Savings rates
Rates reviewed daily · last updated 5 October 2026
Savings rates
All rates AER · Updated October 2026
Rates shown are AER and correct as of October 2026.
Regular Saver
| Account | AER | Monthly Limit | Interest | Min Balance | |
|---|---|---|---|---|---|
| Regular Saver Account | 7.00% | £300 | Fixed | £25 |
Fixed Rate
| Account | AER | Term | Interest paid | Min Balance | |
|---|---|---|---|---|---|
| Fixed Rate Savings | 4.50% | 1 Year | On maturity | £2,000 |
Cash ISA
| Account | AER | Access | Transfers in | Min Balance | |
|---|---|---|---|---|---|
| Fixed Rate Cash ISA | 4.50% | 1 Year | Accepted | £500 | |
| Cash ISA | 2.75% | Instant | Accepted | £1 |
Easy Access
| Account | AER | Access | Interest | Min Balance | |
|---|---|---|---|---|---|
| Bonus Savings Account | 3.35% | Instant | Variable | £1 | |
| Savings Account | 1.05% | Instant | Variable | £1 |
Investing: Stocks & Shares ISA
A Stocks & Shares ISA is an investment product, so returns depend on the market rather than a fixed savings rate. Here's how it compares on cost.
When you invest, your capital is at risk — the value of investments can go down as well as up, and you may get back less than you put in.
Cards
The First Direct card we track — open it for fees, perks and the catch.
Debit Card
Free
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- Abroad
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Is First Direct FSCS protected?
Yes — FSCS protected up to £120,000
Yes. First Direct savings are FSCS protected up to £120,000 per person, per banking licence, under HSBC UK Bank plc. The same limit is shared with HSBC and M&S Bank.
Banking licence: HSBC UK Bank plc
Shares this limit with HSBC, M&S Bank.
Last checked against the FCA register on 6 October 2026.
See every brand that shares a banking licenceSwitch offers
- Switch using the Current Account Switch Service (CASS)
- Transfer at least 2 Direct Debits or standing orders
- Deposit £1,000 within 45 days of account opening
- Make 5+ debit card payments within 45 days of account opening
- Log on to digital banking within 45 days of account opening
- New customers only – must not have previously held a first direct product
- Must not have opened an HSBC current account on or after 1 January 2018
- UK residents only
Who they are
First Direct launched at midnight on 1 October 1989, making it the UK's first telephone-only bank. It became part of HSBC in 1992 when HSBC acquired Midland Bank. More than three decades on, it still operates without branches - everything runs through the app, online, and by phone.
Customers consistently praise the friendly staff and efficient customer service, and also appreciate the intuitive banking app for managing day-to-day finances. Support is available 24/7 using its in-app chat and over the phone. That said, no bank is perfect - some reviewers flag overcomplicated security measures and strict verification steps.
One important thing to know about FSCS cover: if HSBC UK Bank plc were to fail, deposits held with HSBC, first direct, M&S Bank and certain other trading names would all be added together, and the £120,000 FSCS limit applied to the combined total. If you already hold money with HSBC UK or M&S Bank, factor that in.
Savings accounts
First Direct's savings range covers most needs, though the stand-out product is the Regular Saver. It pays 7.00% fixed - one of the highest rates in the UK for that account type - on deposits of £25 to £300 a month. The rate is fixed for the term, which is a genuine advantage over the variable alternatives. The catch is that you can't dip into the money without closing the account, and you need a first direct current account to open it.
For easy access, the Bonus Savings Account pays 3.35% variable from just £1. The standard Savings Account sits at 1.05% variable - fine as a holding account, but not somewhere you'd want to park a serious sum. If you can lock money away, the Fixed Rate Savings pays 4.50% from £2,000.
On the ISA side, the Cash ISA pays 2.75%, while the Fixed Rate Cash ISA offers 4.50% from £500. There is also a Stocks and Shares ISA - note that investments are protected up to £85,000 by the FSCS, with any uninvested cash covered up to £120,000.
Switching to First Direct
The 1st Account currently comes with a £210 cash bonus for eligible switchers, with a deadline of 2 December 2026. To qualify, you need to switch using the Current Account Switch Service, 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. 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.
Linked to the switch, the Regular Saver at 7.00% is a meaningful extra - over 12 months at the £300 monthly cap, that adds a useful sum on top of the switching bonus. There is no monthly account fee.
Is it right for you?
First Direct suits savers who want a reliable, no-frills current account with strong customer service and a genuinely competitive regular saver attached. The switch bonus gives a solid one-off return for new customers, and the 7.00% Regular Saver is one of the better rates on the market for monthly savers who can commit for the full term without needing access.
If you already bank with HSBC UK, the shared FSCS licence is worth keeping in mind. And if you prioritise a feature-rich app or cashback on spending, other providers may suit you better.
Rates change, and the live figures shown on this page are always the most up-to-date place to check before you apply.
This overview was generated by DepositScout's AI, Penny on 2 October 2026. It may contain inaccuracies — always confirm rates and terms with First Direct directly. Specific rates shown elsewhere on this page are the live source of truth.
