First Direct, which is a part of HSBC, has mirrored the decision and cut rates on its Regular Saver offering from 2.75 percent to one percent. Andy Forbes, Head of Retail Products at first direct commented: "We're pleased to be able to reintroduce our Regular Saver ⦠First Direct Regular Saver - Interest Rate Drop to 2.75%. Click here to read 74 customer reviews of first direct Regular Saver Account, rated 4.91â
by real people like you on Smart Money People. If you get first directâs current account, youâll also get access to a regular saver account offering a competitive 5% interest. The bank and its offshoot First Direct have today cut the rate on its regular saver, which lets current account customers save between £25 and £250, from 2.75% to 1%. On 8 December, 2014, 60 regular savings accounts listed on the matrix of independent financial researcher Defaqto had headline interest rates ranging from 0.1% to 6%. first direct is a separate division to HSBC but the two do offer similar savings account rates and deals. Gross interest is the contractual rate of interest payable (without deduction of tax) and you will be responsible for paying any tax you owe on interest as per your individual personal savings allowance. Does the regular Saver continue to pay 6% on everything within the account after the first year? You can: Apply for, and manage, a Direct Saver online or by phone only; Open an account with at least £1, paid by a debit card in your own name, issued by a UK bank Posted by. HSBC: 5% AER for Premier and Advance customers, minimum £25 and maximum £250 per ⦠The first direct regular saver allows you to lock away a minimum of £25 to £300 a month for a fixed term ofq2 months for a fixed interest rate of 5.00% AER/gross p.a. Alternatively, withdrawals can be made direct to a designated UK bank account by next day faster payment. Additional Information. The interest rate has dropped from 5% to 2.75%. You can open an account in your own name or jointly with one other person. The decision by the two banks means that M&S Bank is now the only institution offering 5% interest on the popular savings accounts. Applying online with first direct is simple and convenient if you're happy to apply without mortgage advice. The first direct, HSBC and M&S Bank regular saver accounts all offer a fixed rate of 2.75% for their current account customers, and while this is lower than the rate from NatWest, they do allow larger monthly contributions of between £25 to £250 for the HSBC and M&S Bank accounts and £300 for the first direct product. First Direct Regular Saver - Interest Rate Drop to 2.75%. Monthly Saver interest is calculated daily and credited annually at the end of the 12 month term. Money Compare is a trading name of Which? Once you have opened your next Monthly Saver weâll send you the sort code and account number. When it comes to customer service, first direct regularly tops the polls and has won several awards. 1. It boasts a great interest rate that is fixed for twelve months, so I transfer the full £300 over to it every month via standing order. ; We will need to see proof of your identity and address (such as your passport, driving licence and a gas or electricity bill). After that, youâll get 0.25% AER (0.24% gross p.a) variable. Up until last October, they paid 5 per cent, while as recently as 2016, First Direct offered 6 [â¦] Iâve just checked and itâs the same for HSBC too. 11 months ago. When the 12 months are up, your funds will be transferred into a Flexclusive Saver account, or if not available the nearest equivalent instant access savings account. It's important to check this though - some regular-saver accounts might have returns that are no better than many easy-access accounts. 6 comments. This needs to be between £25 and £250 each month. The First Direct Regular Saver is literally the only reason that I keep my First Direct current account open. Spend or save â the choice is yours At the end of the 12 months weâll write to let you know weâre about to transfer your account balance and interest into your M&S Everyday Savings Account if you have one, or into you M&S current account. If you havenât already, itâs worth reading about our different types of mortgage , and how different rates work. Thatâs on every penny in your account up to £1,500 â 1.98% gross a year. Close. Remember to cancel your old standing order unless you want to keep saving into the Easy Saver. Money (UK) Regular saver accounts: HSBC and First Direct slash rates again thisismoney.co.uk - By George Nixon For Thisismoney.co.uk. ... First Direct , missing reg saver account. How to pay a cheque or cash into first direct. Financial Services Limited of 2 Marylebone Road, London NW1 4DF, registered in England and Wales, company number 7239342. Here are five of the top paying regular saver accounts (rates fixed for 12 months): First Direct: 5% AER, minimum £25 and maximum £300 per month (maximum £3,600 over the year). All you need to do is pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. Buying your first home is an exciting time â but thereâs a great deal to think about and do. Regular Saver Regular savers are a great way to get into a savings habit by encouraging you to build up savings on a regular basis. The first direct regular saver account is only available to those who have a first direct current account. This example assumes that no withdrawals are made from the account and that variable interest rates on Easy Saver remain the same: Year 1 â Monthly Saver Amount saved £3,000.00 HSBC has once again chopped the rate on its popular regular saver account available to current account customers. HSBC has once again chopped the rate on its popular regular saver account available to current account customers. Watch your money grow with one of our savings accounts from just £1 a month, enjoy flexible savings and reward yourself for saving regularly. i.e. 2 replies 2K views Hattie625 Forumite. Based on accounts opened on the first of March, with 12 monthly deposits of £250 made on the 25th of the month (which is the maximum you can pay in each month). You may only have one Regular Saver account, and it can only be opened as a share account. In the first year I would make £117 interest by paying, in the next would I be making 6% on £3900 in month 13 etc.? The bank and its offshoot First Direct have cut the rate from 2.75 per cent to 1 per cent. Money (UK) Regular saver accounts: HSBC and First Direct slash rates again dailymail.co.uk - By George Nixon For Thisismoney.co.uk. Our Direct Saver is for customers aged 16 or over. This is bad news! Query about First Direct Regular Saver maturity process. 13. Before opening a First Direct Regular Saver account you should be certain that you wonât need to withdraw money from this account, as you canât make partial withdrawals. HSBC and First Direct have today dropped the interest rate offered on their Regular Saver accounts from 2.75% to 1% for new customers. You will need to set up a new standing order to this Monthly Saver account. HSBC and First Direct make more huge cuts to regular saver accounts which now pay just 1% â a drop of four fifths compared to last summer HSBC and First Direct customers will see rates fall from 2.75% to 1% The accounts let current accounts save up to £300 a month at a top rate [â¦] First Direct's Regular Saver account offers holders of its current account a highly competitive interest rate. Available for UK residents only, applicants must be aged 18 years old or over. HSBC has once again chopped the rate on its popular regular saver account available to current account customers. The regular deposit savings account will continue to allow first direct customers to deposit between £25 and £300 each month for the term of the account. Weâre here to support you through the whole process. However, the two differ in other aspects. first direct often tops polls for the quality of its customer service. Archived. First Direct Regular Saver. Our online FlexDirect account pays 2% AER interest fixed for the first 12 months. First Direct's Regular Saver first launched in November 2010, although the previous interest rate, which was available until January this year, was a higher 8%. Alternatively call into your nearest AIB branch or call us on 0345 6005 925 â if you would prefer to make an appointment. If you're registered for our Online Banking Service, simply open a new Regular Saver Account by selecting the 'Apply & Open' option. O nly one Regular Saver can be opened by any individual at one time. Which? 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