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.

First Direct
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Gold ribbon: first place

Bank accounts

Ranked 7th of 34 providers reviewed.

Customer happiness 79.98%
Customer trust 73%
Complaints performance 65.61%
Transparency rating 61.57%
Fairer Finance score
Reviewed Spring 2021		 70%
Gold ribbon: first place

Credit cards

Ranked 2nd of 28 providers reviewed.

Customer happiness 69.9%
Customer trust 73.94%
Complaints performance 65.63%
Transparency rating 56.14%
Fairer Finance score
Reviewed Spring 2021		 66%

Home insurance (building and contents)

Ranked 26th of 52 providers reviewed.

Customer happiness 50.88%
Customer trust 50.71%
Complaints performance 74.27%
Transparency rating 70.87%
Fairer Finance score
Reviewed Spring 2021		 62%
Gold ribbon: first place

Mortgages

Ranked 4th of 21 providers reviewed.

Customer happiness 72.46%
Customer trust 70.09%
Complaints performance 80.04%
Transparency rating 58.18%
Fairer Finance score
Reviewed Spring 2021		 70%
Gold ribbon: first place

Personal loans

Ranked 7th of 25 providers reviewed.

Customer happiness 71.97%
Customer trust 69.52%
Complaints performance 65.63%
Transparency rating 56.75%
Fairer Finance score
Reviewed Spring 2021		 66%

Savings accounts

Ranked 23rd of 50 providers reviewed.

Customer happiness 61.22%
Customer trust 72.91%
Complaints performance 65.63%
Transparency rating 57.17%
Fairer Finance score
Reviewed Spring 2021		 64%

Bank accounts

Current accounts

First Direct

1st Account

4 stars
Annual fee i £0
Maximum cash machine withdrawal per day i £500
Part of FSCS i
Cash withdrawal fee in UK (own bank) i £0
Card payment fee (£) i £0
App capability? i

Foreign use bank accounts

First Direct

1st Account

1 stars
Foreign cash withdrawal fee i 2.75%
Foreign cash withdrawal additional charge i 2% (Minimum £1.75, Maximum £5)
Foreign purchases fee i 2.75%
Is there a limit on free cash withdrawals? i

Overdrafts

First Direct

1st Account

5 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £250
Arranged overdraft interest rate (representative EAR) i 39.90%

Credit cards

0% balance transfer credit cards

First Direct

Balance Transfer Credit Card

3 stars
Duration of balance transfer offer period i 27 months
Balance transfer fee during promotional period i 2.29%
Representative APR i 18.90%
Balance transfer rate during promotional period i 0%
Representative balance transfer rate i 1.46%
Risk based? i

0% purchase credit cards

First Direct

Gold Purchases

5 stars
Duration of purchases offer period i 17 months
Representative APR i 16.90%
Highest APR i 16.90%
Purchase rate during promotional period i 0%
Representative purchase rate i 1.32%
Number of days before interest is charged on purchases i 56 days
Risk based? i

Foreign use credit cards

First Direct

Balance Transfer Credit Card

1 stars
Foreign purchase fee i 2.99%
Foreign withdrawal fee i 2.99%
Representative APR i 18.90%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.46%

First Direct

Gold Purchases

1 stars
Foreign purchase fee i 2.99%
Foreign withdrawal fee i 2.99%
Representative APR i 16.90%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.32%

Home insurance (building and contents)

First Direct

Home Insurance

3 stars
Matching sets i
Theft from outbuildings cover limit i £3,000
Escape of water excess i £50
Alternative accommodation cover limit i £80,000
Cover for keys if lost i £1,000
Money in the home i £750
Replace belongings new for old i
24hr helpline i

Buildings insurance

First Direct

Home Insurance

3 stars
Finding & repairing a leak cover limit i £5,000
Cover for keys if lost i £1,000
Matching sets i
Alternative accommodation cover limit i £80,000
Cover for keys if stolen i £1,000
Compulsory excess i £50
Escape of water excess i £50
24hr helpline i
Property owner liability i £2,000,000

Contents insurance

First Direct

Home Insurance

3 stars
Theft from outbuildings cover limit i £3,000
Matching sets i
Cover for keys if lost i £1,000
Cover limit for cycles in the home i Part of sum insured
Replace belongings new for old i
Alternative accommodation cover limit i £10,000
Money in the home cover limit i £750
Cover for keys if stolen i £1,000
24hr helpline i