Savers can now benefit from seven percent interest on their savings as well as an extra £175 just for switching to first direct. Customers can save between £25 and £300 a month – up to £3,600 per year.
As inflation continues to grow, and bills are on the rise, any chance to make savings work harder could be vital for families feeling the financial squeeze.
If people can afford to lock some money away, they could benefit from this market leading rate of seven percent.
If someone saves £300 every month for 12 months and qualify for the seven percent interest rate, they’ll earn approximately £136.50 interest (gross).
Interest is calculated daily and paid 12 months after one has opened the account.
READ MORE: Octopus customer had almost £1,000 ‘wiped’ from her energy bill – are you eligible?
The first payment will be taken from one’s 1st Account on the day they open their Regular Saver Account.
This will be followed by another 11 monthly payments which can only be made by standing order from their 1st Account.
Customers can change the amount of the monthly standing order between £25 and £300 (in multiples of £5) but they can only make one standing order payment to their account in any one month.
The date of the standing order payment needs to remain the same once set up.
DON’T MISS
To get the £175 cash offer, people need to open a 1st Account, switch their everyday banking to first direct using the Current Account Switch Service.
They also need to pay in at least £1,000 within three months of opening the account.
On its website, first direct shares how people can best manage their account and whether those already on the Regular Saver Account can benefit from this hiked rate.
The bank stated: “You can view your account in our App and Online Banking. To amend your standing order payment please chat with us via our App, Message Us via Online Banking or give us a call and we’ll be happy to help.”
