* 0.08%*

*This is a nominal rate of interest which does not ordinarily fluctuate with changes in the Bank of England Base Rate. Whilst other interest rate bands, during this unprecedented low base rate environment, are also now paying 0.10%  AER, the interest payable on these bands remains subject to fluctuation with the Bank of England Base Rate.

 

Regular Saver ISA(5)

Effective for all accounts opened between 6 April 2008 and 31 July 2009
Credit interest AER(1) Tax free(2)
£25 - £300† per month fixed for 12 months 7.00% 7.00%

† If you do not save the maximum monthly subscription of £300 in any given month, you can carry over any unused subscription to the following months. Regular Savers can save up to a maximum of £3600 a year into this account.

Interest is paid on the first anniversary of account opening, and thereafter monthly. Interest rates quoted are fixed for 12 months and then our cash e-ISA variable rates apply. No partial withdrawals in first year; account must be closed - interest then payable at variable cash e-ISA rate on the whole balance for the full period since the Regular Saver ISA was opened. To open a Regular Saver ISA you must hold a first direct 1st Account.

 

Everyday Savings Account

Effective from 6 March 2009 to 19 March 2009
Credit interest
Credit balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£50,000 and over 2.50% 2.47% 1.98%
£1 - £49,999 0.10% 0.10% 0.08%

 

cash e-ISA

Effective from 2 March 2009 to 31 January 2012*
  AER(1) Tax free(2)
Accounts opened online from 1 September 2011 to 31 January 2012, fixed until 31 January 2013 and then reverting to the variable rate applicable at the time 2.70% 2.67%
*Variable cash e-ISA rate 0.20% 0.20%

 

e-Savings Account

Effective from 2 March 2009 to 19 March 2009
Credit balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£1 and over 0.90% 0.90% 0.72%

 

Everyday e-Saver Account

Effective from 2 March 2009 to 19 March 2009
Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£1 and over 0.75% 0.75% 0.60%

 

Bonus Savings Account

Interest will be calculated daily and applied monthly. Minimum balance £3,000. Only one account per customer.
Effective from 2 March 2009 to 19 March 2009
With conditional Bonus
Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£250,000 and over 0.50% 0.50% 0.40%
£100,000 - £249,999 0.30% 0.30% 0.24%
£50,000 - £99,999 0.25% 0.25% 0.20%
£3,000 - £49,999 0.25% 0.25% 0.20%

Without conditional Bonus
Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£250,000 and over 0.35% 0.35% 0.28%
£100,000 - £249,999 0.15% 0.15% 0.12%
£50,000 - £99,999 0.10% 0.10% 0.08%
£3,000 - £49,999 0.10% 0.10% 0.08%

If no withdrawals are made from the account during a calendar month we will pay the rate 'with Monthly Bonus'. If during a calendar month a withdrawal is made we will pay the rate 'without Monthly Bonus'.

 

(1) Annual Equivalent Rate (AER) is a notional rate which illustrates what the gross rate would be if interest was paid and compounded each year.
(2) Rate payable where interest is exempt from UK income tax.
(3) We pay gross interest (that is, the interest paid before the deduction of tax applied to the interest on savings) to customers who register as non-taxpayers or non-UK residents and net to all other customers. The net rate is the rate after the deduction of tax on interest, currently 20%. Higher rate tax payers will have an additional liability. This tax rate may change. Tax deducted may be reclaimed by non-taxpayers. If you are eligible for the payment of gross credit interest and require a registration form, please telephone 08 456 100 100.
(4) If during any statement month you go overdrawn on your savings account, debit interest is calculated daily based on the 1st Account overdraft rate.
(5) Product no longer on sale.

All credit interest is calculated daily and paid monthly unless stated otherwise.
The rates are correct as at 1 February 2012. Personal Loan rates may alter from time to time, but once a loan is taken the rate becomes fixed for the duration of the term.
Bank of England Base Rate 0.50% p.a.

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