first direct hikes interest rates on savings account to 3.5% – Make money ‘go further’ | Personal Finance | Finance


Chris Pitt, first direct’s CEO, cited the country’s current cost of living crisis as to why the bank has decided to increase its rates.

Mr Pitt explained: “As inflation and household bills continue to rise, so too does the need for people to make their money go further.

“This market-leading rate reflects our commitment to ensuring customers – both new and existing – can squeeze every penny out of their hard-earned pounds.”

As it stands, inflation has hit seven percent in the UK and energy bills are expected to go up by £693 this year.

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