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.
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