First Direct

Who is First Direct?

First Direct is a UK-based online and telephone bank, owned by HSBC. Known for its award-winning customer service, it operates without physical branches, offering 24/7 banking via phone, app, and online.

First Direct provides a range of financial products, including current accounts, savings, loans, mortgages, and credit cards.

Its First Direct 1st Account is particularly popular, often featuring switching incentives and an interest-free overdraft.

With a reputation for simple, customer-friendly banking, First Direct is ideal for those who prefer digital banking with human support.

What types of current accounts does First Direct offer?

First Direct keeps it simple by offering one current account, its First Direct 1st Account. Features of the account include:

• No monthly fee: The 1st Account is free to open and maintain, with no ongoing charges

• Switching incentive: First Direct often offers a cash reward for switching to the account using the

  Current Account Switch Service (CASS)

• £250 interest-free overdraft: The first £250 of an arranged overdraft is interest-free. Subject to status

• Easy access to savings: Account holders can open a First Direct Regular Saver with a high interest rate fixed for 12 months

• 24/7 customer service: First Direct has no branches, but UK-based telephone banking and online chat are available around the clock

• Mobile banking app: Includes instant payments, balance alerts, and spending insights

What rewards can I get with a First Direct current account?

First Direct typically offers a cash reward for switching your current account from another provider. Other perks include an interest-free overdraft of £250 and being able to open a high-rate regular saver.

Note that you need to meet the eligibility requirements in all cases.

Can I switch to a First Direct account?

Yes, First Direct actively encourages UK customers to switch from other banks by offering a cash incentive.

There are a few terms you need to meet to claim the bonus, such as depositing £1,000, setting up at least two direct debits or standing orders and making five debit card payments within 45 days of opening the account.

What overdraft do I get with a First Direct current account?

First Direct provides a £250 interest-free overdraft on its current account, subject to status. Customers can also apply for an arranged overdraft, with interest charged if you go above the £250 limit.

What fees and charges come with First Direct accounts?

First Direct 1st Account has no monthly fees for everyday banking. There are also no First Direct fees for debit card spending abroad or cash withdrawals from overseas ATMs.

However, some ATM operators may apply their own charges.

Is First Direct regulated?

Yes, First Direct is fully regulated in the UK. It operates as a division of HSBC UK Bank plc, which is authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA.

This ensures First Direct follows strict banking rules to protect customers. Plus, eligible deposits up to £85,000 per person are covered by the Financial Services Compensation Scheme (FSCS), meaning your money is safe even if the bank were to fail.

Always check First Direct’s website for the latest regulatory details.

Who can open a current account with First Direct?

You need to be over 18, a UK resident and haven't been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years.

You also need to have a phone number and email address so First Direct can contact you.

How do I open an account with First Direct?

Opening a First Direct 1st Account is quick and can be done online or over the phone. Here’s the step-by-step process:

1. Check eligibility: You must be 18 or over, a UK resident, and have an acceptable credit history. First Direct may check your income and expenses as part of the application.

2. Apply online or by phone: Visit First Direct’s website or call their customer service to start your application.

3. Provide personal details: You’ll need to enter your full name, address history (for the past three years), date of birth, employment status, and income details.

4. Submit proof of identity: You’ll be asked to upload a valid passport or driving licence, and proof of address such as a utility bill or bank statement.

5. Pass a credit check: First Direct will carry out a soft credit check to assess your financial background. This won’t affect your credit score.

6. Set up online and mobile banking: Once approved, you’ll receive login details to activate your account and set up secure online banking.

7. Receive your debit card: Your contactless debit card will be sent in the post, along with details on how to use your account.

8. Deposit funds and start banking: Transfer money into your new account and begin using it for everyday transactions, direct debits, and withdrawals.

If switching from another bank, First Direct offers the Current Account Switch Service (CASS), which moves all payments, direct debits, and your balance in seven working days.

Why should I compare current accounts with MoneySuperMarket?

Comparing current accounts with MoneySuperMarket helps you find the best deal by assessing fees, overdrafts, interest rates, and rewards in one place.

Whether you want a fee-free account, cashback on spending, or a high-interest savings option, we make it easy to compare top banks from across the market.

You’ll also see exclusive offers and potential switching bonuses, ensuring you don’t miss out on valuable perks. Once you have found the right account for your needs you can switch hassle-free with the Current Account Switch Service.