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Bonus Saving 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. Every month you don't make a withdrawal, we'll give you a bonus rate of 4.00% AER (3.93% gross) variable on balances up to £50,000. Don't worry - you can still get at your money if you need to, but for that month the interest will only be 2.00% AER (1.98% gross). Knowing this should be just enough to curb the temptation.

  • bonus rate applies for every calendar month you don't make a withdrawal
  • instant access if you need it by an internal transfer to your first direct Current Account
  • earn the higher interest rate on balances up to £50,000
  • start saving from £1, no maximum limit
  • sole accounts only and one account per person.

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 if interest were paid and not compounded each year.

UK residents only.

Summary and key product information

Account Name Bonus Savings Account
What is the interest rate?
Balance Interest rate
With Bonus
Interest rate
Without Bonus
Under £50,000 4.00% AER (3.93% gross)
2.00% AER (1.98% gross)
£50,000+ 2.30% AER (2.28% gross) 2.00% AER (1.98% gross)

Interest is calculated daily and credited monthly.

Bonus interest is not paid in any calendar month where a withdrawal is made or the account is closed.

Bonus interest is paid in any month where a withdrawal is not made or the account not closed.

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 4.00% AER (3.93% gross) £1,040.00
£60,000 With bonus 4.00% AER (3.93% gross) on first £50,000 then 2.30% AER (2.28% gross) on any balance above £50,000. £62,230.00
£1,000 Without bonus 2.00% AER (1.98% gross) £1,020.00
£60,000 Without bonus 2.00% AER (1.98% gross) on the whole balance. £61,200.00

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?


  • 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 (currently 2.00% AER (1.98% gross)).
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.


  • 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 if interest were paid and not compounded each year.

Information correct at 10 August 2023

How to open a Bonus Savings Account

Existing Customers

To apply, start a chat with us in the 'Help' section of our App or select 'Message us' within Online Banking.

To make sure you get to the right place, then type ‘Apply for a savings account’ and choose ‘Open a new account’ and then ‘Open a new savings account’ from the list of options.

Log on to Online Banking

New to first direct

This product is only available to first direct Current Account customers (you're more than welcome to join us...)

More about our current account

Alternatively, you can apply by giving us a call on 03 455 873 967

Before you apply

Before applying, please have a read through the following.

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.