First Direct savings rates — compare every account, plus switch offers and guides

Who they are

First Direct was founded on 1 October 1989 by Midland Bank as a genuinely radical idea: a bank with no branches, reachable around the clock. Many customers felt traditional banking wasn't flexible enough to fit around their lives, and Midland spotted the opportunity to build a service available 24 hours a day, 7 days a week, 365 days a year. In 1992 it became part of HSBC when HSBC acquired Midland Bank, and it operates today as a division of HSBC UK Bank plc. That matters to savers: First Direct and HSBC UK share a banking licence, so if you already hold savings with HSBC UK, the FSCS protection limits apply across both brands combined.

First Direct picked up the UKCSI Best Customer Service Award for 2025, making it not just the top bank for customer service but the top brand for customer satisfaction across 267 companies in 13 different sectors. The key differentiator is 24/7 UK telephone banking with actual humans - most challengers and many incumbents have reduced or eliminated real phone banking, while First Direct has maintained it deliberately as its primary service proposition.

Savings accounts

First Direct's savings range covers most needs, though the headline act is the Regular Saver. At 7.00% fixed for 12 months, with a minimum deposit of just £25, it is consistently one of the best rates in this category in the UK market. The catch - as with all regular savers - is that you can only pay in up to a set amount each month, and the rate applies to a balance that builds gradually, not a lump sum. You also need a First Direct current account to be eligible.

For easy access, the Bonus Savings Account pays 3.35% variable on balances from £1, while the standard Savings Account pays 1.05% - worth knowing so you don't inadvertently sit in the lower-rate option. If you can lock money away, Fixed Rate Savings pays 4.35% (minimum £2,000, no access until maturity).

On the ISA side, there is a flexible Cash ISA at 2.75% variable from £1, and a Fixed Rate Cash ISA at 4.35% from £500 with no access until maturity. A Stocks and Shares ISA is also available, where uninvested cash holds up to £120,000 of FSCS protection and investments up to £85,000. All savings accounts carry FSCS protection up to £120,000, though remember the shared licence with HSBC UK noted above.

Switching to First Direct

The 1st Account comes with a £175 cash switching bonus for eligible new customers. To qualify you need to switch using the Current Account Switch Service (CASS), transfer at least two direct debits or standing orders, deposit £1,000, make five or more debit card payments, and log on to digital banking - all within 45 days of opening. There is no monthly fee, provided the account is used as your main bank. The offer is for new customers only: you must not have previously held a First Direct product, and must not have opened an HSBC current account on or after 1 January 2018.

Is it right for you?

First Direct tends to suit people who want a reliable, full-service bank without a high street branch - one they can actually call at midnight if something goes wrong. The Regular Saver is a genuine standout for disciplined monthly savers. Where it is less competitive is on easy access rates for larger lump sums, where specialist savings providers often pull ahead.

As ever, the rates shown on this page are the live figures - check them before you apply, because they do move.