Unfortunately, this deal has expired 5 October 2022.
709° Expired
68
Refreshed 2 months ago

Regular Saver Account 3.50% AER/Gross p.a. fixed for 12 months, saving between £25 to £300pm (Existing Account Required) @ First Direct

£25
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Shared by sajidtg
Joined in 2010
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  1. Avatar
    When working this out it works out to around 1.75% on 3K due to not being able to deposit the full amount
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    You're right.

    If you have £3600 going spare in one lump sum, you can earn more with the instant access savings account from Zopa or Shawbrook. Crafty ole FD

    moneysavingexpert.com/sav…st/
  2. Avatar
    [deleted]
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    Of course not. Interest is calculated daily and applied as a payment on the anniversary date.
  3. Avatar
    What’s the best savings account for 55k? Only getting £25 pm from HSBC (edited)
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    If I had that much idle money I would pay debts, reserve emergency funds, max out a S&S ISA and put the rest into another investing account and DCA into index funds. In that order. Not saying you should though, just what I would do 😁
  4. Avatar
    3.5% you say - so your money is only losing around 8% in a year!
  5. Avatar
    This is around equivalent to 1.9% on the lump sum of £3600 which is region of what is available in instant access accounts now, so not sure why this account would be chosen, even if you are saving monthly from income, just put it in best market rate instant access and you wouldn't lose interest up until that point if you need to withdraw where as the regular saver it reverts to some their standard saver rate of current 0.4% (edited)
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    It's only equivalent to 1.9% if you choose to keep the funds that are waiting to be deposited in a non-interest earning account.
  6. Avatar
    This headline rates for regular savers are deceiving. As you can only save for 12 months and the rate is APR.
  7. Avatar
    What a joke, waiting to see accounts that will give you 100% interest a year on a max deposit of 1 penny. More hassle keeping track of all these accounts than it's worth.

    Think this is nothing more than a PR exercises on the side of the bank nothing more, get a few headlines and hopefully more business. (edited)
  8. Avatar
    MSE Savings always a good place to start

    A couple of months back reading their explantion of using savings portals - where you can move your savings around onto better rates without having to keep signing up to one bank after another - got me to using Flagstone. Keep an eye out for sign up bonuses if it sounds interesting for you and take a long look at their rates.
  9. Avatar
    Ooo about £80 whole pounds for the year if paying in the max 🤮
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    Better than a kick in the plumbs
  10. Avatar
    Look like next interest rate hike is on the way from Bank of England... Everyone now offering 3%+

    Fair play to First Direct...
    I'm with Barclays hope, their board of directors can see this deal, and try to approve for their great sucked customer over the years....
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    Been this rate for a few months now
  11. Avatar
    Hang on. Cash ISAs will be paying 6%+ soon
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    Really??
  12. Avatar
    although it "looks" a good deal its limited because of the deposit limit each month, limits the amount you can earn over the year, good for small savers but i need one thats paying this on deposits much higher, the Shawbrook one looks interesting but im waiting on the interest rise to see what i can get......thanks poster, always interesting to see whats out there, im a FD customer and didnt know about this one!
  13. Avatar
    £300 a month. Meh
  14. Avatar
    It might be worth starting to deposit small amounts with other building societies. Ive noticed a trend recently for higher rates for "loyal" savers i.e. had an account for at least one year. Yorkshire BS currently offering 5% but regular saver only capped at £500 per month
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    The "loyal saver" bonus has been around forever. Currently, they tend to be low second decimal place, so not all that much of an incentive.. Some actually give lower rates on maturity than new accounts, so you need to open a new account to get the better rate. Not a lot of hassle, but easily missed if you're not careful.
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    I think instant access rates will be close to 3.5% in a year's time so any gain will be small (the most gain being early on when instant access rates are now 1.8% but you only have small amounts deposited). Your money is also locked in to get the higher rate (if you close early, you get a paltry interest rate).
  16. Avatar
    Good luck for the people who can still save whilst energy bills go through the stratosphere
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    Likely a price cap freeze to be announced Thursday
  17. Avatar
    68 quid a year max interest?
  18. Avatar
    Crikey, this account has been around for months now.

    A regular saver account where the account holder cannot decide what date to pay into the account. It has to be done by First Direct. A bank that is so far behind the times in account openings.
  19. Avatar
    I've had this for six months now so it's certainly not a new deal and not a particularly attractive one given the way interest rates have moved and are about to move again. It should be double this rate to attract more regular savers.
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    At that rate? Last time I looked in pretty sure it was only 3%
  20. Avatar
    Cold. Better rates available without tying yaself in. I remember when this was 8% and worked out around 5.25 % over the year. It was even then as good if not better than the best instant access at the time. And as rates are defo going to go up really not worth it.
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    Better rates without notice - where?
  21. Avatar
    All these savings accounts are mostly useless. Like everyone else says you earn bugger all however for me it will do for my sons savings account for when he's 18. Extra 60 quid is better than nothing.

    Also energy companies can stick their profits up their arse 👈
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