Current savings account rates

Regular Saver

  AER(1) Gross(3)% p.a. Net(3)% p.a.
£25 - £300* per month fixed for 12 months 6.00% 6.00% 4.80%

* If you do not save the maximum monthly subscription of £300 in any given month, you can carry over any unused subscription to the following months. Regular Savers can save up to a maximum of £3600 a year into this account.

Interest is calculated daily and paid on the first anniversary of account opening.
Interest rates quoted are fixed for the duration of the 12-month term.
You must continue to hold a 1st Account with us for as long as you have your Regular Saver Account.
Only one account per customer.

 

Cash ISA

Rates are variable

Balance AER Tax free
£1 - £4,999 1.30% 1.29%
£5,000 - £9,999 1.50% 1.49%
£10,000 - £19,999 1.70% 1.69%
£20,000 - £39,999 1.85% 1.83%
£40,000 and over 2.00% 1.98%

 

Bonus Savings Account

Interest will be calculated daily and paid monthly. Sole accounts only and one account per customer.

Rates are variable


With monthly bonus

Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£1 - £100,000* 0.75% 0.75% 0.60%
Over £100,000* 0.25% 0.25% 0.20%

Without monthly bonus


Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£1 - £100,000* 0.15% 0.15% 0.12%
Over £100,000* 0.15% 0.15% 0.12%

*If you have more than £100,000 in your Bonus Saving Account, we will pay a lower interest rate on the money above £100,000. For example, if £150,000 is held, in any calendar month where no withdrawal is made, we will pay 0.75% AER/gross on the first £100,000 and 0.25% AER/gross on the £50,000 above £100,000.

If no withdrawals are made from the account during a calendar month we will pay the rate 'with monthly bonus'. If during a calendar month a withdrawal is made we will pay the rate 'without monthly bonus'.

 

Fixed Rate Savings - July issue

Available until 31 July 2014. Matures 31 July 2015.

Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£2,000 - £49,999 1.00% 1.00% 0.80%
£50,000 - £99,999 1.10% 1.10% 0.88%
£100,000 + 1.20% 1.20% 0.96%

Interest paid at maturity. Multiple products can be opened, however please note that the interest rates quoted are per bond. This is a bond which means you deposit a fixed amount of money for a fixed period at a fixed rate of interest.

 

Everyday e-Saver

Rates are variable

  AER(1) Gross(3)% p.a. Net(3)% p.a.

£1 and over

0.25% 0.25% 0.20%

 

Savings Account

Rates are variable

Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£100,000 and over 0.05% 0.05% 0.04%
£50,000 - £99,999 0.05% 0.05% 0.04%
£5,000 - £49,999 0.05% 0.05% 0.04%
£250 - £4,999 0.05% 0.05% 0.04%
£1 - £249 0.05% 0.05% 0.04%

 

Offset Savings

Equivalent Credit Interest Non tax payer Standard rate tax payer Higher rate tax payer
All credit balances (AER) 3.75% 4.71% 6.33%

Instead of receiving interest on your savings, your qualifying savings and current account balances are offset against your outstanding mortgage balance, so you only pay mortgage interest on the difference between the two.

Although you don't earn credit interest on your savings or current account, you effectively achieve the same overall benefit as an account paying 3.75% AER and there’s no tax to pay on it. Therefore, tax payers would have to find a savings account that pays 4.71% AER (or 6.33% AER for higher rate tax payers) to achieve the same overall benefit. You could receive a higher or lower equivalent rate depending on your current mortgage. All of these rate examples are based on our standard variable rate.

Linked accounts could include 1st Account, Everyday Savings Account and Savings Account.

Linked Offset 1st Accounts and savings accounts.

Any debit balance on 1st Accounts or additional borrowing linked to your offset Mortgage will be secured against your property and charged the same rate of interest as your mortgage.

Other fees may apply:

  • if you are purchasing a property
    In addition to any arrangement fee, you will also need to pay for your legal and valuation costs.
  • if you are re-mortgaging a property in England or Wales
    In addition to the arrangement fee and/or booking fee you will need to pay for a professional valuation. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees.
  • if you are re-mortgaging a property in Scotland or Northern Ireland
    In addition to the arrangement fee and/or any booking fee you will need to pay for a professional valuation for both offset and Repayment Mortgages. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees.

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

 

Everyday Savings Account

Rates are variable

Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£150,000 and over 1.00% 1.00% 0.80%
£50,000 - £149,999 0.75% 0.75% 0.60%
£1 - £49,999 0.10% 0.10% 0.08%

Product no longer on sale.

 

e-Savings Account

Rates are variable

Balance AER(1) Gross(3)% p.a Net(3)% p.a.
All balances 0.40% 0.40% 0.32%

The e-Savings Account is limited to one per customer. No interest is paid on the full account balance in any month you make a withdrawal.

Product no longer on sale.

