first direct Regular Saver customers can get 7% interest on savings – but there’s a catch | Personal Finance | Finance
Savings accounts offering interest rates up to seven percent are few and far between, but the good news is first direct’s Regular Saver is giving savers this interest rate. However, it does come with criteria which need to be met, meaning not everyone is eligible to open an account.
To benefit from this interest rate people will need to have a first direct current account or be willing to switch over.
The good news is customers switching to a first direct current account could get a £175 bonus, correct at the time of writing.
Those who do sign up to the Regular Saver will receive seven percent on savings for 12 months if they deposit £1,000 within three months of opening the account.
Customers can save between £25 and £300 a month up to a maximum of £3,600 a year and will receive £136.50 in interest if they save the full amount.
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Virgin Money is offering savers an Annual Equivalent Rate (AER) of 4.11 percent on its two-year fixed cash ISA.
The account can be opened with a minimum deposit of just £1 but withdrawals made during the two year time period will come with a penalty.
Any withdrawals made within the fixed rate period are subject to a charge equivalent to 90 days’ loss of interest on the amount withdrawn.
Following closely behind is Barclays Bank’s 2-Year Flexible Cash ISA (Issue 37).
Nationwide customers could also have the chance to win an extra £250 in its competition prize draws.
However, customers will only be able to get five percent interest on savings up to £50 a month for a limited time period of two years.
To be in with a chance of winning £250, people will need to increase the balance by at least £25 (but by no more than £50) in each of the six months leading up to the prize draw.
Prize draws will take place on February 21, 2023, August 22, 2023 and February 20, 2024 and winners will be selected at random.
