First Direct has introduced a new offer which gives savers massive interest rates on their money, as well as £175.
UK banks have been competing against each other in recent months in an attempt to attract customers.
Economic instability has led people to shop around to find the best deals on offer, with First Direct’s latest offering proving incredibly attractive.
First Direct is offering a Regular Saver Account with a 7.00 per cent AER/gross interest rate per year.
If a customer were to save £300 a month for the 12 months, they would gain an additional £136.50 on top.
PA
The account is fixed in for a year and can give savers good returns on their money.
If a customer were to save £300 a month for the 12 months, they would gain an additional £136.50 on top.
This would be paid out 12 months from the date account was opened by the customer.
The offer is currently only available to First Direct Current Account holders and is strictly on a one account per person basis.
Customers are able to close the account at any point during the 12 months but savers will only be paid interest at First Direct’s standard savings account variable rate.
Customers are also unable to withdraw money from the account for the duration.
In a huge bonus, Britons will also be given £175 for switching to the Current Account Switch Service (CASS).
To take advantage of this offer, customers must put £1,000 into the account within three months.
Other banks offering competitive rates include Lloyds, which has a Club Lloyds account that offers 6.25 percent rate fixed for one year.
Natwest and RBS are both offering 6.17 percent variable rates for customers saving up to £5,000.
The Bank of Scotland is currently offering customers 5.5 per cent, fixed for one year.
