First Direct Regular Saver – 7% AER Fixed for 12 Months

What Is the First Direct Regular Saver Account?

The First Direct Regular Saver is a UK savings account that pays a fixed 7.00% AER/Gross for 12 months. It is designed for people who want to build savings through regular monthly deposits rather than a single lump sum. The account is only available to existing First Direct current account customers.

The idea is simple: you commit to saving between £25 and £300 each month for a year, and in return you earn a fixed rate that is significantly higher than most easy-access or fixed-rate accounts in 2025. Because the rate is fixed, you know exactly what your return will be from the outset.

First Direct’s Regular Saver is one of the top‑rated regular savings products on the market, frequently appearing on comparison lists from bodies like MoneySavingExpert and Which?. However, it comes with strict rules around withdrawals and access that potential savers should understand before opening the account.

What Are the Interest Rates and Terms for the First Direct Regular Saver?

• The 7% AER is one of the highest rates available on a regular saver in 2025.
• You must be a First Direct current account holder to open the Regular Saver.
• If you save the maximum £300/month for 12 months, the total interest earned is approximately £136.50 (before tax).
• After 12 months, the account typically matures and the funds can be withdrawn or transferred to another First Direct savings account.
• Withdrawals during the term are possible only by closing the account, and this results in losing the promotional rate.
• First Direct also offers a Bonus Savings Account and Fixed Rate Savings for larger lump sums.

The interest is calculated daily and paid at the end of the 12‑month term. Because the money is added gradually, you do not earn 7% on the full £3,600 for the entire year. Paying in the maximum £300 each month yields around £136.50 in interest before tax.

What Happens After 12 Months With the First Direct Regular Saver?

The account matures after 12 months. At that point, the interest is calculated and added to the balance. You can then withdraw the full amount or transfer it to another First Direct savings product, such as the Bonus Savings Account or the Fixed Rate Savings account, depending on your needs.

According to First Direct’s terms, you must keep your linked 1st Account open during the term to maintain the standing order arrangement. After maturity, the Regular Saver may close automatically or revert to a standard variable rate account – this detail should be confirmed directly with the bank at the time of opening.

If you want to open another Regular Saver after the first one ends, you would need to check current availability and eligibility, as the offer may change.

Can You Withdraw From the First Direct Regular Saver?

Withdrawals are heavily restricted. You cannot make partial withdrawals during the 12‑month term. The only way to access your money early is to close the account entirely.

If you close it early, First Direct applies the standard savings account variable rate to the balance, not the 7% promotional rate. This means you lose most of the interest you would have earned. For savers who may need emergency access, this account is not suitable.

How Does the First Direct Regular Saver Compare to Other Regular Savers?

First Direct vs Nationwide

Nationwide’s Flex Regular Saver pays 6.50% variable (as of early 2025) on deposits up to £200 per month. It allows up to three withdrawals without losing the higher rate; four or more withdrawals reduce the rate sharply. First Direct offers a higher rate and higher monthly limit but no withdrawal flexibility.

First Direct vs RBS / NatWest

RBS and NatWest regular savers allow the higher rate to continue on balances up to £5,000 even after the regular‑saver term ends, which suits longer‑term savers. First Direct is better as a pure 12‑month fixed‑rate boost but less flexible after maturity.

MoneySavingExpert places First Direct among the top existing‑customer regular savers, alongside Co‑op Bank’s 7% variable and Zopa’s 7.1% variable (shorter term). For disciplined savers who can commit monthly deposits and leave the money untouched, First Direct is a very competitive choice.

What Is the First Direct Bonus Savings Account and How Does It Differ?

The First Direct Bonus Savings Account is a variable‑rate account that pays a bonus rate for the first 12 months (typically around 4% in 2025). It does not require regular monthly deposits; you can pay in lump sums. After 12 months, the rate drops to a lower standard variable rate.

The Regular Saver is better for disciplined monthly saving at a fixed high rate, while the Bonus Savings Account suits those who want flexibility to deposit irregular amounts. First Direct also offers a Fixed Rate Savings account for lump sums locked away for one or two years at a fixed rate.

What Is the Step-by-Step Timeline for the First Direct Regular Saver?

1. Day 1: Open the Regular Saver account (must have a First Direct current account).
2. Each month: Deposit between £25 and £300 by standing order from your current account.
3. Month 12: Account matures; interest is calculated and added. Funds can be withdrawn or transferred to another First Direct savings account.
4. After 12 months: The Regular Saver may close automatically or revert to a variable rate account – confirm with First Direct.

What Is Certain and What Remains Unclear About the First Direct Regular Saver?

Why Is the First Direct Regular Saver a Competitive Option in 2025?

The First Direct Regular Saver is one of the top regular savings accounts in the UK market as of early 2025. With a fixed 7% rate, it significantly outpaces most easy‑access or fixed‑rate accounts, which average 3–4%. Regular savers are designed to encourage monthly saving but require discipline. Because the maximum deposit is £300/month, the total amount saved is capped at £3,600. For savers looking to build a habit or park a moderate sum, this account is excellent. For larger lump sums, First Direct offers other accounts like the Bonus Savings Account (variable) or Fixed Rate Savings.

The effective total interest on the maximum £3,600 saved is approximately £136.50 (before tax), assuming deposits are made at the start of each month. This is a competitive return. Compared to open‑to‑all regular savers, First Direct’s rate ties with Co‑op’s 7% variable and Zopa’s 7.1% variable (shorter term). Existing customers benefit from this account. For those without a First Direct current account, gaining eligibility may require switching. The account’s main drawback is the 12‑month lock of the rate (fixed) but the money is inaccessible without potential penalty.

All rate information is based on official First Direct and MoneySavingExpert data as of early 2025.

What Do Official Sources and Experts Say?

“Save £25 to £300 each month with our Regular Saver Account and we’ll give you a fixed rate of 7.00% AER/Gross for 12 months.”

First Direct official page

“Top existing‑customer accounts, including… First Direct – 7% fixed. Co‑op Bank – 7% variable.”

MoneySavingExpert – best regular savings accounts article

“I recently signed up for the First Direct Regular Saver account. It is advertised at 7.00% AER/Gross p.a. fixed for 12 months.”

Reddit user experience (r/UKPersonalFinance)

Is the First Direct Regular Saver Worth It?

For existing First Direct customers who can commit to monthly deposits and leave the money untouched for a year, the Regular Saver offers one of the highest fixed rates available in 2025. Its main advantage is the guaranteed return; its main drawback is the strict no‑withdrawal rule. If you need flexibility or do not have a First Direct current account, other regular savers may be more suitable. Compare all First Direct savings accounts to see which fits your needs.

Frequently Asked Questions