Bonus Savings Account. A cash bonus - for doing nothing.

Because dipping into your savings can be tempting, our Bonus Savings Account rewards you for establishing virtuous saving habits.

What you need to know

Overview

  • every month you leave your money untouched you get a bonus interest rate
  • start saving from as little as £1 with no maximum limit
  • access your money whenever you need to.

Interest rates

  • earn a bonus rate of 3.75% AER (3.69% gross) on balances up to £50,000 every month you don't make a withdrawal
  • the standard rate of 1.30% AER (1.29% gross) will apply on balances above £50,000, or the whole balance for any month you make a withdrawal.

Eligibility

  • you just need to be a UK resident and hold a first direct 1st Account
  • our Bonus Savings Account can only be opened in sole names, with one account per person.

Summary box

Account Name Bonus Savings Account
What is the interest rate?
Balance Current rates Rates from 20 October 2025
Bonus rate - Balances up to £50,000 3.75% AER (3.69% gross) 3.50% AER (3.45% gross)
Standard rate on all balances  1.30% AER (1.29% gross) 1.15% AER (1.14% gross)

Interest is calculated daily and credited monthly.

The bonus interest rate is paid each month unless you make a withdrawal or close the account, in which case only the standard rate will apply.

Balances up to £50,000 will earn the higher rate of interest. Only the part of the balance above £50,000 will earn the lower rate of interest.
Can first direct change the interest rate? Yes, we can change the interest rate on this account in line with the account's Terms and Conditions.
What would the estimated balance be after 12 months based on a range of deposits? The estimated balance after 12 months would be as follows:
Initial deposit Rate Interest rate Balance at end of 12 months
£1,000 With bonus 3.75% AER (3.69% gross) £1,037.50
£60,000 With bonus 3.75% AER (3.69% gross) on first £50,000 then 1.30% AER (1.29% gross) on any balance above £50,000. £62,005.00
£1,000 Without bonus 1.30% AER (1.29% gross) £1,013.00
£60,000 Without bonus 1.30% AER (1.29% gross) on the whole balance. £60,780.00

The estimated balance after 12 months, based on interest rates effective from 20 October 2025, would be as follows:

Initial deposit Rate Interest rate Balance at end of 12 months
£1,000 With bonus 3.50% AER (3.45% gross) £1,035.00
£60,000 With bonus 3.50% AER (3.45% gross) on first £50,000 then 1.15% AER (1.14% gross) on any balance above £50,000. £61,865.00
£1,000 Without bonus 1.15% AER (1.14% gross) £1,011.50
£60,000 Without bonus 1.15% AER (1.14% gross) on the whole balance. £60,690.00
For the purpose of these calculations it is assumed:

 

  • initial deposit of £1,000 and £60,000
  • no additional deposits
  • the interest rate remains the same during the 12 months
  • the with bonus calculation assumes no withdrawals are made in any of the 12 months
  • the without bonus calculation assumes a withdrawal is made in each of the 12 months.

Projection provided for illustrative purposes only and does not take into account individual circumstances.
How do I open & manage my account?

Eligibility:

  • you must hold a first direct 1st Account, our current account
  • this account can only be opened in sole names
  • only one account per person permitted.

How to open the account:

  • apply by chat in Online Banking and through the App.
  • apply by phone.

Minimum/Maximum Balance:

  • a minimum of £1 must be deposited to open the account
  • there is no maximum balance.

How to manage the account:

  • once opened you can manage your account via Online Banking, by phone or by post.
Can I withdraw money? You have instant access to your account. You can make as many withdrawals as you like however, remember that for any month you do make a withdrawal you will receive a lower rate of interest.
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

  • 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.

Information correct as of 11 August 2025

Important documents

The below might not be the most interesting, but it’s definitely important you have a read before applying.

Ready to apply?

The easiest way to apply is through our first direct App.

Just log on, open the chat through the 'Help' tab and type:

"Open a new savings account"

Dot the Chatbot will talk you through the rest.

Scan the QR code to get started on the App

New to first direct? You need to be a 1st Account holder to get access to this product. Find out more about our 1st Account.

Other ways to apply

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.

fscs logo: protecting your money