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 3rd 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%
Gold ribbon: first place

Credit cards

Ranked 9th 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 38th 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%
Gold ribbon: first place

Mortgages

Ranked 6th 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%
Gold ribbon: first place

Personal loans

Ranked 3rd 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%
Gold ribbon: first place

Savings Accounts

Ranked 15th 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%

Bank accounts

Current accounts

First Direct

1st Account

4 stars
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 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 No free cash withdrawals

Overdrafts

First Direct

1st Account

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

Credit cards

0% balance transfer credit cards

First Direct

Balance Transfer Credit Card

3 stars
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

0% purchase credit cards

First Direct

Gold Purchases

5 stars
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 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 18.9%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.456%

First Direct

Gold Purchases

1 stars
Foreign purchase fee i 2.99%
Foreign withdrawal fee i 2.99%
Representative APR i 16.9%
Number of days before interest is charged on non-sterling cash transactions i 0 days
Risk based? i
Representative purchase rate i 1.315%

Home Emergency Cover

First Direct

Home Emergency

5 stars
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

Home insurance (building and contents)

First Direct

Home Insurance

2 stars
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

Buildings insurance

First Direct

Home Insurance

3 stars
Trace and access i Sum Insured
Keys/locks if lost or stolen (buildings) i £1,000.00
Matching sets (Buildings) i
Alternative accommodation cover limit for buildings i 80000 or 20% sum insured
Blocked drains i
Fire, smoke, explosion, lightning, or earthquake i
Cover for collision and falling objects (including trees, animals, satellite, vehicle) i
Civil riot or commotion i
Cover for malicious damage
Theft of attempted theft Sum insured
Cover for storm and flood
Snow depth (cm) i 30 cm in 24 hours
Rainfall (mm) i 25 mm per hour
Windspeed (mph) i 55 mph
Escape of water (plus compulsory excess) i £50.00
Buildings compulsory excess i £50.00
Escape of water excess i £50.00
Flood excess i £50.00
Unoccupied period i 60
24hr helpline i
Repairs guarentee i
Cancellation fee after 14 days i £0.00
Amendment fee i £0.00
Property owner liability i £2,000,000.00

Contents insurance

First Direct

Home Insurance

2 stars
Matching sets (contents) i
Cover for keys if lost or stolen (contents) i £1,000.00
Theft from outbuildings cover limit i £3,000.00
Credit cards i £300.00
Amendment fee i £0.00
Cycles included whilst in the home i
Replace belongings new for old 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
Escape of water or oil from heating systems covered? i
Escape water or oil from appliances i
Storm and flood i
Snow depth (cm) i 30 cm in 24 hours
Rainfall (mm) i 25 mm per hour
Windspeed (mph) i 55 mph
Contents cover limit i £80,000.00
Music, film, or electronic downloads i
Documents i Sum insured
Frozen Food Cover i £1,000.00
Business equipment i Sum insured
Tenants improvements i
Items covered whilst you are living in a nursing home, residential care?
Medical equipment loan?
Cover for employee's contents i
Household removals
Student's belongings
Shopping in transit 0
Visitor's possessions i £1,000.00
Temporary freezer storage
Money in the home i Sum insured
Theft from bogus officials
Garden plants
Garden protection 2,500.00
Out in open cover
Alternative accommodation cover limit for contents i £10,000.00
Storage fees (alternative accommodation) i
Cover for pets? i
Compulsory excess (contents) i £200.00
Liability to domestic employees i £10,000,000.00
Liability as a tenant i £15,000.00
Property owner liability i £2,000,000.00
Personal assault (death benefit) i
Cancellation fee before 14 days £0.00
24-hour claims helpline
Jury service
24hr helpline i
Protection against inflation i
Underwriter Aviva
Unoccupied period i 60
Protected no claims discount option
Repairs guarantee
Cancellation fee after 14 days i £0.00
Wedding and civil ceremonies - limits/days Cover Limit: Not Offered /Days limit: 60
Births - limit/days Cover Limit: Not Offered /Days limit: Not Offered
Anniversaries - Limits/days Cover Limit: Not Offered /Days limit: Not Offered
Religious events -Limits/days Cover Limit: ££3,000 / Days limit: 30
Dual contents i
Cover away from home offered for:electronics
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

Investing and pensions

Stocks and Shares ISAs (self-invested)

First Direct

Stocks and Shares ISA

4 stars
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

Personal loans

First Direct

Personal Loan

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

Savings Accounts

1 Year Fixed Rate Accounts

First Direct

Fixed Rate Savings

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

Easy Access Accounts

First Direct

Bonus Savings Account

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

First Direct

Savings Account

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

Regular Savers

First Direct

Regular Saver Account

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

Savings Accounts (ISAs)

Easy Access ISAs

First Direct

Cash ISA

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?

Travel insurance

Single trip insurance

First Direct

Single Trip (with baggage cover)

4 stars
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

Single Trip

3 stars
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 £0.00
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