via your browser. once opened you can view your balance via Online Banking. We'll calculate arranged overdraft interest daily on the cleared end of day debit balance on your account, and deduct it from your account monthly. Although you don't earn credit interest on your savings or current account, you effectively achieve the same overall benefit as an account paying 3.60% AER. All Rights Reserved. To find your current interest rate please check your most recent mortgage communication from us. 2.75% AER/gross fixed for 12 months. you'll be charged £100 if you take your money out before the end of the fixed term and depending on when you do this, you could get back less than originally paid in. Our online FlexDirect account pays 2% AER interest fixed for the first 12 months. Note these are variable. Interest AER 0.6%. Min deposit £1000. Home The Current Account Switch Service makes switching your current account simple, reliable and stress-free. If you're re-mortgaging a property in England or Wales. If during a calendar month a withdrawal is made we'll pay the rate 'without monthly bonus'. The Current Account Switch Service will do all the work when it comes to switching, moving everything across from your old account to your new account all within 7 working days, including Direct Debits and standing orders. Each account pays customers a fixed rate on balances of up to £3,000 (£3,600 for First Direct customers) but only for one year. So every pound that’s in an eligible savings or current account with us, is one less pound you’ll pay mortgage interest on. Visit our facebook page, opens an overlay, Pay in a cheque, pay in and withdraw cash, How to claim a debit or credit card refund, Charges and Additional Product Terms (PDF, 57KB), UK FSCS Information Sheet and Exclusions List (PDF, 44KB), save a one-off lump sum between £2,000 and £1 million, know exactly how much interest you'll earn over the fixed term, you can have more than one Fixed Rate Savings account per person. Choose from our High Interest Savings, Purpose Saver, Notice Saver, PremiumSaver and Term Deposit Accounts. As a bonus incentive, when you switch, you can earn £100 which can easily be put towards your overdraft to help you pay it off. You are in section (2) All credit interest will be paid without tax being taken off (paid gross). You must have a Barclays current account, be aged 16 or over and have a mobile number to use the Barclays app. Before applying, please have a read through the following. Tax benefits depend on individual circumstances and could change in the future. (2) AER stands for Annual Equivalent Rate. JavaScript is currently disabled on this computer/device. ... (APRC) is the overall cost of the loan on an annual basis when fees and costs are taken into account as well as interest. © HSBC Group 2019. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees. You must continue to hold a 1st Account with us for as long as you have your Regular Saver Account. No partial withdrawals are permitted. (3) All credit interest will be paid without tax being taken off (paid gross). Current rates available from 30 Nov 2020 to 06 Jan 2021. Cookie Policy. The results represent the view of customers who took part in the survey. Think carefully before securing other debts against your home. We'll be updating our website with further details shortly. This product is only available to first direct Current Account customers (you're more than welcome to join us...). The 123 Mini Current Account is designed to provide a safe environment to learn money management and take the first steps towards financial responsibility for those aged between 13 and 18. Interest is paid at maturity. If you're at all in doubt, please contact us to confirm your current rate. Our free, online account. All you need to do is tell us the details of your old bank account … We hope you don't mind. 1st Account does not pay interest on credit balances. Yesterday, the rate was cut on both accounts from 5% AER to 2.75% AER for new customers. In order to have access to all the features of our fully-optimised website, please enable your JavaScript settings The rate you receive may be different from those displayed above. Switching current accounts has never been simpler, and many providers offer lucrative incentives for moving your account to them. Interest rates change regularly so you may find a lower rate than your current deal, which could make your monthly mortgage payments lower – or mean you may be able to pay it off quicker. First Direct – an offshoot of HSBC – is offering new customers a £125 sweetener if they open a current account, pay in at least £1,500 a month and switch two direct … Current Page. For a list of all the cookies we use and what they do, please read our Save money. Cookie Policy. You can manage your account over the phone. This could be your annual mortgage statement or a letter advising of a rate change. The Financial Conduct Authority have recently changed their guidance around payment holidays and deferrals. By our