The process is the same everywhere so you can feel confident when you switch, no matter which participating bank or building society you choose. You must have a current account with the bank – though unlike with M&S Bank, you don't need to have switched to it using the Current Account Switch Service. Rates and charges. There’s plenty of financial swotting up to be done before you head to uni, not least when choosing a student account. But he believes the first major bank to charge for current accounts risks losing a lot of customers. The banks have moved to simplify their fee structure in order to comply with the Financial Conduct Authority’s (FCA’s) upcoming ban on unarranged overdraft fees and daily/monthly charges. Note: future dated payments set up within 7 working days of your switch date cannot be transferred across to your new account. † † Lines are open Mon to Fri 8am to 9pm and Sat 8am to 5.30pm. 5 replies 1.2K views insurgente Forumite. The First Direct 1st Account offers a £250 interest-free overdraft buffer – subject to status (39.9% EAR variable above £250) as well as access to its regular saver offering 2.75% AER when you put away between £25 and £300 a month for a fixed 12 month term. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. first direct is a division of HSBC UK Bank plc and HSBC has accounts more suitable for customers living outside of the UK. Common eligibility examples include having a minimum number of Direct Debits, and a set amount entering the account each month. moneysupermarket.shop.editField.minLengthMessage. Maximum monthly debit turnover N100 million. Current account customers will be charged if they do not pay in at least £1,500 a … Following government advice, we have closed our offices in response to Covid-19. 11 October 2010 at 12:20PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts. You might have to pay an Early Repayment Charge if you fully repay your mortgage early. First Direct was set up as a bank in 1997 and is known for providing telephone and online banking services to consumers. With HSBC's regular savings account, you can deposit between £25 and £250 a month – with First Direct's regular saver, it's … Over 4 million current accounts have been switched so far. Monthly cap on unarranged overdraft charges. Our service seems to be down currently, please try again later. – this doesn’t look right. © Moneysupermarket.com Ltd 2020. There’s a huge choice of current accounts available, so you'll want to pick the one that meets your needs best. Wednesday 15 November 2006 10:17 First Direct will become the first leading bank to charge its customers for a standard current account. On your agreed switch date your new account will be ready to use and your old account will be closed. Please note, the following products are not regulated by the FCA; travel money, legal services, mobile phones, money transfer, broadband, energy (excluding boiler cover) and travel services (excluding travel insurance and car hire excess insurance). At the moment, First Direct current account customers pay 15.9% EAR on arranged overdrafts of over £250, or a £5 daily charge if they slip into their unarranged overdraft. Each current account will set a monthly maximum charge for: (a) going overdrawn when you have not arranged an overdraft; or (b) going over/past your arranged overdraft limit (if you have one). This charge is calculated at 3% of the original mortgage amount during first year of the Fixed Rate Period and 2% of the original mortgage amount if the mortgage is closed in any subsequent year during the Fixed Rate Period. After three months, this fee will be at the full rate. First Direct current account features. You’ll be charged at a rate of 15.9% EAR variable on the rest of your overdraft – the EAR is what you’d pay if you were overdrawn for a year. Your new bank will have transferred all of your regular incoming payments (such as your salary or benefits) and outgoing payments (such as Direct Debits, standing orders, future dated payments and bill payments) to your new account, along with any remaining credit balance. Moneysupermarket.com Limited is an appointed representative of Moneysupermarket.com Financial Group Limited, which is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190). Any payments still going to your old account will also be redirected to your new account, and the Switch Service does this for 36 months after you switch. The HSBC-owned bank has said its current account … The bank will charge customers £10 a month … Always remember anyone can post on the MSE forums, so it can be very different from our opinion. While the benefits of the First Direct 1st current account are attractive, it won’t be suitable for everyone because it requires paying in £1,000 every month. It's all part of the Current Account Switch Guarantee. First Direct’s exchange rate was collected from First Direct’s website on 20/11/2018. You can open the Current Account at any branch of our Bank spread across the country. Moneysupermarket.com Financial Group Limited, registered in England No. Contact moneysupermarket.com at Moneysupermarket House, St David's Park, Ewloe, Flintshire, CH5 3UZ. Over 4 million current accounts have been switched so far. Other Reclaiming: Mortgage Fees, Council Tax etc, Pensions, Annuities & Retirement Planning, Report Holiday Deals, Bargains & Special Offers, Martin's Blogs & Appearances & MoneySavingExpert in the News. First Direct offer one current account product, known as a 1st Account, and it comes with a variety of features and optional add-ons. You'll also need to agree any overdraft facilities you require with them before initiating the switch (subject to eligibility status). We often link to other websites, but we can't be responsible for their content. first direct … For more information please call HSBC on +44 1226 261 010 or visit hsbc.co.uk . This is based on a scoring system we developed using data from MoneySavingExpert’s twice-yearly Current Account customer service polls. This is the figure you should use when comparing mortgage products, and all lenders are required to show it. †Lines are open Mon to Fri 8am to 9pm, Sat 8am to 8pm and Sun 9am to 8pm. To get the best experience when using our website we recommend that you enable JavaScript in your browser. Oops, are you sure? For more information please call HSBC on +44 1226 261 010 or visit hsbc.co.uk. In the unlikely event that anything goes wrong, your new bank or building society guarantees to refund any interest and charges you incur as a result of a delayed or incorrect switch. familiarise yourself with the latest version. The Annual Percentage Rate of Charge (APRC) is the overall cost of the loan on an annual basis when fees and costs are taken into account as well as interest. So you don't need to worry. If you come back and look up your quotes, you’ll find that all your details are still here and you won’t have to answer the questions again. 11 October 2010 at 12:20PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts. The information displayed on this site is subject to change at any time and we do not guarantee 100% accuracy of the information. This doesn’t look right. First Direct is getting rid of the £10/month fee on its popular 1st Account current account next month. 3157344. About our service, Learn more about The MoneySuperMarket app or download it from, We use cookies to give you the best experience. The results represent the view of customers who took part in the survey. This score is made up of the combination of the digital services a bank offers. The monthly cap on unarranged overdraft charges for your 1st Account is £20. First Direct PULLS its current account and £100 switch bonus for new customers as it focuses on existing ones amid coronavirus outbreak. By using our website you agree to our use of cookies in accordance with our Cookie Policy. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. 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