First Direct

First Direct was founded in 1989 by Midland Bank, whose own name is no longer in use following its acquisition by HSBC in 1992. The First Direct brand lived on with its own name and reputation.

First Direct has no high street branches of its own, relying instead on internet and phone services. But as First Direct is owned by HSBC, customers are able to use the HSBC branch network.

It offers a variety of products such as bank accounts, mortgages, loans and credit cards, savings and investment accounts, as well as life, home and travel insurance.

Their headquarters are based in Leeds, UK.

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Bank accounts

Ranked 2^nd of 30 providers reviewed.

Customer happiness score	80.84%
Customer trust score	72.17%
Complaints performance	59.29%
Transparency rating	86.37%
Fairer Finance score Reviewed Autumn 2023	75%

Credit cards

Ranked 9^th of 34 providers reviewed.

Customer happiness score	74.33%
Customer trust score	69.56%
Complaints performance	59.52%
Transparency rating	51.39%
Fairer Finance score Reviewed Autumn 2023	64%

Home insurance (building and contents)

Ranked 39^th of 46 providers reviewed.

Customer happiness score	50%
Customer trust score	52.82%
Complaints performance	72.7%
Transparency rating	66.39%
Fairer Finance score Reviewed Autumn 2023	60%

Mortgages

Ranked 4^th of 23 providers reviewed.

Customer happiness score	73.44%
Customer trust score	65.04%
Complaints performance	77.7%
Transparency rating	63.11%
Fairer Finance score Reviewed Autumn 2023	70%

Personal loans

Ranked 2^nd of 27 providers reviewed.

Customer happiness score	74.7%
Customer trust score	73.51%
Complaints performance	59.25%
Transparency rating	81.7%
Fairer Finance score Reviewed Autumn 2023	72%

Savings Accounts

Ranked 11^th of 53 providers reviewed.

Customer happiness score	67.83%
Customer trust score	74.17%
Complaints performance	59.25%
Transparency rating	82.6%
Fairer Finance score Reviewed Autumn 2023	71%

Annual fee i	£0.00
Maximum cash machine withdrawal per day i	£500.00
Part of FSCS i
Cash withdrawal fee in UK (own bank) i	£0.00
Card payment fee (£) i	£0.00
App capability? i

Foreign cash withdrawal fee i	0%
Foreign cash withdrawal additional charge i	£0.00
Foreign purchases fee i	0%
Is there a limit on free cash withdrawals? i	Unlimited

Risk based overdraft? i
Arranged overdraft interest free amount i	£250.00
Arranged overdraft interest rate (representative EAR) i	39.9%

Duration of 0% balance transfer offer period i	20 months
Balance transfer fee during promotional period i	2.99%
Representative APR i	24.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2.99%
Representative balance transfer rate i	1.873%
Risk based? i

Duration of purchases offer period i	12 months
Representative APR i	24.9%
Highest APR i	24.9%
Purchase rate during promotional period i	0%
Representative purchase rate i	1.873%
Number of days before interest is charged on purchases i	56 days
Risk based? i

Foreign purchase fee i	2.99%
Foreign withdrawal fee i	2.99%
Representative APR i	24.9%
Number of days before interest is charged on non-sterling cash transactions i	0 days
Risk based? i
Representative purchase rate i	1.873%

Home Security Cover i
Home Emergency Cover limit i	£1,000.00
Internal plumbing and drainage i
Primary Heating System i
Boiler breakdown cover i
Annual boiler service i
Internal gas supply pipe cover i
Pest infestation cover i
Domestic Power supply covered? i
Cover Type i	Add-On
Alternative Accommodation Cover i	£1,000.00
Unoccupied period i	Not Mentioned
Claims limit i	Unlimited

