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Current account

Feel money positive with our 1st Account

Our current account helps you have a more positive relationship with your money. You can enjoy...

  • a £250 interest-free overdraft (subject to status)
  • a £175 welcome when you switch to us*
  • access to our 7.00% AER/gross Regular Saver Account

Switch using the Current Account Switch Service, deposit £1,000 within 3 months of account opening. New customers to first direct only, who have not previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2020*. Current Account subject to status. Offer can be withdrawn at any time. UK residents only.

Overdraft representative example:

How does our overdraft compare? The representative APR shows the cost of borrowing over a year, so you can use it to compare the cost of our overdraft against other overdrafts and ways of borrowing.

0% EAR variable on the first £250, 39.9% EAR variable thereafter, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200).

Regular Saver interest example: 

Put away between £25 and £300 for a fixed 12 month term. If you save £300 every month for 12 months and qualify for the 7.00% AER/gross p.a. interest rate, you'll earn approximately £136.50 interest (gross).

AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year. Gross is the rate of interest if interest were paid and not compounded each year. No partial withdrawals allowed.

*£175 to say hello

To get the £175 cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account.

Step 1: Open an account

Switching your everyday banking to your new first direct account is easy. Just tell us you’d like to switch to us, either when you apply for your new account, or if your first direct Current Account is already open, start a chat with us online via the App or Online Banking to set the switch service in motion. To make sure you get to the right place, type the words 'Switch my account' and then choose 'Account Switch' from the list of options.

Step 2: We'll let your old bank know

Once we’ve received your switch request and your current account is open, we’ll let your old bank know you're moving.

Step 3: Switching Days 2 to 6

We set up all your regular payments on your new first direct 1st Account. We tell all your Direct Debit originators you've moved banks and give them your new details, including your employer so your salary can be redirected. There's nothing at all for you to do, no calls or anything.

Step 4: Switching Day 7

This offer is limited to one payment per customer or joint account, and you'll get the money within 28 days of all the criteria being met. New customers to first direct only, who have not previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2020*.

You may hold an HSBC account and still qualify for the offer, as long as the current account was opened before 1 January 2020*. We reserve the right to refuse your application and withdraw this offer at anytime. Credit is subject to status and an assessment of your financial circumstances. UK residents only.

How our overdraft works

An overdraft can be used to borrow money on your current account and can help in months where there are unplanned events. Overdrafts are not suitable for long term borrowing and will typically result in you being charged interest.

An arranged overdraft is where we agree an overdraft limit with you. We share information about how you use your account with credit reference agencies.

An unarranged overdraft is when you authorise a payment that would take your account overdrawn or beyond your arranged limit without agreeing in advance an overdraft to cover it. We’ll always consider an unarranged request and will make the payment if we can, subject to status. An unarranged overdraft may result in declined transactions. If you are in your unarranged overdraft for greater than 30 days this could have an impact on your credit file.

The monthly cap on unarranged overdraft charges for the 1st Account is £20. Further details can be found online at our overdrafts homepage

Use our Eligibility Checker and Cost Calculator to find out more about our overdraft service before applying for or changing an arranged overdraft.

You have 14 days to cancel an overdraft agreement beginning on the day we provide the overdraft or on the day you have received our letter, whichever is later.

You can also ask us to reduce or remove your arranged overdraft limit at any time by calling us on 03 456 100 100. You’ll have to repay any overdrawn amount plus any interest for the period you’ve had it.

Who can apply?

You. Probably. If you're over 18, a UK resident, haven't been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years (or be in the process of doing so), and have a phone number and email address we can contact you with, we'd love to welcome you.


How to apply for a 1st Account

Before you apply

Before applying, please take the time to read through the following. You may wish to save some of these documents for future reference.

If you're not happy with your account, you have a 14 day period after you receive your welcome pack to close your account. Please see the Account Terms and Conditions and Charges for full details.

first direct is a division of HSBC UK Bank plc and HSBC has accounts more suitable for customers living outside of the UK. For more information please call HSBC on +44 1226 261 010 or visit hsbc.co.uk.

first direct subscribe to The Standards of Lending Practice. You can learn more at the Lending Standards Board website.

For more information about accounts and other products you can refer to the Money Advice Service™ website.

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