To apply for this current account
Go to the first direct website
This account does not pay interest if you are in credit, but it comes with a £250 interest-free overdraft and has the advantage that First Direct is renowned for its excellent customer service.
What’s the deal?
If you switch your current account to First Direct, you’ll get £100. The account enables you to manage your money online through the bank’s Internet Banking service and there is also a satisfaction guarantee, so if you’re not happy, First Direct will give you £100. You won’t earn any interest when you’re in the black, but if you go overdrawn, the first £250 is interest-free.
As you won’t earn any interest when you’re in credit, this account may not be the best option for those who tend to keep a relatively high balance in their current account. You have to pay at least £1,000 a month into the account, otherwise you’ll be charged a monthly fee of £10.
What’s the verdict?
Perhaps the biggest selling point of this account is First Direct’s customer service – it is consistently ranked among the best banks to deal with from a consumer perspective. So if you’re looking for a ‘no frills’ account, this could be the deal for you.
Is this account right for you?
To open this account
- First Direct can only offer switching incentives to people who haven't previously held any account with them
- You must be over 18 years of age
- You must not have been declared Bankrupt or have registered for an Individual Voluntary Agreement within the last six years or be in the process of doing so
- You must have a telephone number and email address first direct can use to contact you
- Online Banking
- Mobile App
- Standing Orders
- Switching Service
- Direct Debits
- Overdraft Facility
- Text Alerts
- Linked Products
Receive £100 cashback when you switch to first direct. Satisfaction Guarantee - If you wish to switch to another bank after six months and within 12 months, first direct will give you an additional £100 to move. Terms and conditions apply, refer to provider for full details.
- Great for
- Get £100 cashback when you use the switching service to switch to this current account, for new customers only
- You can also open a regular savings account and earn 5% AER
- Get a £250 interest-free overdraft, subject to status
- But be aware that
- You must be at least 18 years old to open this account
- You must pay in at least £1,000 within the first 3 months of opening the account to qualify for the cashback reward
|Balance||Introductory Rate||Follow on rate||Gross AER*|
- Any interest you earn will be tax-free up to your annual personal savings allowance.
Overdraft Rates and Charges
|Overdraft buffer Amount||Planned/Authorised Overdraft Rate (EAR)||Unplanned/Unauthorised Overdraft Rate (EAR)|
- There is a £250 interest free overdraft
|Other Overdraft Charges||Fee/Rate||Notes|
|Unplanned Overdraft Fee||£5.00 / Daily||You will not be charged a fee if covering funds are paid in before the end of the day; the informal overdraft is £10 or less; or the account has been in informal overdraft for more than 30 consecutive days. You will not be charged more than £80 in a charging period, more in fees than the maximum amount your account has been in informal overdraft in a charging period, or charged a fee if the account is in informal overdraft because an overdraft charge or interest has been deducted|
|Foreign ATM Charge||2.00% / per item||Minimum charge £1.75, maximum charge £5|
|Foreign Exchange Rate||2.75% / per item|
Operating and accessing your account
|Operating your Account||Making Withdrawals|
Mobile App Features
|Make transfers between accounts||-|
|Make transfers to other people||-|
|View transaction history||-|
|View direct debits/standing orders||-|
|Apply for new products||-|
|Use app on multiple devices||-|
|Setup payments, standing orders, or direct debits||-|
|View mini statements||-|
|Make payments to other people||-|
|Use multiple devices||-|
Mobile App features may be limited. Please refer to providers site for more information.
- This account has a Visa Debit card.
- The currency for this account is Pound.