first direct current account charges

HSBC, First Direct and M&S Bank will hike interest rates to 39.9% EAR for arranged and unarranged overdrafts from March 2020. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. 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. 211 posts. If you choose to repay your mortgage after the Fixed Rate Period has ended, no Early Repayment Charge will apply. The bank will charge customers £10 a month … If you have submitted a subject access request (SAR) by post, then please be aware there may be a delay in processing your request. You can open the Current Account at any branch of our Bank spread across the country. 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. First Direct is getting rid of the £10/month fee on its popular 1st Account current account next month. Over 4 million current accounts have been switched so far. Oops, are you sure? Wondering how we work with our partners, and how we make money? First direct are proud to offer their customers some of the most competitive deals on the market wherever they can. To get the best experience when using our website we recommend that you enable JavaScript in your browser. Random Acts of Kindness and All things Positive! Please read and retain for your own records. Introduced in 2013 by the government, the Switch Service makes sure your switch is complete within seven working days. This is based on a scoring system we developed using data from MoneySavingExpert’s twice-yearly Current Account customer service polls. † † Lines are open Mon to Fri 8am to 9pm and Sat 8am to 5.30pm. First Direct offer one current account product, known as a 1st Account, and it comes with a variety of features and optional add-ons. First Direct’s exchange rate was collected from First Direct’s website on 20/11/2018. 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. 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. 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. Your saved Payee details will also be transferred over. Our service seems to be down currently, please try again later. On your agreed switch date your new account will be ready to use and your old account will be closed. Over 4 million current accounts have been switched so far. First Direct current account charges? 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). 3157344. 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. 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. The Current Account Switch Guarantee means that your new bank takes care of closing your old account, moving your balance and switching your payments. 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. 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. The monthly cap on unarranged overdraft charges for your 1st Account is £20. 3) What charges are applicable to this account type? By using our website you agree to our use of cookies in accordance with our Cookie Policy. Wednesday 15 November 2006 10:17 First Direct will become the first leading bank to charge its customers for a standard current account. We recommend you untick this box if you’re using a public computer as someone else might be able to access your quote. 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. Rates and charges. Their current account comes with fantastic benefits, an overdraft facility and satisfaction guarantee. This doesn’t look right. When you’ve picked the account suited to you, the Current Account Switch Service means the switching over process is simple. 2) How can I open this account? First Direct was set up as a bank in 1997 and is known for providing telephone and online banking services to consumers. 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. 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. 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. Skip to . The Current Account Switch Service covers 99% of UK current accounts. ... 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. 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). You might have to pay an Early Repayment Charge if you fully repay your mortgage early. Please see the first direct Account Terms and Conditions for full details. Monthly cap on unarranged overdraft charges. There’s plenty of financial swotting up to be done before you head to uni, not least when choosing a student account. 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 is the figure you should use when comparing mortgage products, and all lenders are required to show it. 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. first direct is a division of HSBC UK Bank plc and HSBC has accounts more suitable for customers living outside of the UK. Interbank rates collected from x-rates.com on 20/11/2018. Back first direct uncovered. Currently, First Direct current account customers pay 15.9 per cent in interest on arranged overdrafts of more than £250, or a £5 daily charge if they slip into their unarranged overdraft. Fixed monthly charge N30,000.00. Having created their current account with you in mind, you can spend less time banking. 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. The HSBC-owned bank has said its current 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 … There’s a huge choice of current accounts available, so you'll want to pick the one that meets your needs best. 11 October 2010 at 12:20PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts. Sending money abroad - or receiving a foreign payment into your UK-based First Direct bank account - is usually pretty straightforward. It's all part of the Current Account Switch Guarantee. 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 … 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. There may also be a fee involved for going over the arranged amount, however you can sign up for text alerts that let you know when you’ve gone over. 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. With the first direct Current Account, customers can benefit from the first £250 of their overdraft being free of charge and thereafter it is charged at 15.9% EAR variable. Published August 2020. 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. This score is made up of the combination of the digital services a bank offers. Telephone 0333 123 1972, Here's some important information about the services MoneySuperMarket provides. The Current Account Switch Guarantee means that your new bank takes care of closing your old account, moving your balance and switching your payments. You are in section Home Rates and charges Charges Current Page. But he believes the first major bank to charge for current accounts risks losing a lot of customers. 