By Chandraketu Tripathi · Updated April 2026 · Fact-checked Savings · April 2026First Direct consistently tops customer satisfaction surveys — and in 2026, its savings rates are equally impressive. The headline 7% AER Regular Saver is the highest rate offered by any major UK bank, though it comes with conditions. Here is a complete review of every First Direct savings account.
First Direct Regular Saver — 7% AERThe First Direct Regular Saver pays a fixed 7.00% AER for 12 months — the best regular savings rate available from a major UK bank as of April 2026. You can save between £25 and £300 per month, giving a maximum annual deposit of £3,600. If you save the full £300 every month, you will earn approximately £136.50 in interest over the year — an effective overall return of around 3.79% on your total deposits. 💡 The 7% rate sounds extraordinary but remember you are drip-feeding money in monthly — you do not earn 7% on £3,600 from day one. The first month's £300 earns 7% for 12 months, the second month's £300 earns 7% for 11 months, and so on. Your blended return on total deposits is approximately 3.79%. How to Qualify for the Regular SaverYou must hold a First Direct 1st Account (current account) to access the Regular Saver. You can only hold one Regular Saver at a time. No partial withdrawals are permitted — if you close the account early, you only receive the standard savings rate, not the 7% bonus rate. The account automatically matures after 12 months and transfers to a standard savings account. First Direct £175 Switching BonusNew First Direct customers who switch their current account using the Current Account Switch Service (CASS) and deposit £1,000 within three months receive a £175 switching bonus. This makes First Direct one of the most generous switching offers available in 2026. You must be a new customer and cannot have held an HSBC current account on or after 1 January 2019. FSCS ProtectionFirst Direct savings are protected by the FSCS up to £120,000 per person — above the standard £85,000 bank limit — as First Direct is part of HSBC UK Bank plc which received the higher limit. Note that if you also hold savings directly with HSBC, your combined FSCS protection across both brands is £120,000 total, not £120,000 each. ⭐ OUR VERDICT First Direct's 7% Regular Saver is the standout offer — perfect for disciplined monthly savers who can lock away up to £300 per month for 12 months without needing access. The £175 switching bonus adds significant additional value for new customers. The Fixed Rate Savings rate of 3.45% is less competitive than challenger banks, so use the Regular Saver as a supplement to a higher-rate easy access or ISA account rather than your primary savings home. Frequently Asked QuestionsDo I need a First Direct current account for the Regular Saver? Yes. The Regular Saver is only available to customers who hold a First Direct 1st Account current account. You will need to open the current account first before applying for the Regular Saver. Can I withdraw from the First Direct Regular Saver? No. The Regular Saver does not allow partial withdrawals. If you need to access the money before 12 months, you can close the account early but will only receive the standard variable savings rate — not the 7% bonus rate. How is FSCS protection calculated for First Direct? First Direct is part of HSBC UK Bank plc. Your FSCS protection of £120,000 applies to your combined deposits across First Direct and HSBC. If you hold savings with both, your total protection is £120,000 — not £120,000 each. What happens when the Regular Saver matures? After 12 months, your Regular Saver automatically matures and the balance — including interest — is transferred to a First Direct Savings Account. First Direct will contact you before maturity with your new interest rate. |
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