Important notes

We'll be the first to admit legal copy isn't the most thrilling of reads, but in short these legals set out some important details about first direct, our commitment to our customers and generally what to expect from our products. We've tried to make it as user-friendly as possible - but if you have any questions, just give us a call.

For written details of our services telephone 03 456 100 100. first direct 1st Account and other services are not available for business use. Applicants must be aged 18 or over. Calls may be monitored and/or recorded for training/security purposes. All applicants must have a private telephone and a UK residential address. first direct has a Minicom Text Telephone Number which is 03 456 100 147.

We reserve the right to decline to open an account. first direct credit facilities are subject to status.

We're covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to the current FSCS limit for deposits. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, each depositor would have a claim up to the FSCS deposit limit and so the maximum amount that could be claimed would be twice the current FSCS deposit limit. The FSCS deposit limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not to each separate account. first direct and HSBC are both trading names of HSBC Bank plc and customers who hold deposits with both trading names of HSBC Bank plc will only be eligible to one claim, up to the FSCS deposit limit.

M&S Bank is a trading name of Marks & Spencer Financial Services plc and is part of the HSBC Group. Deposits held with M&S Bank will be covered separately to deposits held with HSBC Bank plc, under the Financial Services Compensation Scheme, as both organisations are covered by separate banking licences. Therefore customers who hold deposits with both M&S Bank and with HSBC or first direct would be eligible to claim up to the FSCS deposit limit from both companies (up to twice the FSCS deposit limit in total).

For further information about the compensation provided by the FSCS (including the current limits, amounts covered and eligibility to claim) please visit the FSCS website or call the FSCS on 020 7741 4100 or 0800 678 1100.

Deposits made with our offices in the Channel Islands and the Isle of Man are not protected by the rules made under the UK's Financial Services and Markets Act 2000 for the protection of retail clients, including the Financial Services Compensation Scheme and the Financial Ombudsman Service. Deposits made with these offices are subject to local arrangements.

  • all rates shown are per year
  • apart from our Personal Loan, Regular Saver and Fixed Rate Savings rates, all our rates are variable
  • Personal Loan rates can change but once a loan is opened, the rate is fixed for the full term
  • AER stands for Annual Equivalent Rate which shows what the rate would be if interest was paid, compounded each year (interest on your interest) and no tax was taken off
  • all credit interest will be paid without tax being taken off (paid gross)
  • when we change our borrowing rates we'll usually advertise them in The Independent, The Times and The Guardian newspapers.

first direct is fully committed to following requirements of the Financial Conduct Authority and the Prudential Regulation Authority who regulate the financial services industry in the UK. The Money Advice Service produces a number of useful guides for consumers. Copies of these are available online at .

first direct is a division of HSBC Bank plc which is a member of the Financial Ombudsman Service. Further details of the Scheme are available from Exchange Tower, London E14 9SR.

Sharedealing service: Please remember that the value of shares and the income from them can go down as well as up: you may not get back the amount you invested.

You must have a minimum mortgage of £30,000 to qualify for an Offset Mortgage. With an Offset Mortgage, a charge is taken over the property to secure the house purchase loan and any linked borrowing.

Useful definitions

Term What we mean


AER stands for Annual Equivalent Rate. This shows you what the gross 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.

Tax free:

Free from UK Income Tax and Capital Gains Tax.

Variable rate loan:

With a variable rate loan, the interest charged will alter from time to time. This means that when interest rates rise, the interest will increase, but will become less when the interest rate falls. first direct mortgages are subject to status and security.

For written quotations and full details of our services, write to first direct, 40 Wakefield Road, Leeds LS98 1FD, or call 03 456 100 100. first direct credit facilities are subject to status. first direct reserves the right to decline to open an account for you.

first direct will supply information and product details to enable you to make an informed decision as to the most appropriate mortgage from our range, we do not provide advice on mortgage lending.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Our downloads are in a PDF format, and to read them you'll need to have Adobe Reader 4.0™ or above. It's free and you can get Adobe Reader here .

Useful contacts and advice

Financial Services Compensation Scheme

We're part of the Financial Services Compensation Scheme (FSCS), which can pay compensation to depositors if a bank can't meet its financial obligations. You'll find further information about first direct and the FSCS by downloading our PDF guide . Alternatively, you can contact them directly. or call on 0207 741 4100 or 0800 6781100.

Money Advice Service

The Money Advice Service is an independent service set up by government to provide free unbiased money advice for everyone.

Money advice service: or call on 0800 123124.