Regular Saver Account

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

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.

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.

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.

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 03.10.19