In this brief blog, we will talk about the First direct regular saver account.
What is the First direct regular saver?
The First direct regular saver is a savings account which the first direct bank offers.
The rate on the first direct regular saving is the best rate that First direct currently offers on it saving accounts. The first direct regular saver account is only available to those who have a first direct current account. The first direct regular saver allows you to lock away a minimum of £25 to £300 a month for a fixed term ofq2 months for a fixed interest rate of 5.00% AER/gross p.a.
AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year.
This means you can save up to £3,600 a year at the very maximum. If you don’t reach the maximum £300 per month then you can carry over your remaining monthly allowance and pay it in any subsequent months which are within the 12 months.
The interest on this account is calculated every day and paid 12 months from the day you opened the account.
You will need to set up a standing order in other to pay your monthly contributions into your account. The minim you can pay in each month is £25. You can make amendments to your standing order if you want to increase how much you pay in or if you want to reduce how much you pay into the account.
Can you withdraw money?
You can make any withdrawals from your first direct regular saver account but you can close your account at any time. If you close your account before its 12-month anniversary then first direct will only pay you interest at their standard Savings Account variable rate.
Gross is the rate of interest if interest were paid and not compounded each year.
How to open?
To open a first direct regular saver you can log into your online banking or alternatively call first direct on 03 456 100 100.
To open the first direct regular saver account you must meet the eligibility requirements such as:
You must already have a first direct current account aka its 1st account.
You can only open the account as a sole account holder. Joint accounts are not allowed.
You can close your account within 14 days of opening it.
In this brief blog, we discussed the First direct regular saver account.