Savings

Protecting your money

Protecting your money. Find out how your eligible deposits are protected here by the Financial Services Compensation Scheme.

Savings home page

Sort out your tax free savings nice and early with our simple Cash ISA. Learn more.

Cash ISA

Whether you're saving towards a particular goal or purchase, our Cash ISA, which pays from 1.30% AER (1.29% tax-free) variable, is a simple and tax free way to save.

  • tax free interest
  • instant access by transfer to another first direct account
  • transfers from other providers welcome
  • earn 1.30% AER (1.29% tax-free) variable on balances of £1 and over
  • earn 1.50% AER (1.49% tax-free) variable on balances of £30,000 or more
  • interest is calculated daily and applied monthly
  • save from a minimum of £1, up to £15,000 per tax year.

Regular Saver

Have a holiday or special event on the horizon? Remove that temptation to spend and save a regular amount each month for 12 months for our very best savings rate - 6.00% AER/gross.

  • save from a minimum of £25 up to a maximum of £300 each month, up to £3,600 per year
  • 6.00% AER/gross fixed for 12 months
  • interest is calculated daily and paid on the 12 month anniversary after account opening
  • no withdrawals, unless account closed before end of 12 months term.

Bonus Savings Account

If you're saving for something in particular but still want instant access to your money, our Bonus Savings Account, which pays up to 0.75% AER/gross, gives you a helpful incentive - a bonus rate in each calendar month you don't make a withdrawal.

  • 0.75% AER/gross variable on balances up to £100,000 in any calendar month you don't make a withdrawal (0.15% AER/gross if you do)
  • if you have more than £100,000 in your account, we pay 0.25% AER/gross variable on any amount above £100,000 (0.15% AER/gross in any calendar month a withdrawal is made)
  • interest is calculated daily and paid monthly
  • open from as little as £1 and there are no limits to how much you can save.

 

Offset Savings

Put your savings to work for you with first direct's offset Mortgage. You can offset your savings and 1st Account balances against your mortgage - saving you more on your mortgage interest than you might earn in a typical savings account. It really is that simple - so find out how much you could be saving with our offset Mortgage Calculator.

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

How does offsetting work?         

 

Definitions

AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.

Gross is the interest rate before the deduction of tax applicable to interest on savings accounts.


You may also be interested in

Learn more about our 1st Account

Our sweep facility allows you to save the money you don't spend each month - so you make the most of your finances. Subject to financial eligibility*.

Learn more about investing

Take your finances further with a range of easy to manage short and long term investment opportunities.

Learn more about sharedealing

Buy and sell shares using our online Sharedealing Service - while making the most of your investments with your ISA allowance.

Learn more about the first direct Lab

Visit the first direct lab - and have your say in our future products, services and ideas.

* Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in or maintain an average balance of at least £1,000 each month or hold a selected first direct additional product. For new customers we waive the fee for your first 6 months. Take a look at our Interest Rates and Charges section for details of the additional products.

The value of most investments, and any income they generate, can go down as well as up, meaning you may not get back the full amount you invested.

Protecting your money

Your eligible deposits with HSBC Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. This limit is applied to the total of any deposits you have with HSBC Bank plc and first direct.

Any total deposits you hold above the £85,000 limit between HSBC and first direct are not covered.

 

 

 

 

 

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