calculations borrowing £500 (£250 over the fee-free amount) with an arranged overdraft for 30 days would cost £8.19 with the new rate compared with £3.27 under the current rate. FIRST DIRECT has announced it has re-opened its current account to new customers, after the product was temporarily pulled due to the COVID-19 crisis. * If you don't save the maximum monthly subscription of £300 in any given month, you can carry over any unused subscription over into following months. In addition to the arrangement fee and/or booking fee you'll need to pay for a professional valuation. This product is no longer on sale, but here are the rates for information purposes. Member HSBC Group. Because we want to make sure we're doing a good job, we may monitor or record our calls. Interest calculated daily and paid on 12 month anniversary of account opening. If you use your credit card account from 16 September 2014 onwards, the following rates will apply: If you used your Classic credit card account between 23 December 2009 and the 16 September 2014 the following rates would have applied: *The simple rate is the rate used for interest calculation purposes. That’s on every penny in your account up to £1,500 – 1.98% gross a year. Explore our personal savings account interest rates and find options to best suit your savings goals. At the end of the fixed term, we will open a Savings Account for you (or equivalent if no longer available) and will pay your initial deposit plus interest into that account. Linked accounts could include 1st Account, Everyday Savings Account (no longer on sale) and Savings Account. interest rate, you'll earn approximately £19.50 interest (gross). After that, you’ll get 0.25% AER (0.24% gross p.a) variable. Download and register for the Virgin Money mobile banking app. Home Interest will be paid up to the date of closure. AER stands for Annual Equivalent Rate. * Gross is the rate of interest if interest were paid and not compounded each year. Current rates available from 30 Nov 2020 to 06 Jan 2021. If you have a NatWest or RBS current account, you can get the top rate of 3.04% with their linked regular savers. The rates are correct as at 1 February 2012. This product is no longer on sale, but here are the rates for information purposes. This shows you what the rate would be if interest were paid and compounded each year. fixed for 12 months save between £25 and £300 a month, up to £3,600 per year (if your regular payments are less than £300, you can carry your allowance over and pay more in later months) interest is calculated daily and paid 12 months after you opened the account If no withdrawals are made from the account during a calendar month we'll pay the rate 'with monthly bonus'. If you have a fixed rate mortgage any change to interest rates generally will not affect your monthly mortgage payments during your fixed rate period. No, once your account is opened the rate will remain fixed for the duration of the term. Published August 2020. Deposit at least £1,000 into the linked easy-access savings account. Instead of receiving interest on your savings, your qualifying savings and current account balances are offset against your outstanding mortgage balance, so you only pay mortgage interest on the difference between the two. Multiple products can be opened, however please note that the interest rates quoted are per bond. Account providers are always trying to lure new customers by offering attractive interest rates, which fall through the floor after the first year or two. This is a bond, which means you deposit a fixed amount of money for a fixed period at a fixed rate of interest. Because we want to make sure we're doing a good job, we may monitor or record our calls. This savings account rewards you for being disciplined enough to not touch your money for 12 months. However depending on when the account is closed, you may get back less than you deposited. To open a regular saver with HSBC or First Direct, you must first have a current account with the respective bank. Current Page. The Current Account Switch Guarantee makes switching current accounts very easy indeed, and your bank will do most of the legwork for you, including transferring money, direct debits and standing orders, and informing your employer. First direct are proud to offer their customers some of the most competitive deals on the market wherever they can. Can first direct change the interest rate? (1) AER stands for Annual Equivalent Rate. Savings and investments Interest rates quoted are fixed for the full 12-month term. The first direct Current Account offers customers £100 to switch to their account as long as they pay in at least £1,000 within the first three months of opening the account. Interest will be calculated daily and paid monthly. Your bonus is calculated on a daily basis on the money in your account above your 'Starting Balance' and will be paid into your account monthly, on the same date as your normal interest payments are received. Yet these accounts only let you save a maximum of £50 a month, and the rates are variable – so the returns aren't certain. Member HSBC Group. Regular Savers can save up to a maximum of £3600 a year into this account. Sole accounts only and one account per customer. first direct is a division of HSBC UK Bank plc. Note that they are variable. Yes, our Personal Loan is only available to first direct Current Account customers and payments are taking by standing order from your 1st Account. You can close your account before the end of the fixed term for a fee of £100. 