+£59
Regular Saver (7.0%)17 mins
First DirectRegular Saver (7.0%)
£59 Free Cash•17 mins
£59 Free Cash
+£59What is First Direct?
First Direct is the UK’s pioneering branchless bank, launched in 1989 as a division of HSBC. They’ve consistently topped customer satisfaction surveys and serve around 1.9 million customers with 24/7 UK-based phone support.
They offer the fee-free 1st Account, savings, credit cards, mortgages, and personal loans. First Direct is known for fee-free overseas spending and competitive savings rates including this 7% Regular Saver.
You’ll need a First Direct 1st Account to open this Regular Saver. If you don’t already have one, we’d recommend doing the First Direct bank switch first — you’ll pick up a switching bonus and get the current account you need in one step.
Launched
1989
Customers
1.9m+
App Store
4.8 (433k)
★★★★★★
Key Terms
Profit
+£59
Interest rate
7% AER
(fixed)
Monthly depositUp to £300
Term12 months
Total max deposit
£3,600
(12 × £300)
Requires: A First Direct 1st Account
Withdrawal terms: No withdrawals allowed. To access money early you must close the account, and the interest drops from 7% fixed to the standard savings variable rate (currently 1.15%). Only open this if you’re confident you won’t need the money for 12 months.
Step by Step Guide
Chris's overview
Optional·2 min read
The First Direct Regular Saver pays a fixed 7% on up to £300 a month for 12 months. That’s around £59 more than you’d earn in a standard easy-access account on the same deposits.
Unlike most regular savers, you can’t make withdrawals during the 12-month term. To access your money early, you’d have to close the account entirely, and the interest drops from 7% to the standard savings variable rate (currently just 1.15%). Only open this if you’re confident you won’t need the money for 12 months. The upside: the 7% rate is fixed, so it won’t drop like some variable-rate regular savers.
You need a First Direct 1st Account to open this. If you’ve already done the First Direct bank switch, you’re all set. If not, do that first — you’ll pick up the switching bonus too.
1
Open a First Direct Regular Saver
10 mins
- Log in to First Direct online banking or the mobile app
- Navigate to Savings and select ‘Regular Saver’
- Choose your monthly deposit amount (£25 to £300 in multiples of £5)
- Your first payment is taken from your 1st Account on the day you open, and a standing order is set up automatically for the same date each month
2
Set up your standing order
5 mins
- First Direct sets up the standing order automatically from your 1st Account
- Note the payment date — it can’t be changed once set
- To change the amount, contact First Direct via the app, online banking, or phone before your next payment date
- Only one payment per month is allowed, between £25 and £300
Keep your standing order running each month
2 min
- Your standing order runs automatically from your 1st Account each month. To change the amount, contact First Direct before your payment date.
- You can pay between £25 and £300 per month (in multiples of £5). If you pay less than £300 in one month, you can make up the difference in future months.
- Keep your 1st Account open for the full 12 months — the standing order must come from this account.
3
Withdraw your balance365d
2 mins
Your 12-month term ends
- After 12 months, your interest is added and the balance transfers to your First Direct Savings Account automatically
- The maturity process can take up to 5 working days
- Once matured, move your money to the best available savings account — the Savings Account rate will be lower
Offer Complete
Done? Tick off each step above to see your total.
First Direct Full Review
Completed the offer? Awesome! Here's our full review on why First Direct could work well for you going forward.
First Direct is the UK's pioneering telephone and online bank, launched in 1989 as the country's first branchless bank. Now part of HSBC, they've consistently topped customer satisfaction surveys - winning 'Most Trusted Financial Provider' and ranking #1 for service quality. With 1.9 million customers, they're known for 24/7 UK-based customer service and award-winning mobile banking.
Is First Direct safe?
First Direct is a division of HSBC UK Bank plc, one of the world's largest banking groups. Your deposits are protected by the FSCS up to £120,000, and they've been operating since 1989 - over 35 years of trusted banking.
Who is First Direct for?
First Direct is ideal for people who don't need physical branches and prefer managing their money online or via phone. Their 24/7 UK-based customer service is genuinely helpful (not a call centre maze), and the app makes day-to-day banking simple. Perfect if you value great service over branch access.
Top 5 First Direct Features
1
24/7 UK-Based Support
Real people, based in Leeds, available any time
2
Award-Winning App
4.8 stars on iOS with fingerprint/face login
3
Fee-Free Overseas Spending
No fees on card purchases abroad
4
Linked Savings Account
7% Regular Saver available to customers
5
Overdraft Buffer
£250 interest-free buffer on 1st Account
Pros and Cons
Pros
- ✓Consistently top-rated for customer service
- ✓24/7 UK-based phone support
- ✓No monthly fee on 1st Account
- ✓Fee-free spending abroad
- ✓7% Regular Saver available
Cons
- ✗No physical branches
- ✗HSBC customers since Jan 2018 not eligible for switch bonus
- ✗Android app rated lower than iOS
Chris's Verdict
First Direct is arguably the best bank for customer service in the UK. They've won countless awards, and their 24/7 phone support is genuinely excellent - you'll speak to a real person in Leeds, not navigate a frustrating phone tree. The 1st Account has no monthly fees, fee-free overseas spending, and access to a 7% Regular Saver. The only real downside is no branches if you need in-person banking. For the switch bonus, note the HSBC exclusion - if you've had an HSBC current account since January 2018, you won't qualify.