Theft from outbuildings i	£3,000.00
Matching sets (contents) i
Alternative accommodation cover limit for buildings i	£80000 or 20% of the sum insured
Protection against inflation (Buildings)
Contents cover limit i	£80,000.00
Money in the home i	£750.00
Visitor's possessions i	£1,000.00
Office equipment i	£5,000.00
Buildings cover limit i	Unlimited
Trace and access i	£5,000.00
Keys/locks if lost or stolen (Buildings) i	£1,000.00
Alternative accommodation cover limit for contents i	£10,000.00
Cancellation fee within 14 days i	£0.00
Cancellation fee after 14 days i	£0.00
Contents compulsory excess i	£200.00
Flood excess i	£50.00
Escape of water excess (minimum) i	£50.00
Property owner liability i	£2,000,000.00
Liability to domestic employees i	£10,000,000.00
Liability as a tenant i	£15,000.00
Replace belongings new for old i

Matching sets (Buildings) i
Frozen pipes i
Escape of water excess for buildings i	£50.00
Underground pipes, cables and tanks i	Optional
Selling your home i
Emergency entries i
Accidental damage to drains i
Buildings compulsory excess i	£50.00
Unoccupied period i	60 days
Helpline i
Cancellation fee after 14 days (buildings) i	£0.00
Amendment fee (telephone) i	£0.00
Property owner liability i	£2,000,000.00

Account closure fee	£0.00
Charge for transferring investments to another platform i	£15 per holding
Charge for automatic reinvestment
Charge for telephone/postal share dealing	£25.00
Charge for transferring cash to another platform	£0.00
Inactivity Charge	£0.00
Charge for selling holdings if not enough money in account to pay other charges	£0.00
Repairing or voiding an ISA, when required under HMRC rules	£0.00
Same Day Payment Charge	£0.00
Cost of receiving paper statements for a year	£0.00

Representative APR (on £5,000 loan, 36 month term)	7.9%
Unpaid Repayment Fee i	£0.00
Early settlement fee (Days interest)	28 days
Available to new customers? i
Eligibility checker
Minimum borrowing amount	£1,000.00
Maximum borrowing amount	£50,000.00
Minimum borrowing length	12 months
Maximum borrowing length	96 months

Interest Rate (AER) i	4.3%
Minimum Opening Balance i	£2,000.00
What happens at maturity? i	The provider will contact you before the account matures. If you don't instruct them the money will be transferred into a variable rate account until you instruct them further or withdraw the funds.
Part of FSCS i
Maximum Balance i	£1,000,000.00
Minimum Age to Open Account i	18
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i	Must have a First Direct 1st Account
Can you make early withdrawals? i
Withdrawal Penalty i	Earlier access costs £100

Interest Rate (AER) i	4%
Balance Tiers i	2.00% from £1
Minimum Opening Balance i	£1.00
Withdrawal Penalty i	A lower rate of 0.65% is paid in months where a withdrawal has been made.
Part of FSCS i
Maximum Balance i	Unlimited
Minimum Age to Open Account i	18
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i	Must have a First Direct 1st Account

Interest Rate (AER) i	2%
Balance Tiers i	2.00% from £1
Minimum Opening Balance i	£1.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i	Unlimited
Minimum Age to Open Account i	18
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i	Must have a First Direct 1st Account

Interest Rate (AER) i	7%
Maximum Balance i	£3,600.00
Withdrawal Penalty i	Early access will close the account.
Minimum Monthly Investment i	£25.00
Maximum Monthly Investment i	£300.00
Penalty free withdrawals? i
Minimum Opening Balance i	£25.00
Minimum Age to Open Account i	18
Sharia Account i
Part of FSCS i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i	Customer must have or open a First Direct 1st account.
Notice Period i
Fixed Term Length i	1 Year Bond
Additional Information i	Account reverts to Savings Account a/c after 12 months.

Interest Rate (AER) i	2.85%
Minimum Opening Balance i	£1.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i	18
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i	Must have a First Direct 1st Account
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA? i
Can you transfer in funds from a stocks and shares ISA? i

First Direct

Bank accounts

Current accounts

Foreign use bank accounts

Overdrafts

Credit cards

0% balance transfer credit cards

0% purchase credit cards

Foreign use credit cards

Home emergency cover

Home insurance (building and contents)

Buildings insurance

Contents insurance

Investing and pensions

Stocks and Shares ISAs (self-invested)

Personal loans

Savings Accounts

1 Year Fixed Rate Accounts

Easy Access Accounts

Regular Savers

Savings Accounts (ISAs)

Easy Access ISAs

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