first direct customers could get seven percent interest rate with regular savings account | Personal Finance | Finance

Savers with first direct can benefit from the certainty of a fixed seven percent on their savings for a year with the Regular Saver account. People can deposit between £35 and £300 a month into the account.

Interest is calculated daily and paid at the end of the 12-month period. If a person saves the full £300 for 12 months, they will deposit £3,600 and get £136.50 in interest.

A person will need to have a first direct 1st Account to open the account, as the standing orders will be taken from the 1st Account.

The first payment will be taken on the day the individual opens the Regular Saver Account with another 11 monthly payments to follow, which can only be made by standing order.

A person can apply to open an account via the app or via Online Banking. The account can also be managed with the app or using Online Banking.

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Chris Pitt, CEO of first direct, previously said: “Our Regular Saver Account allows customers to add to their savings regularly, while earning a competitive interest rate, market-leading at seven percent.”

A person must be aged 18 or over and be a UK resident to open an account. They will need to provide details of their phone number and email address.

The account can only be held in a single name with no joint accounts permitted and a person can only have one account open at any one time.

first direct also has a switching offer for customers switching to open a current account with the bank.

Richard Campo, founder of Rose Capital Partners, said: “Many experts currently believe that rates will fall to around 3.5 percent over the next five years.

“Yet just a week ago, we were prepared for a levelling out at four percent, versus three to four weeks ago when we were braced for more rate rises on the cards.

“But, back in January, we felt that rates would drop to as low as 3.5 percent later this year / early next.

“What this proves is that we’re living through a constantly shifting period impacted by inflation uncertainties, wobbles in the global banking sector and recession fears (or not) on the horizon.”