Bank launches account with 7% interest rate as well as added perk for new savers

Woman putting money in a piggy bank

One of the UK's most popular banks is offering a favourable rate

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Georgina Cutler

By Georgina Cutler


Published: 02/03/2023

- 16:06

One of the UK’s most popular online banks is offering one of the best rates on the market

First direct is currently offering a seven per cent interest rate - and extra benefits for new customers.

The telephone and digital based bank has one of the most favourable rates during a time where inflation is diminishing returns on savings.


New savers can also grab up to £205 for switching to first direct’s account with a seven percent interest rate.

The deal with the firm’s Regular Saver Account is being provided by the price comparison website USwitch.com and is accessible by visiting its Current Account page.

screenshot of first direct on laptop screen

First direct is offering one of the best rates on the market

PA

All qualifying customers who open a new savings account through the site will get £175 free cashback and £30 Amazon voucher.

Cameron Jaques, current accounts expert at Uswitch.com said cashback deals are great incentives for customers.

He said: “With switching current accounts now an easy and pain-free process thanks to the Current Account Switch Service.

"Banks are battling it out to attract new customers with special offers, including paying you to switch with free cashback.

"As the cost of living crisis continues to hit the nation’s pockets hard, the offer of free cash is already a tempting offer.

“But with an additional £30 Amazon.co.uk Gift card exclusively from Uswitch.com, this deal is not only the most attractive but also the best deal on the market right now.”

The saving expert added that First Direct is an ideal bank for people to switch to.

“first direct has a fantastic reputation for customer service and access to additional perks such as a £250 interest-free overdraft and their seven percent AER/gross Regular Saver Account,” he said.

“So if you are in the market to switch your current account, this one might be the best deal to consider.”

The Regular Saver Account will allow first direct customers to deposit between £25 to £300 each month for a fixed 12-month period.

Man taking cash out of a cash point

​Savers could take advantage of the new offer with added benefits 

PA

Following this, savers will be given a fixed interest rate of seven percent for the account which they can place up to £3,600 in annually.

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

If someone chooses to close their savings account before the end of the 12-month period, first direct only pay them interest at their standard Savings Account variable rate.

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