First Direct current account: everything you need to know

Thinking of switching banks? There are lots of different current accounts out there, from providers ranging from traditional banks to digital money apps. The sheer number of options available can make choosing the right account a little tricky.

One provider you might come across when searching for a new account is First Direct. Owned by HSBC, First Direct is a popular choice in the UK, with around 1.5 million customers.¹

But what’s its everyday current account like? Find out everything you need to know about the First Direct current account right here in this guide. We’ll run through all the main features, fees and how to open an account.

And while you’re weighing up your options, make sure to check out the Wise account. It’s ideal for international transactions, including overseas card payments, and also gives you something back with interest on your balance.

But for now, let’s focus on the First Direct current account.

First Direct current account features

The First Direct current account is called the 1st Account. It’s a straightforward current account, offering all the features you need for everyday banking.

This includes sending and receiving payments, along with setting up Direct Debits and Standing Orders.

You’ll automatically be issued with a First Direct debit card when you open the account. It’s a contactless Mastercard, so it can be used anywhere that Mastercard payments are accepted. This includes online and real-world shops, plus ATMs when you need to withdraw cash.

You can use your card both in the UK and overseas (although some fees may apply - we’ll look at those later).

You can also add your First Direct debit card to mobile wallets such as Apple Pay and Google Pay. This means you can make easy contactless payments using just your phone, with no need to take the physical debit card out with you.

The 1st Account also has some other features, including:²

• £250 interest-free overdraft (subject to status), with a 39.9% EAR variable afterwards
• Access to a linked 7% AER/Gross Regular Saver Account - this lets you save between £25 and £300 per month for 12 months.
• A virtual debit card to use right away, so you don’t need to wait for your physical debit card to arrive in the post.

How to manage the First Direct current account

First Direct offers multiple ways to manage your account, including the following:

• Online banking
• Mobile banking through the First Direct mobile app (available for compatible Android and iOS devices)
• Telephone banking.

First Direct is a digital-first bank, which means that you’ll mainly manage your account using online or mobile banking. It doesn’t have any physical branches, so you won’t be able to bank in-person by visiting a branch.

The First Direct mobile banking app offers a number of useful features. You can use it for setting up payments and transfers, viewing your PIN and card details, and tracking spending with the Spending Insights tool.

Other app features include cheque pay-in, card security controls such as freeze or unfreeze and international payments. You can also chat with First Direct customer support directly through the mobile app.

Fees to use the First Direct current account

Now we come to possibly the most important question - how much does it cost to use the First Direct current account?

The great news is that there’s no initial or monthly fee with the 1st Account. The bank also lets you spend and withdraw cash overseas using your First Direct debit card abroad without any fees.

There are still a handful of other fees you should know about though. Let’s take a look:³

Type	Fee
Maintaining the account	No fee
Making international transfers	No fee for payments to First Direct or HSBC accounts; No fee for EUR payments within EEA; £5 for payments in other currencies or outside of the EEA; (Intermediary or receiving bank fees may also apply)
Receiving international transfers	No fee for EUR payments from EEA; £5 for other currencies (including GBP)
Cash withdrawals in foreign currency outside the UK	No fee (although ATM operators may charge their own fee)
Debit card payments in foreign currency	No fee

How to open a First Direct current account

If you like the sound of the First Direct current account so far, you’ll need to know how to apply. Read on for details of who is eligible for the 1st Account, what documents and details you’ll need, and how to get started with an application.

Eligibility

The eligibility requirements for the First Direct current account aren’t very strict. This means that almost anyone can open one.

To be eligible, you’ll just need to meet the following requirements:²

• Be a UK resident
• Be over the age of 18
• Not have been declared bankrupt within the last 6 years (or be in the process of being declared bankrupt)
• Not have registered for an Individual Voluntary Agreement (IVA) within the last 6 years (or be in the process of doing so)
• Have an email address and phone number.

What details and documents you’ll need

Before you start the application process, make sure you have the following details and documents to hand:

• Your personal details, including home address, contact details, nationality and tax residency status (if you’re new to First Direct)
• Your financial details, such as monthly take-home pay (if applying for an overdraft)
• Proof of ID, such as your UK passport or driver’s licence
• Proof of address, such as a recent UK utility bill, bank statement, council tax bill or driver’s licence.

If you’re already a First Direct customer or have been one in the past, you’ll might find the process a little quicker as the bank will already have most of your details

How to apply for the First Direct 1st Account

Have all of your details and documents to hand? Now it’s time to apply for your new First Direct current account.

You can only do this through the First Direct app, which is available to download on Google Play and the App Store. So, you’ll need your phone in order to start the application process.

Once you’ve downloaded the First Direct app, you’ll have a choice of opening a new account or switching over from another bank. You can apply or switch all through the app. You’ll need to follow the on-screen steps, providing your personal details and uploading ID documents when requested.

You can also open the First Direct current account through the Current Account Switch Service. This is a good option if you have a current account with another bank, and want to switch over to First Direct.

The Current Account Switch Service makes it quicker and easier to switch, as it guarantees to have your new account open and your old one closed within 7 days. Your direct debits and standing orders will be moved over too.

At the moment, First Direct is also offering a £175 switching bonus for new customers. To get the bonus, you’ll need to meet the following conditions:²

• Switch to First Direct using the Current Account Switch Service
• Deposit at least £1,000 within 3 months of opening the account
• Not have previously held a First Direct product, or have opened an HSBC current account on or after 1st January 2020.

How long does it take to open a First Direct current account?

First Direct doesn’t say exactly how long it takes to open its 1st Account. However, if you use the Current Account Switch Service, this guarantees that your new account will be up and running within 7 working days.

Once your account is open, you’ll have instant access to it in the First Direct mobile app. You’ll also get a virtual debit card to use right away, so you don’t need to wait until your physical debit card arrives in the post.

Is the First Direct current account available as a joint account?

Yes, you can open a First Direct current account as a joint account with someone else.

The joint 1st Account offers pretty much all the same features, terms, fees and eligibility requirements as the solo account. You can read all about it here.

Save with Wise when managing your money internationally

Shopping around for the best account for your needs? While you’re comparing accounts and providers, make sure to check out the Wise account.

Wise is an e-money provider that lets you open a powerful account for managing your money in 40+ currencies, including making international payments for low fees and mid-market exchange rates. These rates are often much better than you’ll get when you use your bank for international transactions.

You can even receive money for free in 9 major currencies, as Wise gives you your own local account details.

For a one-time cost of just £7, you can get a Wise debit card which has no foreign transaction fees for spending abroad. You can withdraw up to £100 a month from overseas ATMs with no Wise fees.

And if all that wasn’t enough, the Wise account in the UK pays interest on balances in GBP, EUR and USD. It’s all to make your money go further.

Join Wise today

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

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And there you have it - the full rundown on the First Direct current account, covering everything you need to know. We’ve looked at everything from features and fees to the application process, so you should have all the facts at your fingertips.

As everyday bank accounts go, this one has everything you’ll need for everyday money management. One of the main benefits is access to the First Direct mobile app, where you can access powerful tools and services to help you manage your money.

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Sources used:

1. First Direct - Press Release - first direct named best British brand in latest Customer Satisfaction Index
2. First Direct - Current Account
3. First Direct - Fee Information Document

Sources last checked on date: 30-Jul-2023