First Direct First Account Verification – Forbes Advisor UK


Time for a new checking account? The many benefits of the First Direct 1st Account include a £175 exchange bonus, a £250 interest-free overdraft and a proven track record of excellent customer service.

Representative example

The representative APR example gives you an estimate of how much it might cost if you borrow a certain amount of money. This helps you compare products and provides an indication of how much it might cost to wear a scale. Your personal offer may deviate from the representative annual interest example.

If you use an agreed overdraft of £1,200 you will be charged the equivalent annual rate of 0% on the first £250, then 39.9% (variable). Representative annual interest rate 30.5% (variable).


  • £175 welcome bonus for a full switch or £20 for opening an account
  • Linked regular savings account with 3.50% AER
  • £250 interest free agreed overdraft facility


  • Cash Welcome Bonuses for New Customers Only*
  • Status-based interest-free overdraft facility
  • No cashback, perks or rebates

switch incentive

£175 for a full switch OR £20 for 1st account opening


£250 interest free (depending on status)

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main features

  • £175 cashback when you switch your account to First Direct
  • OR £20 if you open an account without making the full switch
  • Access to a linked Regular Saver account with 3.50% AER
  • Interest free overdraft of £250 (depending on status) then agreed overdrafts are charged at 39.9%.

Will I be eligible?

To qualify for a First Direct 1st Account, you must be over 18, resident in the UK and not declared bankrupt or registered under an Individual Voluntary Arrangement (IVA) in the past six years. You will need a phone number and an email address to contact us.

To get the £175 cash offer, you need to open a 1st account, switch your day-to-day banking to First Direct using the current account switching service and deposit at least £1,000 within three months of opening the account. The £175 in cash will be paid out within 28 days.

The £175 exchange offer is limited to one payment per customer or joint account.

To receive the £20 cash offer you must open a 1st account and log into the First Direct app/online banking within 3 months of opening the account. The money will then be paid out within four months of opening the account.

*In order to receive the money you must not have previously held a First Direct account and you must not have opened an HSBC current account since 1 January 2019.

What else should I know?

If you have a First Direct 1st account, you can also open a First Direct Regular Saver that pays 3.50% AER.

With this account, you can save between 25 and 300 euros with a fixed term of 12 months. If you save £300 every month for 12 months, you’ll earn around £68.25 in interest.

The £250 interest free overdraft makes 1st Account a cheaper overdraft option than other banks. Thereafter, arranged overdrafts are charged at 39.9%, giving a representative rate of 30.5% of the variable annual rate (assuming an arranged overdraft of £1,200).

First Direct’s exchange offers are non-binding and can be revoked at any time.

The internet bank, which belongs to HSBC, is known for its first-class customer service.

Is the First Direct 1st account right for me?

The combination of the £175 to switch to First Direct and the first class customer service make the First Direct 1st account a good bet for a current account.

You can get £20 just for opening one account, without having to switch your old account.

There is no monthly fee to operate the 1St account either.

What are my alternatives?

Bank customers can currently choose between tempting switching incentives.

Santander’s 1|2|3 current account also pays £175 to people switching, plus cashback of up to 3% on household bills and 1% interest on balances. The account costs €4 per month.

A cheaper option is the Santander 1|2|3 Lite current account, which costs £2 per month. This offers the same £175 switching incentives and cashback rates as the 1|2|3 account but pays no balance interest. They are also forced to have paperless bank statements.

Nationwide is offering transfers £100 or £125. The FlexDirect current account pays deposit interest of 1.5% on deposits up to £1,500.

Alternatively, Virgin Money’s M Plus account offers 25% cashback for two months on supermarket and petrol spend (up to £160).


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