+£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+
Google Play
2.8 (19k)
★★★★★★
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
You are here10 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.
Quick First Direct Review
Completed the offer? Awesome! Here's our full review on why First Direct could work well for you going forward.
First Direct at a glance
Updated:
Customer service nerds, this one's for you. Quidsy has two live offers with First Direct: £175 free cash for switching your current account, plus a 7.00% AER Regular Saver paying on £25 to £300 monthly deposits. The catch is you need the 1st Account open before the Regular Saver unlocks.
Customers
1.9m
UK accounts
Founded
1989
37 years old
App Store
4.8 ★
455k reviews
Google Play
2.8 ★
18.5k reviews
If customer service matters to you, First Direct is genuinely the best bank in the UK right now. They topped the January 2026 UKCSI Best Customer Service ranking across all 13 sectors the index covers, not just banking, and 97% of customers in Finder's awards said they would recommend the bank.
Phone support is 24/7 and you actually speak to a real person in Leeds, which sounds like a small thing until you have spent half an hour stuck on someone else's phone tree.
The 1st Account itself is one of the most useful current accounts in the market. No monthly fee, fee-free spending abroad, a £250 interest-free overdraft buffer, and access to a 7% Regular Saver once you are a customer. That Regular Saver alone is reason to switch and stay.
The only real downside is no branches, which matters for some people and not others. If you need to deposit cash regularly or want a face-to-face relationship with your bank, this is not the one. For everyone else, especially if you are already comfortable doing your banking on a phone, it is a strong recommendation, better than the high-street alternatives in almost every measurable way.
First Direct is a division of HSBC UK Bank plc, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 765112). Eligible deposits are protected by the FSCS up to £120,000.