First Direct 1st Account
Current account
£210
switching bonus
Penny's take
Strong value for eligible switchers who can meet the activity hurdles. First Direct's £210 bonus comes with no monthly fee, a £250 interest-free overdraft buffer, and fee-free overseas card use — a genuinely useful combination that makes the account worth keeping long after the bonus lands.
The medium difficulty rating is fair: you'll need to deposit £1,000, make five debit card payments, and transfer at least two direct debits, all within 45 days. The biggest catch is eligibility — anyone who has ever held a First Direct product or opened an HSBC current account since January 2018 is automatically excluded.
Requirements at a glance
Deposit requirement
Direct Debits
Transactions
Monthly fee
Online Banking
How to qualify
Requirements
- •Switch using the Current Account Switch Service (CASS)
- •Transfer at least 2 Direct Debits or standing orders
- •Deposit £1,000 within 45 days of account opening
- •Make 5+ debit card payments within 45 days of account opening
- •Log on to digital banking within 45 days of account opening
- •New customers only – must not have previously held a first direct product
- •Must not have opened an HSBC current account on or after 1 January 2018
- •UK residents only
Things to check
- You cannot previously have held a first direct product or have opened an HSBC current account on or after 1 January 2018.
Account Benefits
No monthly fee
Use the 1st Account without paying a monthly account charge.
£250 interest-free overdraft
The first £250 of an approved arranged overdraft is interest-free; borrowing above it is charged.
No First Direct fees abroad
First Direct charges no debit-card fee for overseas purchases or cash withdrawals; third-party charges may remain.