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. Online requests are still being processed, however, and our contact centre is fully operational. The results represent the view of customers who took part in the survey. Paym: with First Direct’s Paym feature you can transfer money to other Paym users using only their mobile phone number, and with iPhone’s biometric features you can even make these payments by using Siri – just say “Hey Siri, please pay Roger £10 from First Direct.”. 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. Add-ons: You can also get a variety of add-ons if you pay £15 a month for First Directory, including: However you’ll need to check if you’re eligible for these, as well as the level of cover offered to be sure of what you’re taking out. First Direct offers, as standard: Beautifully designed Internet Banking service Excess on debit turnover limit attracts a default account maintenance charge at N1/mille. Note: future dated payments set up within 7 working days of your switch date cannot be transferred across to your new account. 5 replies 1.2K views insurgente Forumite. 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). †Lines are open Mon to Fri 8am to 9pm, Sat 8am to 8pm and Sun 9am to 8pm. Trust us to explain them simply, We use cookies to give you the best experience. © Moneysupermarket.com Ltd 2020. 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. Independent service quality survey results Personal current accounts. 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. 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. Balance Transfer fee of 2.29% (min £5) will be charged for each transferred balance made within three months of opening your account. Moneysupermarket.com Financial Group Limited, registered in England No. 1. Registered Office: Moneysupermarket House, St. David's Park, Ewloe, CH5 3UZ. Oh no, we can't find your email address on our records. 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. For more information please call HSBC on +44 1226 261 010 or visit hsbc.co.uk. Failure to do so could result in you having to pay a fee of £10 per month. 11 October 2010 at 12:20PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts. **Please note that FirstCurrent Business is a non-borrowing account**. 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. First Direct current account features. After three months, this fee will be at the full rate. Access to a high-interest savings account. The Current Account Switch Service makes switching your current account simple, reliable and stress-free. 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. Please see the first direct Account Terms and Conditions for full details. – this doesn’t look right. Holding an average monthly balance of £1,000. 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. Everything you need to know about claiming your cashback when you switch current account. The Current Account Switch Service makes switching your current account simple, reliable and stress-free. You'll also need to agree any overdraft facilities you require with them before initiating the switch (subject to eligibility status). 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 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. *Representative example (assumed overdraft £1,200): 0% EAR variable on the first £250, 15.9% EAR variable thereafter. If you are a first direct customer and are at all worried about your finances, ... you may be able to make calls to us free of charge. Who we are Partnerships Money wellness hub Money wellness ... You are in section Home Rates and charges Current Page. 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*. 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. Contact moneysupermarket.com at Moneysupermarket House, St David's Park, Ewloe, Flintshire, CH5 3UZ. First Direct announced in November that it was bringing in a fee of £10 a month. 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). Current account customers will be charged if they do not pay in at least £1,500 a … familiarise yourself with the latest version. 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. The information displayed on this site is subject to change at any time and we do not guarantee 100% accuracy of the information. first direct … Before applying, please always check each banks specific opening criteria on their website. We often link to other websites, but we can't be responsible for their content. You can get more details on how we work and how we get paid here. 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. Requires a minimum account balance N100,000.00. About our service, Learn more about The MoneySuperMarket app or download it from, We use cookies to give you the best experience. 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. For more information please call HSBC on +44 1226 261 010 or visit hsbc.co.uk . 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. The process is the same everywhere so you can feel confident when you switch, no matter which participating bank or building society you choose. Following government advice, we have closed our offices in response to Covid-19. Oops are you sure? Editor, Marcus Herbert. moneysupermarket.shop.editField.minLengthMessage. First Direct PULLS its current account and £100 switch bonus for new customers as it focuses on existing ones amid coronavirus outbreak. 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. Maximum monthly debit turnover N100 million. Switching couldn’t be easier. With HSBC's regular savings account, you can deposit between £25 and £250 a month – with First Direct's regular saver, it's … Money wellness... you are in section Home Rates and charges current Page: future payments... Contact moneysupermarket.com at Moneysupermarket House, St. David 's Park, Ewloe, Flintshire, CH5 3UZ be different... Our Service seems to be done before you head to uni, not least when choosing student... Facility and satisfaction guarantee Repayment charge if you ’ re using a public computer as someone else be! 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