By the Lead Editor · Updated April 2026 · Fact-checked
Savings · April 2026
First Direct has a cult following in UK personal finance - it topped customer satisfaction surveys for years and its 7% Regular Saver remains the highest rate from any major UK bank in 2026. But what does the full First Direct savings range look like, and who should open an account? Here is the complete guide.
Account
Rate (AER)
Limit
Conditions
Regular Saver
7.00% fixed 12 months
£25-£300/month
Must hold 1st Account
Fixed Rate Savings (1yr)
~3.45%
£2,000-£1,000,000
Must hold 1st Account
Cash ISA
Variable
Up to £20,000/year
Must hold 1st Account
Savings Account
Variable (low)
Any amount
Must hold 1st Account
The 7% Regular Saver - First Direct's Standout Product
First Direct's Regular Saver pays 7.00% AER fixed for 12 months - the highest rate available from any major UK bank in April 2026. You can save between £25 and £300 per month, giving a maximum annual deposit of £3,600. The practical blended return on total deposits is approximately 3.79% - because each month's deposit only earns the full 7% for the remaining months of the year. But this is still exceptional compared to easy access alternatives.
Critical conditions: you must hold a First Direct 1st Account (current account). No partial withdrawals are allowed during the 12-month term - if you close early, you revert to the standard variable savings rate. Only one Regular Saver per customer. The account matures after 12 months and the balance is transferred to a standard savings account.
The £175 Switching Bonus
New customers who switch to a First Direct 1st Account using the Current Account Switch Service (CASS) and deposit £1,000 within 3 months receive a £175 cash bonus. You must be a new First Direct customer (no previous 1st Account) and cannot have held an HSBC current account since 1 January 2019. Once you hold a 1st Account, the 7% Regular Saver becomes available - making the total package extremely attractive for eligible switchers.
First Direct vs Other Regular Savers
Provider
Rate
Max monthly
Max annual saving
First Direct
7.00% AER
£300
£3,600
Nationwide Flex
8.00% AER
£200
£2,400
Lloyds Club (Club Lloyds)
6.25% AER
£400
£4,800
HSBC
Variable
£250
£3,000
Santander
5.00% AER
£200
£2,400
💡 If you bank with Nationwide and have a FlexAccount, the Nationwide Flex Regular Saver at 8% AER pays more - but caps deposits at £200/month versus First Direct's £300/month. The optimal strategy: if you can afford to save £500/month, open the Nationwide Flex Regular Saver AND the First Direct Regular Saver simultaneously and split your savings between them.
⭐ OUR VERDICT
First Direct's Regular Saver at 7% AER is genuinely outstanding - the best rate from any major UK bank. The £175 switching bonus makes opening a 1st Account highly attractive for eligible new customers. The fixed rate savings bond at ~3.45% is less competitive versus challenger banks. The overall First Direct proposition - market-leading regular savings rate, excellent customer service and a generous switching bonus - makes it one of the strongest banking offers available in April 2026.
Frequently Asked Questions
Do I need a First Direct current account for the Regular Saver?
Yes. The Regular Saver is only available to holders of a First Direct 1st Account current account. You must also maintain the 1st Account throughout the 12-month Regular Saver term.
Can I have both a First Direct and Nationwide Regular Saver?
Yes. You can hold a First Direct Regular Saver (£300/month, 7% AER) and a Nationwide Flex Regular Saver (£200/month, 8% AER) at the same time - you just need current accounts with both banks. Many savvy savers maximise both simultaneously.
What happens to my First Direct Regular Saver when it matures?
After 12 months, the Regular Saver automatically matures and the balance is transferred to a First Direct Savings Account. First Direct will contact you before maturity with information about the rate on the new account. Act at maturity - open a new Regular Saver immediately to restart the 12-month cycle.
Is the First Direct £175 switching bonus available in 2026?
Yes - First Direct continues to offer switching incentives to new customers. The exact bonus amount and terms can change, so always check the current offer at firstdirect.com before switching. The bonus is typically paid within 28 days of meeting the qualifying conditions.
The Bank of England raised Bank Rate from 3.75% to 4% on 5 November 2026, the first rise since August 2023. The Monetary Policy Committee voted 8-1, with one member preferring 4.25%. UK CPI inflation was 3.5% in September 2026, and the Bank expects it to reach around 5% by mid-2027 before falling. The next decision is on 17 December 2026.
Variable rates on credit cards, loans, overdrafts and savings linked to Bank Rate change on each provider's own timetable. Figures on this page that use a 3.75% Bank Rate describe the position before this decision.
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The content on Kaeltripton.com is for informational and educational purposes only and does not constitute financial, investment, tax, legal or regulatory advice. Kaeltripton.com is not authorised or regulated by the Financial Conduct Authority (FCA) and is not a financial adviser, mortgage broker, insurance intermediary or investment firm. Nothing on this site should be construed as a personal recommendation. Rates, figures and product details are indicative only, subject to change without notice, and should always be verified directly with the relevant provider, HMRC, the FCA register, the Bank of England, Ofgem or other appropriate authority before any financial decision is made. Past performance is not a reliable indicator of future results. If you require regulated financial advice, please consult a qualified adviser authorised by the FCA.
Chandraketu Tripathi
Lead Editor · Kael Tripton
Lead editor of Kael Tripton. LBS MBA (Sloan Fellow), AI/ML postgraduate (IIIT Bangalore). 22 years in marketing and commercial roles across 23 markets. Covers UK money, tax and visas.
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