FirstBank: savings accounts and how to bank with it

FirstBank is a UK bank that takes deposits and lends, and it is best known to savers under the FirstSave name. It is a small, London-based bank rather than a household name on the high street, and most of its customers deal with it by post, phone and online rather than in a branch. Its website is www.fbnbank.co.uk¹.

The bank has been through several names. The FCA Register lists its previous names as Firstsave, FBNBank UK, FBNBank, FBN Bank (UK) Ltd, FBN (UK) Limited and FirstSave Euro, and its current trading names as FirstSave Euro, FirstSave Postal, FirstSave and First Bank UK¹. If you hold an old FBNBank or Firstsave account, it is the same bank and the same firm reference number, 216772.

FirstBank is a UK bank that takes deposits and lends, incorporated in England and Wales in 2002 and authorised in the UK by the Prudential Regulation Authority². Deposits are covered by the Financial Services Compensation Scheme, which protects current, saving and fixed-term deposit accounts⁵.

What FirstBank offers: savings under the FirstSave names

FirstBank's consumer-facing business is savings. It takes deposits through accounts marketed as FirstSave, and the FCA Register lists FirstSave, FirstSave Postal and FirstSave Euro among its trading names¹. Its permissions cover accepting deposits, entering into regulated credit agreements as lender, and entering into regulated mortgage contracts as lender¹. In practice that means the bank takes savings and lends, rather than selling insurance or investments of its own.

The FirstSave range is built around straightforward deposit accounts: notice accounts, fixed-term bonds and easy access savings. The names tell you how each one works. A postal account is run by post, an easy access account lets you take money out without notice, and a fixed-term bond ties your money up for a set period in return for a fixed rate. Because the site carries no rates, check FirstBank's own website for the figures that apply today, and read the terms of the specific account before opening it.

Savings accounts in the UK sit inside a wider market, and it is worth comparing what is on offer across providers before committing money for a fixed term. Our guide to savings accounts explains the main types, how interest is paid and what to check, and the ISAs guide covers tax-free accounts if that matters for your circumstances.

Who can open a FirstSave account

FirstBank's savings accounts are opened directly with the bank, and the usual UK account-opening rules apply. You will normally need to be a UK resident, be at least 18, and provide proof of identity and address. Applications are made through the bank's own website or by post, depending on the account.

The general process for opening any UK bank account is well established. You usually fill in an application form, in a branch, online or sometimes over the phone, and provide proof of identity including your full name, date of birth and address⁶. Banks must verify who you are before the account goes live, which is why documents are requested even for a postal savings account.

If you have been turned down for a current account elsewhere, a basic bank account may be an option. These are designed for people who do not qualify for a standard account, and you can usually apply online, by phone or in a branch, though you may need to apply for one of the bank's other accounts first⁸. FirstBank's own savings accounts are a different product from a basic bank account, so check what the bank offers before assuming it will meet a particular need.

How to bank with FirstBank: online, post and phone

FirstBank is not a branch-based bank in the way the big high street names are. Its accounts are run remotely, and the day to day contact is by post, phone and online. Opening times for the phone line are Monday to Fridays from 9am to 5pm, excluding bank holidays in England and Wales, and the bank uses the same definition for a business day².

Online banking is set up by registering on the bank's website. The usual pattern for UK banks is to enter your personal details, answer identity verification questions, enter an activation code sent by post or text, and then set up a username and a secure password or passcode⁹. Once registered, you can check balances, move money between your own accounts and manage your details without waiting for the phone line to open.

For anyone less confident online, there is help available. Age UK publishes guidance on online banking for older people, and Scope covers managing your own money if you have a disability¹⁰. If you would rather deal with the bank by post, FirstBank's postal accounts are designed for exactly that, and the paperwork that comes with the account sets out how to send instructions.

Opening an account with FirstBank

Opening a FirstSave account follows the same shape as opening any UK savings account. You apply through the bank, prove who you are, and fund the account. The application route depends on the product: some accounts are opened online, others by post.

The documents you will be asked for are standard. Proof of identity usually means a passport or driving licence, and proof of address means a recent utility bill, bank statement or council tax letter. The bank needs both before the account can be used, and the account cannot be funded until the checks are complete.

If you are moving money from another provider, allow time for the transfer to clear. Fixed-term accounts often start their term from the day the money arrives rather than the day you apply, so the date the funds land matters. Read the account terms for the specific rule that applies.

Accessible formats and support for customers who need extra help

FirstBank says it can provide information in large print, Braille, audio or easier-to-read formats². That sits alongside a wider expectation in UK banking. Guidance for banks says statements and other documents should be available in Braille, large print and audio formats for disabled customers¹², and the Equality Act 2010 requires banks to provide equal access to all their products and services¹³.

