Online · checked 9 November 2026
First Direct
Facts, not recommendations. We aren’t paid by any bank and we don’t rank by who pays us. Rates and offers change often — checked 9 November 2026. Always read the provider’s terms before you open or switch an account.
Switching bonus
£175
Switch at least two direct debits or standing orders, deposit £1,000 within 30 days and log in to digital banking. Not for HSBC current account holders since 2018.
TL;DRMeet every condition and the bonus lands in your account. Miss one and you get nothing.
| Type | Online |
| Part of | HSBC UK (same licence as HSBC) |
| Current account fee | 1st Account: no monthly fee |
| FSCS protection | Up to £120,000 per person, per banking licence |
Quick answers
What savings rate does First Direct pay?
We haven’t compared First Direct’s savings rates yet. First Direct is part of HSBC UK, so the two share one FSCS limit.
Is my money safe with First Direct?
UK deposits at a bank or building society with a UK licence are protected by the FSCS up to £120,000 per person, per licence. First Direct is part of HSBC UK (same licence as HSBC).
Does First Direct pay you to switch?
Yes — £175. Switch at least two direct debits or standing orders, deposit £1,000 within 30 days and log in to digital banking. Not for HSBC current account holders since 2018.
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- Which? — Best bank account switching deals, November 2026 — published 4 November 2026
- Bank of England — FSCS deposit limit increased to £120,000 — from 1 December 2025