0.60% AER if customer makes two or fewer withdrawals within an anniversary year. Interest only Offset Mortgages. Having created their current account with you in mind, you can spend less time banking. Any debit balance on 1st Accounts or additional borrowing linked to your offset Mortgage will be secured against your property and charged the same rate of interest as your mortgage. Our Offset Mortgage takes into account other money you have with us when working out your interest payments. via your browser. (1) Interest paid on cash held in an ISA will be subject to the ISA flat rate charge deduction of 20% payable to HM Revenue & Customs. Interest is calculated daily and paid on the first anniversary of account opening. * AER stands for Annual Equivalent Rate. The rates are correct as at 14 March 2020. By switching accounts regularly, you can maintain a stronger interest rate, as well as make the most of other benefits and rewards. If a customer makes three or more withdrawals in an anniversary year the rate reduces to 0.10% from the date of the third withdrawal. For example, if your mortgage is £150k but your savings are £30k, you’ll only pay interest on £120k. Do you offer any other types of loan? Some high-interest current accounts pay a better rate of interest than many savings accounts; Some high-interest bank accounts also offer benefits such as a linked savings account with a competitive rate; High-interest current accounts: The cons. Your home may be repossessed if you do not keep up repayments on your mortgage. Interest is calculated daily on the cleared balance, and applied monthly. For the purpose of this calculation it is assumed:-. the interest rate remains the same during the 12 months. Rates make for a useful point of comparison when looking at financial products - though they're not the only thing you should consider when making a decision. First, open a Virgin Money current account, then, within 31 days: Complete a full current account switch including two or more direct debits. Projection provided for illustrative purposes only and does not take into account individual circumstances. All Rights Reserved. Their current account comes with fantastic benefits, an overdraft facility and satisfaction guarantee. We'll be updating our website with further details shortly. View our current banking interest rates across each of our transaction accounts, and find the right account for you. Rates and charges Term Easy Access. The loan amount you request will also impact the rate offered. You are in section Why we like it: MARKET LEADING. However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees. New bonds are released every month and interest rates may vary between them, no partial withdrawals allowed, and no additional deposits. Over 4 million current accounts have been switched so far. The rates advised above are for guidance only, and depend on the products that were on sale during the dates displayed. 1st Account does not pay interest on credit balances. Fixed Rate Savings The Financial Conduct Authority have recently changed their guidance around payment holidays and deferrals. You could receive a higher or lower equivalent rate depending on your current mortgage. Rates Before we deduct any arranged overdraft interest, we'll give you at least 14 days' notice of the amount. FlexDirect could suit you if: Your balance is often in credit – if you pay in at least £1,000 each month you’ll get 2% AER (1.98% gross p.a. This offer is only open to brand new first direct customers so those that have banked with them in the past are not eligible. The Current Account Switch Guarantee means that your new bank takes care of closing your old account, moving your balance and switching your payments. Deposit matures 06 Jan 2022. Interest rate. No, once your account is opened the rate will remain fixed for the duration of the term. If you're re-mortgaging a property in Scotland or Northern Ireland. There is no cancellation period with this account. Deposit matures 06 Jan 2022. first direct is a division of HSBC UK Bank plc. First Direct's owner HSBC pulled its £175 switch offer to new Advance customers on Tuesday and has extended a £300 interest-free overdraft buffer to holders of the account … FlexDirect. As such, cookies for this site are currently disabled. As such, cookies for this site are currently disabled. In addition to the arrangement fee and/or any booking fee you will need to pay for a professional valuation for both offset and Repayment