Regular Saver Account | first direct

Regular Saver FAQs

How can I apply for a Regular Saver?

1st Account customers can apply by downloading and logging on to our App and going to ‘Products’ or via Online Banking.

How do I make payments into my regular saver?

Your first payment will be taken from your 1st Account on the day we open your Regular Saver Account. This will be followed by another 11 monthly payments which can only be made by standing order from your 1st Account (we will set this up for you).

How do I manage my account?

You can view your account in our App and Online Banking. To amend your standing order payment please chat with us via our App, Message Us via Online Banking or give us a call and we’ll be happy to help.

You can change the amount of the monthly standing order between £25 and £300 (in multiples of £5) but you can only make one standing order payment to your account in any one month. The date of your standing order payment needs to remain the same once set up.

I have a Regular Saver at the moment, will I get the new rate of interest?

Yes. You don’t need to take any action, the new 7% interest rate will automatically be applied from 1st Dec for the remainder of the 12 month term. As Interest is calculated daily, you will receive the previous interest rate up to and including 30 November.

Are there any charges?

No , none at all.

Can I make withdrawals?

Our Regular Saver Account is for 12 months so, as you'd expect, you can only withdraw your money after a year. You can access your money before then, but you'll have to close the account. If you choose to do this. we'll pay interest up to that day and you'll receive interest equivalent to our Savings Account variable rate

Can I apply for a new Regular Saver Account if I have one open already?

No, you can only have one Regular Saver at any one time even if you’re not saving the maximum allowance of £300 per month.

I have a joint account, can my joint party open a Regular Saver?

Yes, providing they don't already have one.

Is there anything else I need to know?

For at least the duration of the Regular Saver, you must hold a first direct 1st Account from which to make your monthly payments.

Regular Saver maturity FAQs

When does my Regular Saver Account mature and when will I get the interest?

Exactly one year after you opened your Regular Saver Account interest will be added to the balance and the maturity process will begin. The maturity process can take up to 5 working days.

What happens to my money when my Regular Saver matures?

Your money will be automatically transferred to a Savings Account. If you don’t have a sole Savings Account, your Regular Saver will convert into a new sole Savings Account.

How long does the maturity process take?

It can take up to 5 working days – it’s usually much quicker than this but if your maturity date falls just before or on a weekend it can take longer to complete the processing work. Don’t worry your money will still be earning interest while this is all happening.

When will I be able to see my money?

You’ll be able to see your money via our Mobile App and Online Banking once the account has closed and the processing work is complete.

If I decide to open a new Regular Saver, when can I do this?

You’ll have to wait until the old one has closed and the processing work is complete which takes up to 5 days. Once your money is showing in your sole Savings Account you can then apply for a new Regular Saver via our Mobile App or Online Banking.

Will I get the same interest rate in a new Regular Saver?

Our interest rates are subject to change at any time so please bear in mind the rate you’ll get in a new Regular Saver might be different to the one that’s just matured.

Key product info

Account information title

Account information details

Summary Box

Account name

Regular Saver Account

What is the interest rate

Interest Rates
7.00% AER/Gross

Interest is fixed, is calculated daily and credited at the end of the 12 month fixed term.

Can first direct change the interest rate?

No, once your account is opened the rate will remain fixed.

What would the estimated balance be after 12 months based on 12 monthly deposits of £25 and £300?

Monthly deposits	Total deposit at end of 12 months	Interest Rate	Balance at end of 12 months
£25 per month Monthly deposits	£300 Total deposit at end of 12 months	7.00% AER/GrossInterest Rate	£311.38 Balance at end of 12 months
£300 per month Monthly deposits	£3,600 Total deposit at end of 12 months	7.00% AER/GrossInterest Rate	£3,736.50 Balance at end of 12 months

For the purpose of this calculation it is assumed:-

monthly deposits of £25 or £300
no withdrawals
the interest rate remains the same during the 12 months
monthly deposits made on the 1st of each month.

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

How do I open & manage my account?

Eligibility:

you must already 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 for an account using Online Banking or through our App.

Minimum/Maximum Balance:

the minimum deposit in month 1 is £25
the maximum balance is £3,600 at the end of the 12 month term.

Regular Payments:

regular deposits must be made by standing order each month
the minimum monthly deposit is £25 per month
the maximum monthly deposit is £300 per month
if you don't pay in the maximum allowed in any month, you can carry over any unused subscriptions and catch up in future months.

How to manage the account:

once opened you can view your account via Online Banking and through our App. To amend your standing order payment please call us.

Can I withdraw money?

You can not make partial withdrawals.

If you choose to close your account before the end of the 12 month period you will receive interest up to the date of closure at our Savings Account variable rate.

At the end of the term the balance of your account together with any interest earned will be paid into your Savings Account if you have one.

If you do not have one we will transfer your funds into a new Savings Account

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 if interest were paid and not compounded each year.

Rates correct as at 1 December 2022

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Regular Saver information

FAQs

Regular Saver FAQs

Regular Saver maturity FAQs

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How to Apply

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