Fixed Rate Savings
Lock away a lump sum for one year
Lock a fixed lump sum away for a fixed term of one year at a fixed rate and you'll receive between 0.65% AER/Gross and 0.75% AER/Gross depending on how much you save. Deposit matures on 28 February 2020.
- save a one-off lump sum between £2,000 and £1 million
- fixed interest rates depending on your deposit
- know exactly how much interest you'll earn over the fixed term
- you can have more than one Fixed Rate Savings account per person. New bonds are released every month and interest rates may vary between them
- no partial withdrawals allowed, and no additional deposits
- you'll be charged £100 if you take your money out before the end of the fixed term and depending on when you do this, you could get back less than originally paid in.
AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year.
Gross is the rate of interest if interest were paid and not compounded each year.
Summary and key product information
Account name |
Fixed Rate Savings
|
Interest rates |
| Deposit |
Interest Rate |
£2,000 +Deposit |
0.65% AER / GrossInterest Rate |
£50,000 +Deposit |
0.75% AER / GrossInterest Rate |
Current rates available from 30 January 2019 to 27 February 2019. Deposit matures 28 February 2020.
Interest is calculated daily and credited at the end of the term.
|
Can first direct change the interest rate? |
No, once your account is opened the rate will remain fixed for the duration of the term.
|
What would the estimated balance be after 12 months based on a range of deposits? |
| Deposit |
Interest Rate |
Balance at end of 12 months |
£2,000Deposit |
0.65% AER / GrossInterest Rate |
£2,013Balance at end of 12 months |
£50,000Deposit |
0.75% AER / GrossInterest Rate |
£50,375Balance at end of 12 months |
For the purpose of these calculations, it is assumed:-
- initial deposit of £2,000 or £50,000
- no additional deposits
- no withdrawals
- the interest rate remains the same during the 12 months
- the account matures after 12 months.
Projection provided for illustrative purposes only and does not take into account individual circumstances.
|
How do I open & manage my account? |
Eligibility:
- you must hold a first direct 1st Account, our current account, which you must maintain for the duration of the fixed term
- sole or joint accounts permitted.
How to open the account:
- open an account via Online Banking or by Phone Banking.
Minimum/Maximum Balance:
- only one deposit per account
- the minimum deposit is £2,000
- the maximum deposit is £1,000,000.
How to manage the account:
- once opened you can view your balance via Online Banking. You can manage your account by telephone.
|
Can I withdraw money? |
No partial withdrawals are permitted. You can close your account before the end of the fixed term for a fee of £100. Interest will be paid up to the date of closure. However depending on when the account is closed, you may get back less than you deposited.
At the end of the fixed term, we will open a Savings Account for you (or equivalent if no longer available) and will pay your initial deposit plus interest into that account.
|
Additional Information |
There is no cancellation period with this account.
We do not deduct tax from any interest paid to you.
Tax benefits depend on individual circumstances and could change in the future.
Definitions
* AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
* Gross is the rate of interest if interest were paid and not compounded each year.
Rates correct as at 30 January 2019
|
New to first direct
Sorry - our Fixed Rate Savings Bond is only available to first direct Current Account customers (you're more than welcome to join us...)
More about our current account
Before you apply
Before applying, please have a read through the following.
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