| Requirements | Save £25 to £300 per month via standing order |
| Interest rate | 1% |
| Benefit: | Great interest rate |
UPDATE 2021: I no longer use this account as the interest rate has dropped to 1%. It is still a decent product but not one for me at the moment.
Regular savers are savings accounts where you make monthly deposits within a range defined by the bank and are unable to access it for twelve months. After twelve months, you get your money back along with a decent amount of interest.
The First Direct Regular Saver is literally the only reason that I keep my First Direct current account open.
It boasts a great interest rate that is fixed for twelve months, so I transfer the full £300 over to it every month via standing order.
This forms part of my low-risk cash saving plan along with my Club Lloyds Monthly Saver and my Marcus instant access savings account.
As I’ve said before, First Direct have great customer service, however I find their banking apps (and the sheer number of passwords I have to remember) to be a bit of a nuisance.
Verdict
Great customer service and a decent interest rate for a regular saver. I’ve kept £1000 in my First Direct Current Account for years earning zero interest just so I am eligible for this baby.
| Good points | Not-so-good points |
| Decent interest rate (2.75%) | Have to open a First Direct current account |
| Great customer service | Website and banking app a bit clunky |