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 3^rd of 28 providers reviewed.

Customer happiness	81.34%
Customer trust	73.03%
Complaints performance	56.42%
Transparency rating	86.15%
Fairer Finance score Reviewed Autumn 2022	74%

Credit cards

Ranked 9^th of 31 providers reviewed.

Customer happiness	72.27%
Customer trust	72.74%
Complaints performance	56.42%
Transparency rating	54.03%
Fairer Finance score Reviewed Autumn 2022	64%

Home insurance (building and contents)

Ranked 38^th of 48 providers reviewed.

Customer happiness	53.91%
Customer trust	52.17%
Complaints performance	74.08%
Transparency rating	64.78%
Fairer Finance score Reviewed Autumn 2022	61%

Mortgages

Ranked 6^th of 23 providers reviewed.

Customer happiness	72.8%
Customer trust	67%
Complaints performance	78.48%
Transparency rating	53.44%
Fairer Finance score Reviewed Autumn 2022	68%

Personal loans

Ranked 3^rd of 26 providers reviewed.

Customer happiness	78.44%
Customer trust	75.63%
Complaints performance	56.42%
Transparency rating	69.5%
Fairer Finance score Reviewed Autumn 2022	70%

Savings Accounts

Ranked 15^th of 50 providers reviewed.

Customer happiness	62.02%
Customer trust	72.6%
Complaints performance	56.42%
Transparency rating	80.2%
Fairer Finance score Reviewed Autumn 2022	68%

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	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	No free cash withdrawals

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	27 months
Balance transfer fee during promotional period i	2.29%
Representative APR i	18.9%
Balance transfer rate during promotional period i	0%
Highest balance transfer fee during promotional period (%) i	2.29%
Representative balance transfer rate i	1.456%
Risk based? i

Duration of purchases offer period i	17 months
Representative APR i	16.9%
Highest APR i	16.9%
Purchase rate during promotional period i	0%
Representative purchase rate i	1.315%
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	18.9%
Number of days before interest is charged on non-sterling cash transactions i	0 days
Risk based? i
Representative purchase rate i	1.456%

Water Supply Pipe Cover i
Boiler Breakdown Cover i
Home Security Cover i
Lost keys Cover i	Covered under the home emergency policy
Cover Type i	Add-On
Home Emergency Cover limit i	£1,000.00
Minimum Excess i	£0.00
Internal plumbing and drainage i
External Drainage i
Burst or damaged pipes i
Toilet unit i
Root damage cover i
Primary Heating System i
Temporary Emergency Heating i
Internal gas supply pipe cover i
Boiler Age Exclsuions i	No Exclusion
Annual boiler service i
Age of boiler to qualify for a beyond economic repair contribution i	No Exclusion
Contribution towards the cost of a new boiler if yours is beyond economic repair and is 5 years old or less. i	£500.00
Contribution towards the cost of a new boiler if yours is beyond economic repair and is 6 years old or less. i	£500.00
Contribution towards the cost of a new boiler if yours is beyond economic repair and is 7 years old or less. i	£500.00
Domestic Power supply covered? i
Roof damage i	Covered under the home emergency policy
Pest infestation cover i
Underwriter i	Aviva Insurance Limited
Maximum Excess i	£0.00
Alternative Accommodation Cover i	£1,000.00
24/7 Claims Helpline i
Unoccupied period i	60