Banks are also expected to make practical adjustments. That can include communicating in an accessible way, providing a quiet meeting space, offering bank accounts without an overdraft, and arranging appointments to avoid queues¹⁴. Some banks have a specific page for disabled customers and specialist teams who can support people with access needs¹³. If you need a particular format or adjustment, ask FirstBank directly and say what would help.

How FirstBank looks after customer outcomes

UK banks are expected to treat customers fairly, and the Treating Customers Fairly framework sets out six outcomes: fair treatment as central to corporate culture, products designed to meet identified consumer needs, clear information before, during and after a sale, suitable advice, products performing as customers were led to expect, and no unreasonable post-sale barriers¹⁶. Those outcomes remain the reference point for how banks are judged, even where the original rules have been replaced.

Consumer groups have argued that measuring outcomes, rather than just processes, is the way to tell whether standards are actually rising. StepChange told a Banking Standards Board consultation that taking an outcomes-based approach should allow effective measurement of whether banking standards are being raised to improve consumer outcomes, and that focusing on outcomes with real-life examples helps show what those outcomes mean for banks and consumers¹⁷.

For a saver, the practical test is simpler. Did the account do what it said it would, were the terms clear before you opened it, and could you get your money out when the terms allowed? If the answer to any of those is no, that is the point at which the complaints process matters.

Making a complaint to FirstBank

The first step is always to complain to the bank itself. FirstBank says you can use its complaints process if you are unhappy with the outcome of a fraud refund decision². More generally, if your complaint is about something your bank has done, for example refusing to refund an unauthorised payment, the bank is the first point of contact for making a complaint¹⁸.

If the bank does not resolve it, you make a formal complaint. The bank then has eight weeks to investigate and give a final response¹⁹. Keep a record of when you complained and what was said, because the eight-week clock and any later ombudsman complaint both depend on that date.

Once you have a final response, or once eight weeks have passed without one, you can take the complaint to the Financial Ombudsman Service. The ombudsman only looks at complaints the business has had an opportunity to deal with first, and consumers can come to it if they are unhappy with the decision or the business does not respond within the time limits²⁰. You need to complain to the company first, or the ombudsman cannot get involved²¹.

Where the Financial Ombudsman can help

The Financial Ombudsman Service settles disputes between consumers and financial businesses, and its decisions are binding on the business²². It looks at each case individually to find a fair outcome, taking account of the relevant rules and guidance produced by the regulator, any relevant law and industry good practice, and the overall facts and circumstances of the complaint²³. It follows the FCA's dispute resolution rules and takes into account how the business has tried to put things right²⁰.

The process starts with an investigator, who looks at the complaint first and shares an assessment with both sides; most cases are resolved at that stage²⁴. If the complaint is upheld, the ombudsman can ask the business to make changes to a product or account, pay compensation for financial loss, make changes to a credit file, or do things differently in future, and it can also ask the business to compensate the consumer for distress or inconvenience²⁵. The aim is usually to put the customer back in the position they would have been in if things had not gone wrong²⁶.

The service is free to consumers, and it can also consider complaints from microenterprises and small and medium-sized businesses as well as individuals²⁷. If it cannot help, it can provide details of other ombudsman schemes covering complaints like energy and housing²¹. Individuals and small businesses who feel they have been de-banked unfairly can also complain to the ombudsman if they are unsatisfied with how their bank dealt with their complaint²⁸.

How your money is protected with FirstBank

Deposits with FirstBank are covered by the Financial Services Compensation Scheme, which protects money in current, saving and fixed-term deposit accounts⁵. The scheme sets a limit per person, per bank, and the current figure is published by the FSCS on its own website, so check there for the amount that applies today⁵.

The rule that catches people out is how accounts are grouped. If you have money in multiple accounts with multiple banks that are part of the same group and share a banking licence, they are treated as one bank, and the limit applies across all of those accounts rather than separately for each⁵. Banks that share a licence share protection limits across all the accounts within the banks in that group, not separate limits for each²⁹. You can protect more than the limit as long as it is spread among deposit takers with different firm reference numbers, and each holds no more than the limit³⁰. FirstBank's firm reference number is 216772, which is the number to check when working out whether two accounts count together¹.

On authorised push payment scams, the reimbursement rules have exclusions. Where first-party fraud was committed, in cases where you are considered to have acted fraudulently, this may affect those who are considered a money mule²². For payments initiated through a third-party provider under open banking rules, your bank must refund you immediately unless it has grounds to suspect fraud or negligence, and if the third party was at fault the bank can recover the funds from them³¹. If you think you have been scammed, contact your bank immediately and report it to the police at Report Fraud³².