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Regular Saver Account

Summary and key product information

Account name

Regular Saver Account

What is the interest rate?

Interest Rate

5.00% AER (5.00% Gross)

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

£300

5.00% AER (5.00% Gross)

£308.12

£300 per month

£3,600

5.00% AER (5.00% Gross)

£3,697.50

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.

How to open the account:

  • open an account via online banking or telephone banking.

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 or manage your account via telephone banking.

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, currently 0.05% AER.

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 18.10.16

How to open a Regular Saver Account

Existing customers

Log on to Internet Banking, select 'Apply' and choose 'Regular Saver Account' from the left hand menu.

Log on to Internet Banking

If you would prefer to speak to us, please call us on:

03 456 100 100

New to first direct

Sorry - our Regular Saver Account is only available to first direct Current Account customers (you're more than welcome to join us...)

More about our current account

You can also talk to us anytime on:

0800 24 24 24

You may also like

Bonus Savings Account

If you want to save regularly but can't commit to locking your money away, take a look at our Bonus Savings Account.

Contact us

Let's talk about savings

Any time, day or night - there's always a real person on hand to help.

Existing customer

03 456 100 100