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Regular Saver Account

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3.50% AER/Gross p.a. fixed for 12 months
save between £25 and £300 a month, up to £3,600 per year (if your regular payments are less than £300, you can carry your allowance over and pay more in later months)
interest is calculated daily and paid 12 months after you opened the account
you can change the amount of your standing order at any time
Available for existing first direct 1st Account customers only
sorry - you can't make partial withdrawals. If you close your account before the end of the 12 month period, we'll only pay you interest at our standard Savings Account variable rate
sole accounts only and one account per person at one time.

Show the section Everything else you should know

Regular Saver FAQs

How do I make payments into my Regular Saver Account?

How to manage your account

You can view your account in our App and Online Banking. To amend your standing order payment please call us.

You can change the amount of the monthly standing order between £25 and the maximum monthly balance (in multiples of £5) but you can only make one standing order payment to your account in any one month. The date of your standing order payment needs to remain the same once set up.

Are there any charges?

Can I make withdrawals?

Our Regular Saver Account is for 12 months so, as you'd expect, you can only withdraw your money after a year. You can access your money before then, but you'll have to close the account. If this happens we'll pay interest up to that day and you'll receive interest equivalent to our Savings Account or any account that replaces it.

Is there anything else I need to know?

Regular Saver Maturity FAQs

When does my Regular Saver Account mature and when will I get the interest?

What happens to my money when my Regular Saver matures?

Your money will be automatically transferred to either an existing sole Everyday e-Saver Account (product no longer on sale) or a Savings Account. If you don’t have either, your Regular Saver will convert into a new sole Savings Account.

How long does the maturity process take?

It can take up to 5 days – it’s usually much quicker than this but if your maturity date falls just before or on a weekend it can take longer to complete the processing work. Don’t worry your money will still be earning interest while this is all happening.

When will I be able to see my money?

If I decide to open a new Regular Saver, when can I do this?

You’ll have to wait until the old one has closed and the processing work is complete which takes up to 5 days. Once your money is showing in your sole Savings or sole Everyday e-Savings Account you can then apply for a new Regular Saver via our Mobile App or Online Banking

Will I get the same interest rate in a new Regular Saver?

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Summary box

Account information title

Account information details

Account name

Regular Saver Account

What is the interest rate?

Interest Rate
3.50% AER/GrossInterest Rate

Interest is calculated daily and is credited at the end of the 12 month fixed term.

Can first direct change the interest rate?

No, once your account is opened the rate will remain fixed.

What would the estimated balance be after 12 months based on 12 monthly deposits of £25 and £300?

Monthly deposits	Total deposit at end of 12 months	Interest Rate	Balance at end of 12 months
£25 per month Monthly deposits	£300 Total deposit at end of 12 months	3.50% AER/GrossInterest Rate	£305.69 Balance at end of 12 months
£300 per month Monthly deposits	£3,600 Total deposit at end of 12 months	3.50% AER/GrossInterest Rate	£3668.25 Balance at end of 12 months

For the purpose of this calculation it is assumed:-

monthly deposits of £25 or £300
no withdrawals
the interest rate remains the same during the 12 months
monthly deposits made on the 1st of each month.

Projection provided for illustrative purposes only and does not take into account individual circumstances.

How do I open & manage my account?

Eligibility:

you must already hold a first direct 1st Account, our current account.
this account can only be opened in sole names
only one account per person permitted.

How to open the account:

apply for an account using Online Banking or through our App.

Minimum/Maximum Balance:

the minimum deposit in month 1 is £25
the maximum balance is £3,600 at the end of the 12 month term.

Regular Payments:

regular deposits must be made by standing order each month
the minimum monthly deposit is £25 per month
the maximum monthly deposit is £300 per month
if you don't pay in the maximum allowed in any month, you can carry over any unused subscriptions and catch up in future months.

How to manage the account:

once opened you can view your account via Online Banking and through our App. To amend your standing order payment please call us.

Can I withdraw money?

You can not make partial withdrawals.

If you choose to close your account before the end of the 12 month period you will receive interest up to the date of closure at our Savings Account variable rate.

At the end of the term the balance of your account together with any interest earned will be paid into one of the following accounts if you have one:-

Savings Account
Everyday e-Saver.

If you have both of these accounts, we will transfer your funds to the account that pays the higher rate of interest.

If you have neither we will transfer your funds into a new Savings Account.

Additional Information

A 14 day cancellation period applies to this account.

We do not deduct tax from any interest paid to you.

Tax benefits depend on individual circumstances and could change in the future.

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 rate of interest if interest were paid and not compounded each year.

Rates correct as at 28 April 2022