So you don't need to worry. After three months, this fee will be at the full rate. We often link to other websites, but we can't be responsible for their content. Random Acts of Kindness and All things Positive! First Direct current account charges? 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. By using our website you agree to our use of cookies in accordance with our, How to choose the right current account for you, get more details on how we work and how we get paid here, Learn more about The MoneySuperMarket app, You must not have been declared Bankrupt or have registered for an Individual Voluntary Agreement within the last six years or be in the process of doing so (Does not apply to M&S Bank), You’ve been accepted onto a full-time UCAS course at a UK institution for at least 2 years, You don’t already have a student account with another Banking institution, You must be aged between 11 and 18 years old, You must have a residential address in the UK, A joint account without the permission of both parties, Reduced foreign currency withdrawal charges. During this time your outgoing payments, including standing orders and direct debits, and incoming payments such as your wage or salary are automatically swapped over. The Current Account Switch Service makes switching your current account simple, reliable and stress-free. *Representative example (assumed overdraft £1,200): 0% EAR variable on the first £250, 15.9% EAR variable thereafter. You'll also need to agree any overdraft facilities you require with them before initiating the switch (subject to eligibility status). If you choose to repay your mortgage after the Fixed Rate Period has ended, no Early Repayment Charge will apply. 3) What charges are applicable to this account type? For more information please call HSBC on +44 1226 261 010 or visit hsbc.co.uk . 5 replies 1.2K views insurgente Forumite. First direct are proud to offer their customers some of the most competitive deals on the market wherever they can. Take a look at the chart below to see what each bank can offer you, AER interest on in-credit balances between and up to. The Current Account Switch Guarantee means that your new bank takes care of closing your old account, moving your balance and switching your payments. First direct are a division of HSBC UK Bank plc, who are authorised and regulated by the Prudential Regulation Authority, as well as being regulated by the Financial Conduct Authority. You can open the Current Account at any branch of our Bank spread across the country. LASTMINUTE.COM, TELETEXT HOLIDAYS AND RYANAIR NAMED AND SHAMED AFTER HIDEOUS RESULTS IN MAJOR NEW MSE COVID TRAVEL REFUNDS SURVEY, http://www2.firstdirect.com/1/2/rates/charges. Requires a minimum account balance N100,000.00. 11 October 2010 at 12:20PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts. 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. Savings sweep: First Direct also offer a ‘sweep’ facility that transfers any spare money from your 1st Account to a savings account with the same provider on the date you decide. For more information please call HSBC on +44 1226 261 010 or visit hsbc.co.uk. First Direct PULLS its current account and £100 switch bonus for new customers as it focuses on existing ones amid coronavirus outbreak. Over 4 million current accounts have been switched so far. Before applying, please always check each banks specific opening criteria on their website. All you need do is to walk into any of our branches and the Customer Care staff will treat you to our traditional courteous service. first direct’s Regular Saver Account allows you to pay in up to £300 a month for a year, and it pays a 5% AER (Annual Equivalent Rate), which makes it one of the top-paying accounts in the market. 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. Please enter a password of 6 characters or more, moneysupermarket.shop.passwordField.maxLengthMessage, Looks like this isn't matching the password we have for you - give it another try, Please untick if you’re using a public computer, View all your accounts in one place (one login to see savings/current accounts), Send and receive secure messages with bank, Set up payments within the UK or overseas, ({{sliderProduct.productAttributes.customerRatingCount}}), Current accounts. This score is made up of the combination of the digital services a bank offers. Many of us use our current accounts for day-to-day banking, so it’s important to choose an account that works well for you. ... One way we do that is by letting you know up front about any charges that might apply to any of our accounts - after all, nobody likes a nasty surprise. Online and phone banking giant First Direct, the division of HSBC that introduced "no branch" banking to the UK, has stirred up the banking sector again with its decision to charge some customers £10 a month for running their current accounts. Your saved Payee details will also be transferred over. At the moment, the bank charges a £10/mth fee on the account after you've had it for six months, though you can avoid paying this by doing at least one of the following: Paying in at least £1,000/mth (equivalent to an annual salary of £12,500). First Direct is getting rid of the £10/month fee on its popular 1st Account current account next month. The results represent the view of customers who took part in the survey. If you take a Fixed Rate Mortgage and you repay the whole of your mortgage during the Fixed period, an Early Repayment Charge will be charged at 3% of the original mortgage amount during the first year and 2% of the original amount if the mortgage is closed after that during the Fixed Rate Period. 