 

Previous rates

The rates below are provided for information only

Regular Saver

Effective for all Regular Saver accounts opened between 1 November 2010 and 31 January 2013
Credit balance Credit interest

 

AER(1) Gross(3)% p.a. Net(3)% p.a.
£25-£300* per month fixed for 12 months 8.00% 8.00% 6.40%

Effective for all Regular Saver accounts opened between 26 August 2009 and 31 October 2010

Credit balance Credit interest

 

AER(1) Gross(3)% p.a. Net(3)% p.a.
£25-£300* per month fixed for 12 months 5.00% 5.00% 4.00%

* If you do not save the maximum monthly subscription of £300 in any given month, you can carry over any unused subscription to the following months. Regular Savers can save up to a maximum of £3600 a year into this account.

Interest is calculated daily and paid on the first anniversary of account opening.
Interest rates quoted are fixed for the duration of the 12-month term.
You must continue to hold a 1st Account with us for as long as you have your Regular Saver Account.
Only one account per customer.

Cash ISA

Effective from 1 February 2012 to 31 October 2013

Rates are variable

Balance AER(1) Tax free(2)
£1 - £4,999 0.50% 0.50%
£5,000 - £9,999 1.20% 1.19%
£10,000 - £19,999 1.70% 1.69%
£20,000 - £39,999 2.20% 2.18%
£40,000 and over 3.00% 2.96%

 

Bonus Savings Account

Effective from 20 March 2009 to 17 February 2014.

Interest will be calculated daily and paid monthly. Minimum balance £3,000. Sole accounts only and one account per customer. With effect from 18 February 2014, this minimum balance requirement has been reduced from £3,000 to £1. Section 3, clause 2.2 of the first direct Account Terms and Conditions will be amended at the earliest opportunity to reflect this change.

Rates are variable

With monthly bonus

Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£250,000 and over 0.20% 0.20% 0.16%
£100,000 - £249,999 0.15% 0.15% 0.12%
£50,000 - £99,999 0.10% 0.10% 0.08%
£3,000 - £49,999 0.10% 0.10% 0.08%

Without monthly bonus


Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£250,000 and over 0.15% 0.15% 0.12%
£100,000 - £249,999 0.10% 0.10% 0.08%
£50,000 - £99,999 0.05% 0.05% 0.04%
£3,000 - £49,999 0.05% 0.05% 0.04%

If no withdrawals are made from the account during a calendar month we will pay the rate 'with monthly bonus'. If during a calendar month a withdrawal is made we will pay the rate 'without monthly bonus'.

 

Everyday e-Saver Account

Effective from 2 March 2009 to 19 March 2009

Rates are variable

Balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£1 and over 0.75% 0.75% 0.60%

 

Savings Account

Effective from 2 March 2009 to 19 March 2009

Rates are variable

Credit balance Credit interest

 

AER(1) Gross(3)% p.a. Net(3)% p.a.
£100,000 and over 0.10% 0.10% 0.08%
£50,000 - £99,999 0.10% 0.10% 0.08%
£5,000 - £49,999 0.10% 0.10% 0.08%
£250 - £4,999 0.10% 0.10% 0.08%
£1 - £249 0.10%* 0.10%* 0.08%*

*This is a nominal rate of interest which does not ordinarily fluctuate with changes in the Bank of England Base Rate. Whilst other interest rate bands, during this unprecedented low base rate environment, are also now paying 0.10%  AER, the interest payable on these bands remains subject to fluctuation with the Bank of England Base Rate.

 

Everyday Savings Account

Effective from 20 March 2009 to 28 February 2014

Rates are variable

  Credit interest
Credit balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£50,000 and over 2.00% 1.98% 1.58%
£1 - £49,999 0.10% 0.10% 0.08%

 

e-Savings Account

Effective from 2 March 2009 to 19 March 2009

Rates are variable

Credit balance AER(1) Gross(3)% p.a. Net(3)% p.a.
£1 and over 0.90% 0.90% 0.72%

 

Regular Saver ISA

Effective for all accounts opened between 6 April 2008 and 31 July 2009
Credit interest AER(1) Tax free(2)
£25 - £300 per month fixed for 12 months 7.00% 7.00%

Interest is paid on the first anniversary of account opening, and thereafter monthly. Interest rates quoted are fixed for 12 months and then our Cash ISA variable rates apply. No partial withdrawals in first year; account must be closed - interest then payable at variable Cash ISA rate on the whole balance for the full period since the Regular Saver ISA was opened.

Product no longer on sale.

 

(1) Annual Equivalent Rate (AER) is a notional rate which illustrates what the gross rate would be if interest was paid and compounded each year.
(2) Rate payable where interest is exempt from UK income tax.
(3) We pay gross interest (that is, the interest paid before the deduction of tax applied to the interest on savings) to customers who register as non-taxpayers or non-UK residents and net to all other customers. The net rate is the rate after the deduction of tax on interest, currently 20%. Higher rate tax payers will have an additional liability. This tax rate may change. Tax deducted may be reclaimed by non-taxpayers. If you are eligible for the payment of gross credit interest and require a registration form, please telephone 08 456 100 100.

All credit interest is calculated daily and paid monthly unless stated otherwise.
The rates are correct as at 1 July 2014. Personal Loan rates may alter from time to time, but once a loan is taken the rate becomes fixed for the duration of the term.
Bank of England Base Rate 0.50% p.a.