first direct offers 7% interest rate to savers

Millions of savers are looking for the best deals, hoping to secure a high return on the cash they put away. One enticing option is being put forward by first direct through its Regular Saver Account.

The provider is currently offering a 7.00 percent AER/gross interest rate per year.

This is fixed for a 12 month period, providing a solid return for those savers who choose this option.

For example, if a person makes a monthly saving amount of £300 for 12 months, the interest they would secure is £136.50.

Interest on the account is calculated daily, and paid out 12 months after a person opens the account.

The Regular Saver Account is presently only available to first direct current account holders.

This account can only be opened in sole names, and only one account per person is permitted.

The account can be closed at any time before the end of the 12 month period.

However, savers should be aware if they do this, they will only be paid interest at first direct’s standard savings account variable rate.

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Partial withdrawals are not permitted for the term of the account.

Savers can also enjoy a free £175 from the bank when they switch to the 1st account using the Current Account Switch Service (CASS).

They will need to deposit £1,000 within three months of the account opening.

However, this offer is subject to status and can be withdrawn at any time.

first direct is not the only provider offering attractive rates on regular savings products

Lloyds Bank savers with a Club Lloyds account can benefit from a 6.25 percent rate fixed for one year.

Sister providers NatWest and RBS are offering 6.17 percent variable rate on savings up to £5,000.

The Bank of Scotland is offering 5.5 percent fixed for one year.

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TSB and Halifax are both offering five percent as a fixed rate for a one year period

Each bank will have its own eligibility criteria and rules for savers who opt for them.

This can include how much can be paid in, whether there is the ability to withdraw, and potential penalties.

As a result, it is important for savers to check before application.

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