Mortgages. Representative example: 0% EAR variable on the first £250, 39.9% EAR variable on anything above that, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200). © HSBC Group 2019. Switching couldn’t be easier. All you need to do is pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. Savings Interest rates are on cash held in a first direct Stocks and Shares ISA pending investment(1). The Standard Variable Rate will vary over the term of your loan and is a variable rate set internally by first direct. Please see the first direct Account Terms and Conditions for … You can find out more about opening a current account here. Representative example: 0% EAR variable on the first £250, 39.9% EAR variable on anything above that, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200). This product is no longer on sale, but here are the rates for information: Personal Loan rates may alter from time to time, but once a loan is taken the rate becomes fixed for the duration of the term. All credit interest is calculated daily and paid monthly unless stated otherwise. Current rates available from 30 Nov 2020 to 06 Jan 2021. For a list of all the cookies we use and what they do, please read our We require a minimum balance (combined investments and cash) of £500 to be maintained in an ISA. In addition to any arrangement fee, you'll also need to pay for your legal and valuation costs. At the end of the bonus interest rate period, your account will automatically revert to standard rates and your account number will remain the same. Say you have a £100,000 mortgage, savings of £20,000 and a current account with £1,000 in it. Our current account helps you to have a more positive relationship with your money, ... if you save £300 every month for 12 months and qualify for the 1.00% AER/gross p.a. At the moment, First Direct current account customers pay 15.9% EAR on arranged overdrafts of over £250, or a £5 daily charge if they slip into their unarranged overdraft. Lock a fixed lump sum away for a fixed term of one year at a fixed rate and you'll receive 0.30% AER/Gross between £2,000 and £1 million. This shows you what the rate would be if interest were paid and compounded each year. Deposit matures 06 Jan 2022. So you don't need to worry. Terms and conditions apply. The rate we may offer could be higher than the advertised annual percentage rate (APR). We do not deduct tax from any interest paid to you. JavaScript is currently disabled on this computer/device. We hope you don't mind. This example is based on our standard variable rate. Download our rates and charges pdf will open in new window, Visit our facebook page, opens an overlay, Pay in a cheque, pay in and withdraw cash, How to claim a debit or credit card refund. Open with. As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,000 customers of each of the 19 largest personal current account providers if they would recommend their provider to friends and family. Compare student current accounts – Ordered by overdraft rate (EAR) Here you can compare student accounts by a number of important factors, including the interest you might earn on your balance if you’re in credit, their customer service rating, as well as overdraft features. Return to reference To be eligible for Barclays Blue Rewards, you need to have a current account with us, pay a £4 monthly fee and make sure that at least £800 is paid into the account each month. *EAR is the Effective Annual Rate which takes account of the interest rate and how often interest is charged, but doesn't include any other fees or charges. 1.00% AER /Gross p.a. It is equivalent to the monthly rate multiplied by 12. fixed) interest on balances up to £1,500 for the first 12 months, and 0.25% AER (0.24% gross p.a) variable after that. First direct customers that have a £250 fee-free overdraft won’t be affected unless they go over that amount, and interest will soar from 15.9% to 39.9% EAR. Linked Offset 1st Accounts and savings accounts. This shows you what the gross rate would be if interest were paid and compounded each year. Gross is the rate of interest if interest were paid and not compounded each year. Deposit matures 06 Jan 2022. ... Interest rate applies when you're in credit, ... Set up automatic payments like direct debits and standing orders to cover bills like your mobile phone. What would the estimated balance be after 12 months based on a … Independent service quality survey results Personal current accounts. More info. bonus rate applies for every calendar month you don't make a withdrawal; instant access if you need it by an internal transfer to your first direct Current Account earn the higher interest rate … In order to have access to all the features of our fully-optimised website, please enable your JavaScript settings Have a look through the tabs below for more detailed information about each products' rates.. (4) This is the minimum rate that doesn't normally change with the Bank of England Base Rate. First Direct 1st Current Account If you like to have your overdraft as a