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Savings Account

Flexible savings for flexible savers

Put away what you have, when you have it, without limits, restrictions or hoops to jump through. Our Savings Account lets you save anything from £1 to infinity and gives you an interest rate of 2.00% AER (1.98% Gross).

  • instant access by transfer to another first direct account
  • manage by phone, online or by post
  • save from £1 with no maximum limit
  • set up automatic 'sweeps' or make instant transfers in from your 1st Account
  • sole and joint savings accounts are available.

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.

Key product info

Summary and key product information

Account Name Savings Account
What is the interest rate?
Balance Interest Rate
£1+ Balance 2.00% AER (1.98% Gross)Interest Rate

Interest is calculated daily and credited monthly.
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 £1,000 deposit?

The estimated balance after 12 months would be as follows:

Initial Deposit Interest Rate Balance at end of 12 months
£1,000 Initial Deposit 2.00% AER (1.98% Gross)Interest Rate £1,020.00Balance at end of 12 months

 

initial deposit of £1,000 For the purpose of this calculation it is assumed:-
 

  • no additional deposits
  • no withdrawals
  • the interest rate remains the same during the 12 months.

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
  • sole or joint accounts 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 an account
  • there is no maximum balance.

How to manage the account:

  • once opened you can manage your account using Online Banking, by phone or by post.
Can I withdraw money?

Yes, you have instant access to your account. You can make as many fee free withdrawals as you like.
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 of 10 August 2023

How to open a 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.