Alternative accommodation cover limit for buildings i	80000 or 20% sum insured
Matching sets (contents) i
Theft from outbuildings cover limit i	£3,000.00
Escape of water excess i	£50.00
Standard accidental damage - underground services
Alternative accommodation cover limit for contents i	£10,000.00
Cycles included whilst in the home i
Cover for keys if lost or stolen (contents) i	£1,000.00
Keys/locks if lost or stolen (Buildings) i	£1,000.00
Money in the home i	Sum insured
Replace belongings new for old i
Trace and access i	Sum Insured
Matching sets (Buildings) i
Escape of water (plus compulsory excess) i	£50.00
Compulsory excess (contents) i	£200.00
Additional flood excess i	£0.00
Standard excess for subsidence claims	£1,000.00
Liability as a tenant i	£15,000.00
Liability to domestic employees i	£10,000,000.00
Property owner liability i	£2,000,000.00
Buildings cover limit i	Unlimited
Contents cover limit i	£80,000.00
Underwriter	Aviva
24hr helpline i
Unoccupied period i	60
Protection against inflation i
Repairs guarantee i
Amendment fee (telephone) i
Cancellation fee after 14 days i	£0.00
Protected no claims discount option
24-hour claims helpline
Cancellation fee before 14 days	£0.00
Accidental damage - glass and sanitary wear
Damage caused by freezing pipes
Damage from Emergency Services
Cover to break in and clear sewage pipe
Garden protection	£2,500.00
Blocked drains i
Accidental damage cover
Domestic heating fuel and metered water i
Music, film or electronic data downloads
Documents	Sum insured
Visitor's possessions	£1,000.00
Out in open cover
Frozen Food Cover	£1,000.00
Temporary freezer storage
Theft or attempted theft i
Dual contents i
Escape of water or oil from appliances i
Escape of water or oil from heating systems i	Sum Insured
Credit cards i	£300.00
Storage fees (alternative accommodation) i
Garden plants i
Business equipment	Sum insured
Household removals
Student's belongings i
Shopping in transit i	£0.00
Cover Away from Home offered for: Electronics	Optional
Cover away from home offered for: money	Optional
Cover away from home offered for: jewellery	Optional
Cover away from home offered for: bicycles & other	Optional
Special events (weddings and civil ceremonies) - limit	Not Offered
Special events (weddings and civil ceremonies) - days	60 days
Special events (births) - limit	Not Offered
Special events (births) - days	Not Offered
Special events (anniversaries and birthdays) - limit	Not Offered
Special events (anniversaries and birthdays) - days	Not Offered
Special events (religious events) - limit	£3,000.00
Special events (religious events) - days	30 days
Cover for home emergency i	Optional
Cover for legal protection/expenses i	Optional
Cover for items away from home? i	Optional
Personal possessions cover whilst living in a nursing home or residential care setting i	£0.00
Medical equipment loan i	£0.00
Theft from bogus officials i
Storm and flood i
Fire, smoke, explosion, lightning, or earthquake i
Malicious damage i
Civil riot or commotion i
Collisions (Including animals, trees, satellites, and moving vehicles) i
Snow depth (cm) i	30 cm in 24 hours
Rainfall (mm) i	25 mm per hour
Windspeed (mph) i	55 mph

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)	30 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 amount	96 months

Interest Rate (AER) i	3.5%
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 (days) i	Earlier access costs £100

Interest Rate (AER) i	1.2%
Maximum Balance i	Unlimited
Part of FSCS i
Withdrawal Penalty i	A lower rate of 0.65% is paid in months where a withdrawal has been made.
Additional Information i
Minimum Opening Balance i	£1.00
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
Penalty free withdrawals? i

Interest Rate (AER) i	2.6%
Maximum Balance i	Unlimited
Part of FSCS i
Withdrawal Penalty i
Additional Information i
Minimum Opening Balance i	£1.00
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
Penalty free withdrawals? i

Interest Rate (AER) i	7%
Additional Information i
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	12 Month Bond
Additional Information i

Interest Rate (AER) i	2.3%
Part of FSCS i
Withdrawal Penalty i
Minimum Opening Balance i	£1.00
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
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA?
Can you transfer in funds from a stocks and shares ISA?

Cancelling before travel cover limit i	£5,000.00
Medical excess i	£50.00
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i	£1,500.00
Cutting trip short cover limit i	£5,000.00
Missed departure cover limit i	£1,000.00
Abandoning your trip cover limit i	£5,000.00
Emergency medical cover and repatriation cover limit i	£10,000,000.00
Personal money i	£300.00
Combined passport & travel cover limit i	£750.00

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

Travel insurance

Single trip insurance

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