In this brief blog, we are going to discuss First save bank and how First save bank may be able to help you earn more from your savings.

Who are First save bank?

First save bank is a UK savings account which allows you to put your money away in a variety of saving accounts. First save bank claims to have competitive interest rates which will allow you to earn attractive interest.

You can manage your First save bank account online through the First save bank website. 

First save bank also allows you to put your money in bonds as a way of investing. The First save bank brand is provided through FBN bank which has been trading since sometime around January 2002. FBN bank is regulated by the financial conduct authority and the prudential regulation authority in the UK.

The First save bank accounts are under the financial services compensation scheme and this means you may be able to claim compensation up to £85,000 per account if the bank goes out of business or if you were mis-sold a financial product. If you have a joint First save bank account then you and your co- account holder will be able to claim up to £170,000.

On their website First save bank list their commitment to you like the below

“ Our commitment to you

We offer secure, high quality financial products, backed up by reliable, efficient customer service. Above all, we want you to feel comfortable and confident about the accounts you’ve invested in.

Our interest rates are competitive, reflecting the market at the time of issue. We always keep them up to date, so you don’t need to spend time shopping around for a better deal.

Consistently good returns

We don’t believe in offering a high interest rate, then reducing it as soon as you’ve agreed to invest with us. With a First save bank Easy Access Account, you’ll get a consistently favourable rate of return, with easy access to your money whenever you need it.

Excellent service

We set ourselves high standards and invest substantially in our people to bring you attentive, professional service. We follow set procedures to ensure we always maintain the standards expected from a financial institution.  “  

How can you save with First save bank?

With First save bank you can save through any or all of its 3 saving accounts.

The accounts are:

Easy access

Notice account

Fixed-rate bonds

To apply for a First save bank account you will need the below:

“The account number and sort code of the bank account you’ll be using to transfer money to and from your First save bank account

Your current UK passport or 

UK driving licence

Your national insurance number

Your mother’s maiden name

Memorable data for security”

In essence, you will also need to be aged at least 18, be a UK resident, have an email address (preferably nota work email address) and have a UK bank account.  First save bank currently doesn’t accept power of attorney applications.

In some cases, after you have applied for a first save account, First save bank may contact you to get further identification documents

The easy access account

The First save bank easy account offers you a variable rate but allows you to withdraw money or deposit more funds to the account. You have to make a minimum initial deposit of £100 if you want your interest to be paid annually and a minimum initial deposit of £5000 if you want your interest to be paid monthly. You can manage your easy access account online at any time.

The notice account

The notice account provided by First save bank usually offers more interest than the easy access account. With this account, you will need to provide a minimum notice period before you can withdraw your funds from the account.  You have to make a minimum initial deposit of £100 if you want your interest to be paid annually and a minimum initial deposit of £5000 if you want your interest to be paid monthly. The notice account can be conveniently managed online.

The fixed-rate bond account

The fixed-rate bond account provided by First save bank is a good account for those who do not require immediate access to their money and are comfortable investing for the medium to long term. With the fixed-rate bond account, you can invest from 6 months to seven years.

You can open the fixed-rate bond account if you are an existing customer or new customer. (This is the same with the easy access and notice accounts listed above)

 You have to make a minimum initial deposit of £100 if you want your interest to be paid annually and a minimum initial deposit of £5000 if you want your interest to be paid monthly.

There are some charges associated with the First save bank accounts which you can find here.


Complaints about First save bank

Because the First save bank account is provided by FBN bank who are regulated by the FCA you may be able to bring up any complaints to the financial ombudsman if First save bank is not able to help you resolve your issue.  The financial ombudsman will look to adjudicate on the issue and make a decision. This may be compensation and in your favour or the decision may not be in your favour. In any case, taking a complaint to the financial ombudsman is completely free.

If you have a complaint against First save bank you should first bring the complaint to First save bank and they will have 8 weeks to resolve your issue. Once the 8 weeks are up, First save bank should have provided you with a final decision or resolution your complaint. If you are still not happy with First save bank’s decision then you can bring your complaint to the financial ombudsman at this point.

You can contact the financial ombudsman via the below.

The Financial Ombudsman Service

Exchange Tower 

Harbour Exchange Square 

London E14 9SR

Telephone: 0800 023 4567 or 0300 123 9123

How to contact First save bank

You can contact First save bank via the following methods


customerservice@First save


0345 601 2211 (The phone lines are open every Monday to Friday from 8am to 6pm)


Freepost RTLL – RGSU – SRRR,

First save bank, 

P.O. Box 1195, 

Newcastle Upon Tyne, 

NE99 1DE

In this brief guide, we discussed First Save bank. If you have any questions or comments please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.