First Direct doubles interest on regular saver to 7% – here's how to get the new rate

How First Direct's regular saver works

Here are the key need-to-knows:

• You'll need to have a First Direct current account. If you already bank with First Direct, you can open the regular saver online* – apply now and you'll get the new rate from 1 December. If you're new to First Direct, the good news is it's currently paying newbies £175 to switch (see below for more on this).
  
  
• The account lasts for a year from when you open it and the 7% rate is fixed for this period. Your interest will be paid in a lump sum when the account matures.
  
  
• You can only deposit £25 to £300 a month. Your first payment will be taken from your First Direct current account when you open your account, followed by another 11 monthly payments which can only be made by standing order (First Direct will set this up for you).
  
  
• You CAN'T skip months. To keep the account, you have to deposit at least £25 a month for the 12-month duration.
  
  
• There are NO withdrawals allowed. You can access your money before the year is up, but you'll have to close the account. If you do so, you'll only get interest equivalent to First Direct's bog-standard easy-access account (which currently pays 0.5%).

Already got a First Direct regular saver? You'll get the new rate automatically

If you have an existing First Direct regular saver, your rate will increase to 7% from 1 December 2022. You don't need to do anything as the rate rise will be applied to your account automatically. 

The interest won't be backdated – the higher rate will only apply from 1 December until the end of your account's term. Once it matures, you can open another one (though check it's still a good deal at the time).