Put away between £25 to £300 each month with our Regular Saver Account and we’ll give you a fixed rate of 7.00% AER/Gross for 12 months.
7.00% AER/Gross p.a. fixed for 12 months save between £25 and £300 a month, up to £3,600 per year interest is calculated daily and paid after 12 months
available to first direct 1st Account customers via our App and Online Banking
Apply in less than 3 minutes.
Our Regular Saver gives you a 7.00% AER/Gross p.a. interest rate. We’ll calculate your interest daily, based on your account balance and the interest earned on previous days. We’ll add the total interest to your account balance after 12 months.
Here’s a guide on the interest you could earn.
| Monthly deposit example | Total deposit after 12 months | Interest earned | Balance after 12 months |
|---|---|---|---|
| Monthly deposit example£25 per month | Total deposit after 12 months£300 | Interest earned£11.38 | Balance after 12 months£311.38 |
| Monthly deposit example£300 per month | Total deposit after 12 months£3,600 | Interest earned£136.50 | Balance after 12 months£3,736.50 |
AER stands for Annual Equivalent Rate. This shows you what the gross 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.
How can I apply for a Regular Saver?
1st Account customers can apply by downloading and logging on to our App and going to ‘Products’ or via Online Banking.
How do I make payments into my Regular Saver?
We’ll take your first payment from your 1st Account on the day we open your Regular Saver. After that, your payments will be made by standing order from your 1st Account – don’t worry, we’ll set this up for you.
Your standing order payment date will need to remain the same once set up. You can only make one standing order payment each month. This means if your standing order is less than £300, you can’t make any additional payments. You’ll have to change your monthly standing order amount to pay in more or less in future months.
Can I change my payment amount and date?
To change your standing order payment, chat with us via our App, Message Us via Online Banking, or give us a call. You can change your standing order amount between £25 and £300 (in multiples of £5), but you’ll only be able to make one monthly payment. You can’t change your payment date – it needs to remain the same once set up.
How do I manage my account?
You can view and manage your account in our App and Online Banking. To change your standing order payment, chat with us via our App, Message Us via Online Banking, or give us a call.
Are there any charges?
No, none at all.
Can I make withdrawals?
No, you can only withdraw your money after 12 months. You can access your money before then, but you’ll have to close the account. If you close your account before the 12-month period ends, we’ll only pay you interest at our standard Savings Account variable rate.
Can I apply for a new Regular Saver Account if I have one open already?
No, you can only have one Regular Saver at any one time even if you’re not saving the maximum allowance of £300 per month.
I have a joint account, can my joint party open a Regular Saver?
Yes, you can both hold one Regular Saver Account each.
Is there anything else I need to know?
You need to keep your 1st Account open for the 12 months you have your Regular Saver. This is so you can make the monthly standing order payments.
When does my Regular Saver Account mature and when will I get the interest?
Exactly one year after you opened your Regular Saver, we’ll add the interest to your account balance and the maturity process will begin. The maturity process can take up to 5 working days.
What happens to my money when my Regular Saver matures?
Your money will be automatically transferred to a sole Savings Account if you have one. If you don’t, we’ll convert your Regular Saver into a new one for you.
How long does the maturity process take?
It can take up to 5 working days – it’s usually much quicker than this but if your maturity date falls just before or on a weekend it can take longer to complete the processing work. Don’t worry your money will still be earning interest while this is all happening.
When will I be able to see my money?
Your Regular Saver will disappear from the balances page while the maturity process is happening.
Once the process is done, you’ll be able to see your money in your Savings Account via our App and Online Banking.
If I decide to open a new Regular Saver, when can I do this?
You’ll have to wait until the old one has closed, and the maturity process is complete.
Once your money is showing in your sole Savings Account, you can apply for a new Regular Saver via our Mobile App or Online Banking.
Will I get the same interest rate in a new Regular Saver?
Our interest rates are subject to change at any time so please bear in mind the rate you’ll get in a new Regular Saver might be different to the one that’s just matured.
| Account information title | Account information details | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Summary Box | |||||||||||||
| Account name | Regular Saver Account | ||||||||||||
| What is the interest rate |
Interest is fixed, is calculated daily and credited at the end of the 12 month fixed term. |
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| Can first direct change the interest rate? | No, once your account is opened the rate will remain fixed. | ||||||||||||
| What would the estimated balance be after 12 months based on 12 monthly deposits of £25 and £300? |
For the purpose of this calculation it is assumed:-
|
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| How do I open & manage my account? | Eligibility:
How to open the account:
Minimum/Maximum Balance:
Regular Payments:
How to manage the account:
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| Can I withdraw money? | You can not make partial withdrawals. If you choose to close your account before the end of the 12 month period you will receive interest up to the date of closure at our Savings Account variable rate. At the end of the term the balance of your account together with any interest earned will be paid into your Savings Account if you have one. If you do not have one we will transfer your funds into a new Savings Account |
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| Additional Information | A 14 day cancellation period applies to this account. We do not deduct tax from any interest paid to you. Tax benefits depend on individual circumstances and could change in the future. Definitions
|
Rates correct as at 1 December 2022
Existing 1st Account customers
Apply in less than 3 minutes on our App.
Scan the QR code to open up the App.
New to first direct?
You'll need to be a 1st Account holder to get access to our Regular Saver Account. Find out how to apply for our current account.
Alternatively, you can log on to Online Banking to apply.
Please have a read through the following.
Account Terms and Conditions and Charges (PDF)
Interest Rate and Charges (PDF)
Your eligible deposits with HSBC UK Bank plc are protected up to a total of £85,000 or up to £170,000 for joint accounts, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.
This limit is applied to the total of any deposits you have with the following: HSBC UK Bank plc and first direct. Any total deposits you hold above the limit between these brands are unlikely to be covered.
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