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. The monthly cap on unarranged overdraft charges for your 1st Account is £20. Your new provider will manage all of this for you, and they’ll also resolve any problems that might come up – this includes paying any possible resulting charges and fees. Switching couldn’t be easier. The Current Account Switch Guarantee means that your new bank takes care of closing your old account, moving your balance and switching your payments. The HSBC-owned bank has said its current account … To get the best experience when using our website we recommend that you enable JavaScript in your browser. It’s quick and easy to set up your payment, and you can even schedule it now, so it’s all sorted and sent automatically on the day it’s due. **Please note that FirstCurrent Business is a non-borrowing account**. Skip to . The Current Account Switch Service makes switching your current account simple, reliable and stress-free. 3157344. Over 4 million current accounts have been switched so far. Please see the first direct Account Terms and Conditions for full details. Introduced in 2013 by the government, the Switch Service makes sure your switch is complete within seven working days. 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. 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. You might have to pay an Early Repayment Charge if you fully repay your mortgage early. Oops, are you sure? Note: future dated payments set up within 7 working days of your switch date cannot be transferred across to your new account. With HSBC's regular savings account, you can deposit between £25 and £250 a month – with First Direct's regular saver, it's … You can get more details on how we work and how we get paid here. With a First Direct 1st Account, you’ll have access to the following features: Overdraft: you’ll also get a minimum arranged overdraft facility of £500 (subject to status), and the first £250 will be interest-free*. first direct is a division of HSBC UK Bank plc and HSBC has accounts more suitable for customers living outside of the UK. As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,000 customers of each of the 19 largest personal current account providers if they would recommend their provider to friends and family. Registered Office: Moneysupermarket House, St. David's Park, Ewloe, CH5 3UZ. 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. Who we are Partnerships Money wellness hub Money wellness ... You are in section Home Rates and charges Current Page. Current account customers will be charged if they do not pay in at least £1,500 a … Contact moneysupermarket.com at Moneysupermarket House, St David's Park, Ewloe, Flintshire, CH5 3UZ. First Direct current account features. However, with any international money transfer - which might also be called a currency account transfer, priority payment, or SEPA payment - there are costs involved, and it'll take a bit of time to make sure your money makes it to the right place. © Moneysupermarket.com Ltd 2020. Oops are you sure? Maximum monthly debit turnover N100 million. By using our website you agree to our use of cookies in accordance with our Cookie Policy. The Current Account Switch Service covers 99% of UK current accounts. – this doesn’t look right. If you need to make your Self-Assessment tax payment, don’t worry, you can do it with your first direct Mobile App or Online Banking. moneysupermarket.shop.editField.minLengthMessage. First Direct offer one current account product, known as a 1st Account, and it comes with a variety of features and optional add-ons. Independent service quality survey results Personal current accounts. Wondering how we work with our partners, and how we make money? A great way to see all your options is by comparing current accounts on MoneySuperMarket, where you’ll be able to browse through offers from different providers and look at what they offer – including their overdraft facilities, the interest rate they might pay on your balance, or the rewards they offer. Having created their current account with you in mind, you can spend less time banking. 211 posts. Editor, Marcus Herbert. This is the figure you should use when comparing mortgage products, and all lenders are required to show it. There’s plenty of financial swotting up to be done before you head to uni, not least when choosing a student account. bonus rate applies for every calendar month you don't make a withdrawal; instant access if you need it by an internal transfer to your first direct Current Account earn … Wednesday 15 November 2006 10:17 First Direct will become the first leading bank to charge its customers for a standard current account. 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. About our service, Learn more about The MoneySuperMarket app or download it from, We use cookies to give you the best experience. Please read and retain for your own records. Monthly cap on unarranged overdraft charges. Everything you need to know about claiming your cashback when you switch current account. 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. Oh no, we can't find your email address on our records. Excess on debit turnover limit attracts a default account maintenance charge at N1/mille. Switcher gifts: New customers might also be eligible for a free gift if you switch accounts using the Current Account Switch Service and pay in a minimum of £1,000 in the first three months. On your agreed switch date your new account will be ready to use and your old account will be closed. HSBC, First Direct and M&S Bank will hike interest rates to 39.9% EAR for arranged and unarranged overdrafts from March 2020. †Lines are open Mon to Fri 8am to 9pm, Sat 8am to 8pm and Sun 9am to 8pm. 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. Their current account comes with fantastic benefits, an overdraft facility and satisfaction guarantee. Holding an average monthly balance of £1,000. If you're an existing first direct customer and want to register for Online Banking, you'll need to: first register for Phone Banking, if you haven't already, give us a call anytime on 03 456 100 100; then you can register for Online Banking; after you have registered, you're … We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. 1. Balance Transfer fee of 2.29% (min £5) will be charged for each transferred balance made within three months of opening your account. 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