What interest rate does the First Direct Fixed Rate Savings pay?

The First Direct Fixed Rate Savings pays 4.50% AER, fixed for one year.

How much interest could I earn?

Saving £10,000 for 1 year would earn about £450 at 4.50% AER. This assumes the rate stays the same and interest stays in the account.

How much can I pay in?

You can deposit at least £2,000 and up to £1,000,000.

Can I withdraw my money?

No. Your money is locked in until the fixed term ends, so only put in what you won't need before then.

When is interest paid?

Interest is paid at the end of the term.

Who can open this account?

New and existing First Direct customers can open it.

Is my money protected?

Yes. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per banking licence.

How does it compare with other one-year fixed rate bonds?

At 4.50% AER it ranks 30th of 70 one-year fixed rate bonds we track. The best pays 5.12% and the average is 4.49%.

Dashboard

Fixed Rate

First Direct Fixed Rate Savings Review

A one-year fixed rate bond from First Direct, with a £2,000 minimum deposit. It ranks 30th of 70 one-year fixed rate bonds we track.

Rate checked Oct 2026Got this account? Leave a review

Fixed rate · 1 year

4.50%AER

Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£2,000

Max balance

£1,000,000

Access

At maturity only

Interest paid

On maturity

First Direct is also paying £210 to switch your current account. Offer ends 2 December 2026.

See the switch offer

How It Stacks Up

Ranks 30th of 70

1-year fixed bonds we track

Just above average

This account 4.50%

UK CPI (Aug 2026): 3.10%; Pays 1.40% more
Average 1-year fixed: 4.49%; About the same
Best 1-year fixed: 5.12%; Pays 0.62% less

Inflation: ONS. Averages and best rates: accounts on DepositScout.

Compare fixed bonds

A Good Fit For

Pro: New and existing savers

Worth Weighing Up

Con: Your money is locked in for 1 year
Con: You need at least £2,000 to open it

Good to Know

~13-month; rate window to 10/06/2026

Please verify all details with the provider – see our Disclaimer

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Estimated returns with First Direct's Fixed Rate

What you could earn with First Direct's Fixed Rate Savings.

Estimated interest

£5,000 saved

£225

At 4.5% AER

£10,000 saved

£450

At 4.5% AER

£50,000 saved

£2,250

At 4.5% AER

£1,000,000 saved

£45,000

At 4.5% AER

Estimated over one year, if the rate stays the same and interest is left in. Amounts outside the account's minimum or maximum aren't shown.

Work out the tax on your interestSee how much of this interest could be taxed.

Our Expert Opinion on First Direct Fixed Rate Savings

Jonny PeaseCo-Founder, DepositScout

First Direct's Fixed Rate Savings pays 4.50% for one year, which at least beats CPI inflation of 3.1% by 1.40%, but it sits below the market average for fixed-rate accounts and 0.85% behind the category leader at 5.35%. You need at least £2,000 to open it, and the real catch is that there is no access until maturity, so your money is fully locked away for the term. If you want a one-year fix, OakNorth Bank's Fixed Term 12 Months at 4.96% or Atom Bank's 1 Year Fixed Saver at 4.90% are worth a look first.

Compare Fixed Rate Bonds