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first direct ups rates on savings products

From next week (20th October) first direct is increasing its rates across a range of savings products including its one-year fixed rate product and cash ISA (all interest rates are AER/Gross unless stated):

Product
 Current rate (all AER)
 New rate (live from 20th October unless stated)
ProductFD Savings Account
 Current rate (all AER)0.40%
 New rate (live from 20th October unless stated)0.50%
ProductFD Bonus Savings Account
 Current rate (all AER)

0.75% (paid on balances of up to £25,000 including bonus)

0.65% (paid on balances greater than £25,000 including bonus)

0.40% (excluding bonus)

 New rate (live from 20th October unless stated)

1.65% AER (1.64% Gross)

0.75% AER 

0.50% AER
ProductCash ISA
 Current rate (all AER)0.70%
 New rate (live from 20th October unless stated)1.40% AER  (1.39% Gross)
ProductFixed Rate Saver – 1 Year
 Current rate (all AER)1.25%
 New rate (live from 20th October unless stated)

2.25% AER

With effect from 28th October

On top of the new savings rates, first direct customers are able to:

  • build up a savings pot and earn 3.50% AER/gross p.a by saving between £25 and £300 a month with first direct’s Regular Saver Account*.
  • Make the most of the £175 in cash to all new customers switching to a 1st Account with the bank**. The cash bonus is available to all new customers who switch their full banking to first direct using the Current Account Switch Service (CASS) and pay in at least £1,000 within three months of opening the account.
  • And if new customers aren’t ready to switch yet, there is also a £20 incentive for just opening a 1st Account, without completing the switching process. Customers just need to open a 1st Account and log in to the mobile app or digital banking to receive the bonus***.

Notes to Editors:

*3.50% AER/Gross p.a. fixed for 12 months. Save between £25 and £300 a month, up to £3,600 per year (if your regular payments are less than £300, you can carry your allowance over and pay more in later months). Interest is calculated daily and paid 12 months after you opened the account. Available for existing first direct 1st Account customers only.

**This offer is limited to one payment per customer or joint account, and the customer will get the money within 28 days of all the criteria being met. This offer is only available to people who haven’t previously held an account with first direct (regardless of how many years ago it was), and/or has not opened a HSBC current account on or after 1 January 2019. Customers may hold a HSBC current account and still qualify for the offer, as long as the current account was opened before 1 January 2019. We reserve the right to refuse your application and withdraw this offer at any time. Credit is subject to status and an assessment of your financial circumstances.

*** This offer is limited to one payment only, regardless if your account is a sole or joint account so we won’t make any additional payment for any joint account holder. You'll get the money within four months of opening the account. This offer can’t be added to any other joiner or switcher offer. Sorry, we can only offer this to people who haven’t previously held an account with us, and/or has not opened a HSBC current account on or after 1 January 2019. You may hold a HSBC account and still qualify for the offer, as long as the current account was opened before 1 January 2019. We reserve the right to refuse your application and withdraw this offer at any time. Credit is subject to status and an assessment of your financial circumstances.

Ends

For further information please email Leila.taleb@hsbc.com.

Notes to Editors:

About first direct

first direct provides mobile banking, online and telephone services to its 1.6m customers and offers a full range of personal banking products including its multi-award winning current account and mortgages. It’s been recognised as being a pioneer of amazing customer service by numerous independent third parties including The Competition and Markets Authority, Which?, Moneywise, Moneyfacts and Moneysavingexpert.com. As well as its Facebook page, first direct uses social media to engage with customers through LinkedIn, Instagram, and Twitter.