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First direct: Bank increases rate and offers 3.5 percent interest savings account | Personal Finance | Finance

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The Regular Saver Account is obtainable to customers with a primary direct Current Account, which individuals can apply for online or via the app. The three.5 percent fixed rate applies for 12 months, with savers required to deposit between £25 and 300 a month, totalling as much as £3,600 a 12 months.

Customers are invited to get right into a “good savings habit” by putting funds aside within the account, in order that “the long run you’ll say thanks”.

If a person’s regular payments are lower than £300, the allowance can carry over and more could be paid in later months.

Payments should be made by standing order every month, and customers can change the quantity of the standing order at any time.

Nevertheless, the scheme doesn’t allow partial withdrawals – if the account is closed before the top of the 12 months, the interest will only be paid at the usual Savings Account variable rate.

READ MORE: ‘What’s stopping you!?’ 4 easy ways Britons could slash costs and save £2,200

Once the account has been opened, it may possibly be viewed through the app.

The interest will likely be calculated day by day and will likely be paid 12 months after the account is opened.

At the top of the 12-month term, the balance of the account together with the interest earned will likely be transferred right into a customer’s Savings Account or On a regular basis e-Saver.

If a person has each of those accounts, the cash will go into the fund that pays the best rate of interest.

To create a Current Account and access the Regular Saver, an applicant should be 18 and a UK resident.

Recent users can get £150 in the event that they are switching their funds from one other bank, or a £20 money offer for simply investing with the group.

First direct recently increased the rates on several of its savings accounts to assist customers hit by the price of living crisis.

The brand new Regular Saver rate is 2.5 percent greater than the previous rate of 1 percent.

Other savings products which have had their rates of interest increased include the bank’s Money ISA, Bonus Saving Account and Fixed Rate Saver.

All of those accounts can be found to latest and old customers.

Rates are variable on the entire institution’s products, other than for the Regular Saver, in addition to for the Personal Loan and Fixed Rate Savings offerings.

First direct is a division of the HSBC group.

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