Get a gr-eight rate with first direct - Savings - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Get a gr-eight rate with first direct

Get a gr-eight rate with first direct

Category: Savings

Updated: 02/11/2010
First Published: 02/11/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

First direct has increase the rate paid by its Regular Saver by some 3.00%.

The product is a one year fixed term fixed rate regular savings account with a minimum monthly investment of £25 (maximum £300) paying 8.00% on maturity.

Twelve consecutive payments by standing order are required and just one payment is permitted per month but this can be amended provided the rolling maximum of £300 per month is not exceeded.

Earlier access is only allowed on closure with a standard savings account rate being paid. Applicants must hold a first direct 1st account for standing orders to be paid from.

On maturity, the account transfers to either an Everyday e-Saver or Savings account.

This dramatic increase in the regular savings rate is great news for those looking to put away a set amount each month. At 8.00%, it will be hard to beat but investors will need to hold a first direct 1st account which may limit its appeal.

As the maximum investment each month is only £300, returns - whilst good when considering the rate alone - will not be huge in actual monetary sums.

Four out of five Moneyfacts stars have been awarded.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.
 
Close