Fixed Rate Savings

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

For the purpose of this calculation it is assumed:-

• initial deposit of £2,000
• no additional deposits
• no withdrawals
• the interest rate remains the same during the 12 months
• the account matures after 12 months.

Projection provided for illustrative purposes only and does not take into account individual circumstances.

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.

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.

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 fixed 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.

There is no cancellation 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 at 27 January 2023