Before you start comparing, we want to let you know that we’re reducing the interest rate on some of our products from 27 January 2025. Please double check the interest rates before applying.
| Regular Saver Account | Savings Account | Bonus Savings Account | Fixed Rate Savings | Cash ISA | |
|---|---|---|---|---|---|
| How this account works and what you could use it for. | Regular Saver Account This account rewards you for not touching your money. - ideal for when you don’t need immediate access - helpful if you want to get into good savings habits. |
Savings Account An account for everyday savers. - put away what you have, when you have it, without limits or restrictions - save for something big like a holiday or just your next big night out. |
Bonus Savings Account Dipping into savings can be tempting, so every month you don’t you get a bonus. - ideal for when you're saving for a rainy day - helpful if you want to get into good savings habits. |
Fixed Rate Savings Lock away a fixed amount for up to 13 months. - ideal for when you’re saving a one-off lump sum and don’t need immediate access - means you're not tempted to dip into it. |
Cash ISA Saving feels good. Doing it tax free feels even better. - make the most of your tax free*1 allowance - a tax efficient option for savings up to £20,000 in the current tax year. There are changes to the ISA regulations from the 6 April 2024. |
| The interest rate(s). | Regular Saver Account7.00% AER/gross, fixed for 12 months. | Savings Account 1.75% AER (1.74% gross) variable. |
Bonus Savings Account 4.00% AER (3.93% gross) variable on balances up to £50,000 each calendar month if you don’t make a withdrawal. 2.30% AER (2.28% gross) variable on balances over £50,000 each calendar month if you don’t make a withdrawal. 1.75% AER (1.74% gross) on the whole balance for any calendar month you make a withdrawal. |
Fixed Rate Savings 4.05% AER/gross on balances between £2,000 and £1 million. Current rates available from 8 November 2024 to 9 December 2024. Rate can be withdrawn at any time. |
Cash ISA2.70% AER (2.67% tax free*1) variable, on balances of £1 and over. |
| How much could I earn? | Regular Saver AccountIf you put in £250 a month you could receive £3,116.22 including interest after 12 months.*2 | Savings AccountIf you put in £3,000 you could receive £3,052.50 including interest after 12 months. *3 | Bonus Savings AccountIf you put in £3,000 you could receive £3,120 including bonus and interest after 12 months.*4 | Fixed Rate SavingsIf you put in £3,000 you could receive £3,121.50 including interest after 12 months.*5 | Cash ISAIf you put in £3,000 you could receive £3,081 including interest after 12 months.*6 |
| How often do I get paid interest? | Regular Saver AccountInterest is calculated daily and paid on the 12 month anniversary of account opening. | Savings AccountInterest is calculated daily and credited monthly. | Bonus Savings AccountInterest is calculated daily and credited monthly. | Fixed Rate SavingsInitial deposit plus interest is paid at the end of the fixed term. | Cash ISAInterest is variable, calculated daily and credited monthly. |
| Do I get instant access to my money? | Regular Saver AccountNo access for 12 months (you can only access before then if you close the account). | Savings Account ✓ Instant access. |
Bonus Savings Account ✓ Instant access, but lower interest on months you make a withdrawal. |
Fixed Rate Savings No access for 12-13 months (depending on when it is opened) -early withdrawal fee. |
Cash ISA ✓ Instant access by transfer to another first direct account. *7 |
| How much could I save? | Regular Saver Account - between £25 and £300 a month - change the amount you save any time. |
Savings Account - minimum - £1 - no maximum. |
Bonus Savings Account - minimum - £1 - no maximum. |
Fixed Rate Savings - minimum - £2,000 - maximum - £1 million. |
Cash ISA - minimum - £1 - annual limit - £20,000 for current tax year - maximum 1 account per tax year across first direct and HSBC. |
| Do I need to hold a first direct 1st Account? | Regular Saver Account✓ | Savings Account✓ | Bonus Savings Account✓ | Fixed Rate Savings✓ | Cash ISA ✓ |
| Can I have a joint account? | Regular Saver Account | Savings Account✓ | Bonus Savings Account | Fixed Rate Savings✓ | Cash ISA |
| How do I Apply? |
Regular Saver Account Find out more
|
Savings AccountFind out more about our Savings Account | Bonus Savings AccountFind out more about our Bonus Savings Accounts | Fixed Rate SavingsFind out more about our Fixed Rate Savings Account | Cash ISAFind out more about our Cash ISA |
AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year.
Gross is the rate of interest paid before any tax (where applicable) has been deducted.
Tax-free means free from UK Income Tax and Capital Gains Tax.
Terms and Conditions
You must hold a first direct 1st Account, our current account, be aged 18 years or over and a UK resident to apply for any of our Savings accounts.
Regular Saver Account
*2 For the purpose of this calculation it is assumed monthly deposits of £250, no withdrawals and the interest rate remains the same during the 12 months.
Monthly deposits made on the 1st of each month.
Save £25 to £300 every month with our 12-month fixed rate account. Interest is calculated daily and paid after 12 months and the rate is fixed . You won’t be able to make partial withdrawals at any time during the 12 months. You can choose to close your account early, but if you do we’ll only pay you interest at our standard Savings Account variable rate. Interest is calculated daily and paid on the 12-month anniversary of account opening.
Savings Account
*3 For the purpose of this calculation it is assumed an initial deposit of £3,000 and then no additional deposits, no withdrawals and the interest rate remains the same during the 12 months. Interest is calculated daily and credited monthly.
Bonus Savings Account
*4 For the purpose of this calculation it is assumed an initial deposit of £3,000, no additional deposits, the interest rate remains the same during the 12 months, and that no withdrawals are made in any of the 12 months.
You can get instant access to your funds without charge if you need to, though bonus interest won't apply during the calendar month of withdrawal. Interest is calculated daily and credited monthly.
Fixed Rate Savings
*5 For the purpose of this calculation it is assumed an initial deposit of £3,000, no additional deposits or withdrawals, the interest rate remains the same for the duration of the term and all deposits are fixed for between 12-13 months (depending when the account is opened).
No partial withdrawals are permitted. You can close your account before the end of the fixed term for a fee of £100. Interest will be paid up to the date of closure. However depending on when the account is closed you may get back less than you deposited.
Cash ISA
*1 Tax-free means free from UK Income Tax and Capital Gains Tax.
*6 For the purpose of this calculation it is assumed an initial deposit of £1,000, no additional deposits, no withdrawals and the interest rate remains the same during the 12 months.
*7 Our ISA isn’t a flexible cash ISA, so any amount withdrawn will not change how much of your annual ISA subscription limit you have already used. If you have fully subscribed, you will need to wait until the next tax year to subscribe further funds.
Interest is calculated daily and credited monthly. The value of any tax benefits depends on your individual circumstances. Tax rules may change in the future.
If you withdraw funds from your ISA, you’ll lose the future benefits of continuing to hold the amount withdrawn in an ISA.
The overall ISA subscription limit is £20,000 for the current tax year, within this the Lifetime ISA has it's own annual payment limit (currently £4000).
You can only subscribe to one type of cash ISA and one type of stocks and shares ISA across HSBC UK and first direct.
All projection provided above are for illustrative purposes only and does not take into account individual circumstances.