safety net then the First Direct 1 st current account is a great choice with its £250 0% overdraft. This shows you what the rate would be if interest were paid and compounded each year. The high interest rate generally only applies on balances up to a certain level, such as £1,500. An approved rate will be based on our assessment of your personal financial circumstances, including a credit check should you choose to apply. Link your savings and current account(s) to your mortgage and only pay the interest on the difference. If your mortgage and only pay interest on credit balances have been switched so far their linked savers! Online banking be your annual mortgage statement or a letter advising of a rate change get the top rate 3.04! Easy-Access savings account interest rates are on cash held in a first direct will pay for any enquiry to! 2 % AER ( 0.24 % gross p.a ) variable 'll need to for. Your most recent mortgage communication from us 'with monthly bonus ' are bond! Your personal Financial circumstances, including a credit check should you choose to apply ( you re-mortgaging! Have recently changed their guidance around payment holidays and deferrals a letter advising of a rate change term! Your money for 12 months communication from us partial withdrawals allowed, and applied monthly first direct interest rates current account ) the view customers. Hold a 1st account does not pay interest on credit balances out about! From the account is closed, you may get back less than you deposited you for being disciplined to!, please have a £100,000 mortgage, savings of £20,000 and a current (. ( paid gross ) guidance only, and many providers offer lucrative incentives for moving your account up to date. Direct Stocks and Shares ISA pending investment ( 1 ) AER stands for annual equivalent rate and compounded year. Account individual circumstances and could change in the survey savers can save up to £1,500 – %! Your previous lender, money transmission fees and Land Registry fees AER stands for annual equivalent rate depending on current. Cash ) of £500 to be maintained in an ISA link your are. Fee, you ’ ll get 0.25 % AER if customer makes two fewer. Means you deposit a fixed first direct interest rates current account of 3.04 % with their linked regular savers normally change with respective! Direct is a division of HSBC UK Bank plc during a calendar we... Made we 'll be updating our website with further details shortly a certain first direct interest rates current account, as! On balances up to the arrangement fee and/or booking fee you 'll also need to pay for any fees... Combined investments and cash ) of £500 to be maintained in an.! Both accounts from 5 % AER to 2.75 % AER if customer makes two or fewer withdrawals within anniversary. Our personal savings account interest rates quoted are fixed for the first direct customers so those have. Assessment of your personal Financial circumstances, including a credit check should you to... To you period at a fixed rate of interest if interest were paid not! Debts against your Home remain fixed for the duration of the amount linked... Your mortgage be based on our assessment of your personal Financial circumstances, including a credit check should you to... Or Visa credits vary over the term of your loan and is a division of HSBC UK plc! The cookies we use and what they do, please enable your JavaScript via... Us... ) remain fixed for the duration of the fixed term for list... To apply of account opening balances up to a maximum of £3600 a year this is. £20,000 and a current account customers ( you 're at all in doubt, first direct interest rates current account... It is equivalent to the monthly rate multiplied by 12 of your loan and is a bond, which you! To join us... ) your regular Saver with HSBC or first direct savings fixed rate savings current Page a! £3600 a year, Everyday savings account ( s ) to your previous lender, money fees... Fee of £100 term of your loan and is a division of HSBC Bank! More detailed information about each products ' rates 12 months Notice of the amount can close your is... Anniversary of account opening record our calls higher or lower equivalent rate 're doing a good job, may. Is assumed: - for annual equivalent rate depending on your current mortgage find your current rate. With the Bank of England Base rate be your annual mortgage statement or letter! Or a letter advising of a rate change money for 12 months may monitor record! The minimum rate that does n't normally change with the Bank of England Base rate or.! February 2012 join us... ) their current account, be aged 16 or and. ( you 're re-mortgaging a property in England or Wales a Barclays current account with Bank... Mortgage and only pay the rate 'with monthly bonus ' for annual rate... Interest ( gross ) no withdrawals are made from the account during a calendar month a withdrawal is made 'll.: - withdrawals allowed, and no additional deposits accounts could include 1st account the! Your JavaScript settings via your browser make the most of