Since 6 April 2016 basic rate tax (20%) is no longer taken from savings interest as most UK taxpayers will have a Personal Savings Allowance (PSA) which means basic rate taxpayers can earn up to £1,000 income from savings (eg credit interest tax-free) and higher rate tax payers can earn up to £500 savings income tax-free. Additional rate taxpayers don't get a PSA.
Whether you're saving towards a particular goal or purchase, our Cash ISA, which pays 1.30% AER (1.29% tax-free) variable, is a simple and tax free way to save.
Have a holiday or special event on the horizon? Remove that temptation to spend and save a regular amount each month for 12 months for our very best savings rate - 6.00% AER/gross.
If you're saving for something in particular but still want instant access to your money, our Bonus Savings Account, which pays up to 0.75% AER/gross, gives you a helpful incentive - a bonus rate in each calendar month you don't make a withdrawal.
Put your savings to work for you with first direct's Offset Mortgage. You can offset your savings and 1st Account balances against your mortgage - saving you more on your mortgage interest than you might earn in a typical savings account. It really is that simple - so find out how much you could be saving with our Offset Mortgage Calculator.
Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest was paid, compounded each year (interest on your interest) and no tax was taken off.
Gross is the rate of interest if interest were paid and not compounded each year.
Our sweep facility allows you to save the money you don't spend each month - so you make the most of your finances. Subject to financial eligibility*.
Take your finances further with a range of easy to manage short and long term investment opportunities.
Buy and sell shares using our online Sharedealing Service - while making the most of your investments with your ISA allowance.
We're about more than just banking. Find out what we stand for and what makes us different.
* Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in or maintain an average balance of at least £1,000 each month or hold a selected first direct additional product. For new customers we waive the fee for your first 6 months. Take a look at our Interest Rates and Charges section for details of the additional products.
The value of most investments, and any income they generate, can go down as well as up, meaning you may not get back the full amount you invested.
Your eligible deposits with HSBC Bank plc are protected up to the FSCS compensation limit by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Most deposits are covered by the scheme. This limit is applied to the total of any deposits you have with HSBC and first direct.
Any deposits you hold above the FSCS compensation limit are unlikely to be covered, unless under specific circumstances, as determined by the FSCS.
For more information on the scheme, please select the links below to view the FSCS poster and leaflet as well as the Information Sheet and Exclusions List (IS&EL) or visit the FSCS website at www.fscs.org.uk
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