Part of our First Direct UK — Complete Guide 2026 hub.
First Direct offers a focused range of savings products, with the Regular Saver as its standout account. Available exclusively to 1st Account holders and historically offering one of the highest rates from any mainstream UK bank, the Regular Saver alone is a reason many people open a First Direct account.
First Direct Savings Products at a Glance
| Account | Type | Key Feature |
|---|---|---|
| Regular Saver | Monthly savings | High AER; £300/month max; 1st Account holders only |
| Bonus Savings Account | Easy access | Competitive bonus rate for initial period |
| Cash ISA | Tax-free easy access | Up to £20,000/year ISA allowance |
| Fixed Rate Savings | Fixed term | Guaranteed rate; no access during term |
Rates change regularly. Always verify the current AER at firstdirect.com/savings.
First Direct Regular Saver
The Regular Saver is First Direct’s headline product and consistently features among the best regular savings rates in the UK:
- Exclusively for 1st Account holders — you must hold an active First Direct current account
- Maximum deposit: £300 per month (£3,600 over 12 months)
- Term: 12 months — interest is paid at maturity
- Rate: Fixed for the 12-month term — check the current AER on the First Direct website
- Access: No withdrawals during the term without penalty
How much can you earn? At maximum deposits of £300/month over 12 months, the average balance is approximately £1,950. Even at a 7% AER (which First Direct has offered in the past), that generates around £136 in interest — far more than a standard easy-access account on the same deposits.
The Regular Saver is best for people who can commit to saving a set amount each month and don’t need to access the funds within 12 months.
Bonus Savings Account
First Direct’s Bonus Savings Account is an easy access account that provides a higher rate for an initial introductory period, then reverts to a lower standard rate. Key points:
- No minimum balance required
- Withdraw at any time without penalty
- Rate is variable — can change with Bank of England base rate moves
- Useful as a linked easy access account alongside your 1st Account
First Direct Cash ISA
The First Direct Cash ISA allows UK adults (18+) to save up to £20,000 per tax year (2026/27) without paying income tax on interest earned.
First Direct’s ISA is an easy access account — withdrawals are permitted at any time, and the rate is variable. This suits customers who want ISA protection without locking money away.
For the full ISA allowance picture, see Cash ISA Guide 2026.
FSCS Protection — Important Note for HSBC Customers
First Direct operates as a division of HSBC UK Bank plc, meaning both share the same banking licence. This has a critical implication for FSCS savings protection:
If you hold savings at both First Direct and HSBC, your combined deposits count towards a single £85,000 FSCS limit.
| Banking Group | Brands sharing FSCS limit |
|---|---|
| HSBC UK Bank plc | HSBC UK + First Direct |
| Nationwide Group | Nationwide + Virgin Money |
| Lloyds Banking Group | Lloyds + Halifax + Bank of Scotland |
If your combined savings across First Direct and HSBC exceed £85,000, spread the excess to a separately licensed bank to maintain full FSCS cover.
How First Direct Savings Rates Compare
| Account type | First Direct | Market context |
|---|---|---|
| Regular Saver | Among best-buy for regular savers | Check for current leader |
| Easy access | Broadly competitive | Dedicated online banks often higher |
| Cash ISA | Standard high-street rate | Compare best-buy ISA tables |
For the best easy access rates available now, see Best Easy Access Savings Accounts UK.
How to Open a First Direct Savings Account
Existing 1st Account holders:
- Log in to the First Direct app or Internet Banking
- Go to Savings
- Select the account type and apply — most accounts open instantly
The Regular Saver in particular can only be opened after you hold an active 1st Account.