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*You'll be charged £100 if you take your money out before the end of the fixed term and depending on when you do this, you could get back less than originally paid in. New Fixed Rate Savings Accounts are released every month and interest rates may vary between them.

Put a lump sum away for a fixed term at a fixed rate, and you'll receive 5.20% AER/Gross between £2,000 and £1 million. Deposits mature on 30 October 2024.

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.

UK residents only.

Key product info

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Account information title

Account information details

Account Name

Fixed Rate Savings

What is the interest rate?

Balance	Interest Rate
£2,000 + Balance	5.20% AER / Gross Interest Rate

Current rates available from 26 September 2023 to 30 October 2023. Rate can be withdrawn at any time.

Can first direct change the interest rate?

No, once your account is opened the rate will remain fixed for the duration of the term.

What would the estimated balance be after 12 months based on a range of deposits?

Initial Deposit	Interest Rate	Balance at end of 12 months
£2,000 Initial Deposit	5.20% AER / Gross Interest Rate	£2,104

Initial deposit of £2,000. For the purpose of this calculation it is assumed:

no additional deposits
no withdrawals
the interest rate remains the same for the duration of the term
all deposits are fixed for between 12-13 months (depending when the account is opened).

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, which you must maintain for the duration of the fixed term
sole or joint accounts permitted.

How to open the account:

apply by phone
apply by chat in online banking and through the App.

Minimum/Maximum Balance:

only one deposit per account
the minimum deposit is £2,000
the maximum deposit is £1,000,000.

How to manage the account:

once opened you can view your balance via Online Banking. You can manage your account over the phone.

Can I withdraw money?

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.
At the end of the fixes term, we will open a Savings Account for you (or equivalent if no longer available) and will pay your initial deposit plus interest into that account.

Additional Information

There is no cancelation period with 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 if interest were paid and not compounded each year.

Rates correct as of 26 September 2023

Who can apply?

To take out a Fixed rate savings account, you must hold a first direct current account, which you must maintain for the duration of the fixed term. You must also be a UK resident and be at least 18 years old. Both sole and joint accounts are permitted.

Open a Fixed Rate Savings Account

Current Account holders

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.

To apply for a Fixed Rate Savings Account in joint names give us a call to apply on 03 455 873 967

Don't have a Current Account with first direct?

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

About our Current Account

Useful information

Dive into the Cash ISA Acount details- Cash ISA Key Facts and Terms and Conditions (PDF)

Dive into fixed rate savings Account details- Account Terms and Conditions and Charges (PDF, 111KB)

What first direct do with your account information- Privacy Notice (PDF, 63KB)

Take a look at a detailed breakdown of interest rates linked to your savings account -Interest Rate and Charges (PDF, 126KB) (For 1st Account charges refer to Account Terms and Conditions and Charges)

Financial Services Compensation Scheme Information Sheet and Exclusions List-UK FSCS Information Sheet and Exclusions List (PDF, 44KB)

Important notes

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.

Know exactly what to expect from your money

Why choose a Fixed Rate Savings Account?

Key product info

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Open a Fixed Rate Savings Account