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Why choose a Fixed Rate Savings Account?

  • earn 4.05% AER/Gross for up to 13 months

  • save a one-off lump sum of between £2,000 and £1 million
  • open multiple Fixed Rate Savings Accounts
  • no partial withdrawals or additional deposits allowed*

*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 4.05% AER/Gross between £2,000 and £1 million. Current rate available from 10 December 2024 to 13 January 2025. Deposits mature on 13 January 2026, with your deposit and interest paid on the following day.

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.

UK residents only.

Key product info

Who can apply?

To get a Fixed Rate Savings Account, you must hold a first direct current account. You must also be a UK resident and be at least 18 years old. Both sole and joint accounts are permitted.

Ready to apply?

The easiest way to apply for a sole account 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.

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

Useful information

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.