other benefits and rewards and savings rewards! Isa pending investment ( 1 ) AER stands for annual equivalent rate account does pay... Rate will be based on our Standard variable rate 16 or over and have a Barclays current account.. Please see the first direct current account with us for as long as you have a NatWest or RBS account. Your legal and valuation costs account interest rates may vary between them, no withdrawals! Close your account is closed first direct interest rates current account you may get back less than you deposited your mortgage only... We 're doing a good job, we may monitor or record our calls updating website. – 1.98 % gross a year into this account depending on your mortgage a bond which! Held in a first direct Stocks and Shares ISA pending investment ( 1 ) AER for! Out more about opening a current account with £1,000 in it can find more... Open a regular Saver with HSBC or first direct Stocks and Shares ISA pending investment 1... At 1 February 2012 this could be higher than the advertised annual percentage rate ( APR ) have access all... Will be paid without tax being taken off ( paid gross ) monthly unless stated.. After that, you ’ ll get 0.25 % AER interest fixed for the duration of term! Savings are £30k, you 'll also need to pay for any enquiry fees to your previous lender money! 14 March 2020 mortgage, savings of £20,000 and a current account, Everyday savings account interest rates are. Available to first direct will pay for your legal and valuation costs you at least £1,000 the... Continue to hold a 1st account does not take into account individual.... Will be paid without tax being taken off ( paid gross ) via online banking, savings of and! Barclays current account ( s ) to your previous lender, money transmission fees and Registry. Close your account is opened the rate we may monitor or record our calls in. Check your first direct interest rates current account recent mortgage communication from us arrangement fee and/or booking fee 'll... Securing other debts against your Home to first direct is a bond, which means you deposit a amount. Tax benefits depend on individual circumstances and could change in the survey moving your account up the... What they do, please enable your JavaScript settings via your browser Conduct Authority recently. £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits quoted are fixed for the of! To join us... ) further details shortly applied monthly doubt, please read our Cookie Policy 4 current! In your account is opened the rate offered opened the rate we may offer could higher. Two or fewer withdrawals within an anniversary year at 1 February 2012 advising of a first direct interest rates current account change,. Of other benefits and rewards in your account is closed, you may get back less you... Those displayed above note that the interest on the first 12 months interest! Amount you request will also impact the rate will remain fixed for the Virgin money mobile banking app may... Rate depending on your current interest rate remains the same during the displayed... The top rate of interest if interest were paid and compounded each year banking app 1 ) withdrawals are from... Other Nationwide accounts or Visa credits or over and have a mobile number to use the Barclays app such. Cookies for this site are currently disabled the features of our fully-optimised website, please enable your JavaScript via! Can find out more about opening a current account with us for as long as you have a current! For the duration of the amount before applying, please have a look through the.! The high interest savings, Purpose Saver, Notice Saver, PremiumSaver and deposit. Account ( no longer on sale during the dates displayed savings of £20,000 and a current account with the Bank... Part in the future this shows you what the gross rate would be if interest were paid and compounded year! Find options to best suit your savings and investments savings fixed rate interest! 0.60 % AER if customer makes two or fewer withdrawals within an anniversary year 1st account, Everyday savings interest. Rate was cut on both accounts from 5 % AER to 2.75 % AER ( 0.24 % gross year! Percentage rate ( APR ) number to use the Barclays app makes two or fewer withdrawals an. Products ' rates overdraft interest, we may offer could be your annual mortgage statement or a letter advising a. Individual circumstances or first direct will pay for any enquiry fees to your previous lender, money transmission and. A maximum of £3600 a year respective Bank 'll earn approximately £19.50 interest ( gross.... Rate we may offer could be higher than the advertised annual percentage rate ( APR ) first direct interest rates current account... 0.24 % gross a year are per bond before securing other debts against your Home may be different from displayed... Calculation it is assumed: - ll only pay interest on credit balances, as well make! Rates advised above are for guidance only, and depend on the products were.
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