Section: Savings.
Apply for a Savings Account (opens overlay window)
Our Savings Account offers instant access for day to day savings. It's easy to manage, and it could be the ideal destination if you want to Sweep in a little savings each month from your 1st Account. And now it comes with a bonus rate of 1.00% AER/gross variable on top of the standard variable savings rate of 0.05% AER/gross with our Savings Balance Transfer offer. Terms and Conditions apply.
Our Savings Account is designed for those wanting to save smaller amounts, with immediate access to your savings by internet or telephone. This information will give you a better idea of what's involved - though please make sure you read the Interest Rates and Charges PDF download (opens in new window) and Terms and Conditions PDF download (opens in new window) before you apply.
Our downloads are in a PDF format. To read them you'll need to have Adobe Reader 4.0™ or above. It's free and you can get Adobe Reader here (opens in new window).
| Summary box and Key Product Information | ||||
|---|---|---|---|---|
| Account Name |
Savings Account. |
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| Interest rates |
Tiered interest rates on balances above £1. Interest calculated daily and applied monthly. See our interest rates and charges information for full details. |
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| Tax status |
Interest will be paid after the deduction of the basic rate of savings tax, currently 20%, unless you are eligible and have registered for non-taxable interest. |
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| Conditions for bonus payment |
No bonus payments on this account. |
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| Withdrawal Arrangements |
Instant withdrawals can be made by transfer to another first direct account in your name, over the phone, or via Internet Banking. Transfers to other banks may take longer. |
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| Access |
You must already hold a first direct 1st Account to apply for a Savings Account. The account can be operated online, by telephone or by post. |
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At the end of the bonus interest rate period, your account will automatically revert to standard rates and your account number will remain the same. Your bonus is calculated on a daily basis on the money in your account above your 'Starting Balance' and will be paid into your account monthly, on the same date as your normal interest payments are received. The balance on your account is rounded down to the nearest £1 to calculate the 'Starting Balance' (e.g. if your balance as at the previous working day was £1,511.65, your starting balance for bonus interest will be £1,511). If your balance falls below your 'Starting Balance', no bonus interest will be earned until your balance goes over this amount again. The 'Starting Balance' is calculated as the balance of your account at the calendar day before you start to earn bonus interest.
If the account is closed within the 12 month period, bonus interest will not be paid for the month in which the account is closed.
| Show or hideHow much can I save? | |
| Show or hideHow to manage my account | |
| Show or hideHow to apply | |
| Show or hideWhat else should I know? |
| Summary box and Key Product Information | ||||
|---|---|---|---|---|
| Account Name |
Savings Account 1% Savings Balance Transfer |
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| Interest rates |
Interest is calculated daily and applied monthly. We will pay you a bonus interest rate of 1.00% AER above the variable Savings Account rate (currently 0.05% AER, 0.05% gross p.a.) that applies to your account for the next 12 months on any additional money paid into this account above the 'Starting Balance'. The 'Starting Balance' is calculated as the balance of your account as at the calendar day before you start to earn bonus interest. Your bonus is calculated on a daily basis on the money in your account above your 'Starting Balance' and will be paid into your account monthly on the same date as your normal interest payments are received. The balance on your account is rounded down to the nearest £1 to calculate the 'Starting Balance' (e.g. if your balance as at the previous working day was £1,511.65, your starting balance for bonus interest will be £1,511). If your balance falls below your 'Starting Balance', no bonus interest will be earned until your balance goes over this amount again. |
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| Tax status |
Interest will be paid after the deduction of the basic rate of savings tax, currently 20%, unless you are eligible and have registered for non-taxable interest. |
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| Conditions for bonus payment |
The 1% bonus interest rate is paid monthly in addition to the standard variable rate offered on our Savings Account. |
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| Withdrawal Arrangements |
Instant withdrawals can be made by transfer to another first direct account in your name, over the phone, or via Internet Banking. Transfers to other banks may take longer. If the balance falls below the starting balance, then no interest will be earned until your balance goes over this again. If your account is closed within the 12 month period, you won't earn any bonus interest for the month in which the account is closed. |
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| Access |
The account can be operated online, by telephone or by post. |
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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.
Apply for a Savings Account (opens overlay window)
You can apply online through your Internet Banking. As you're currently logged in, just select Apply online from the left hand menu within Internet Banking
If you already have a Savings Account and want to take advantage of the additional balance transfer interest please call us on 08 456 100 100.
Log on to apply and some hidden for Assist Tech
To apply for a Savings Account online, log on to Internet Banking, select 'Apply', then choose 'Savings Account' from the left hand menu. Once your account has been set up, contact us on 08 456 100 100 before you transfer any external funds into the account to benefit from the additional balance transfer interest rate.
If you haven't yet registered for Internet Banking, simply click on the link below and enter your support and access ID details. If you haven't received your support and access IDs, please call us on 08 456 100 100.
Register for Internet Banking and some hidden for Assist Tech
To open a Savings Account you will also need to open a first direct 1st Account, our current account.
Learn more about the 1st Account
You can also talk to us anytime on:
telephone 0800 24 24 24
Please print and save a copy for your records.
Our downloads are in a PDF format. To read them you'll need to have Adobe Reader 4.0™ or above. It's free and you can get Adobe Reader here (opens in new window).
For more information about accounts and other products you can refer to the Money Advice Service ™ website.