Price: Our 1st Account costs £10 per month unless:
- your account has been open for less than 6 months
- at least £1,000 is paid in each month (not including transfers from other first direct accounts)
- your 'average account balance' is more than £1,000 in any calendar month i.e. your total balance at the end of each day divided by the number of days in the month (again not including transfers from other first direct accounts)
- you have a mortgage, credit card, Personal Loan, savings (except Regular Saver), First Directory or Home Insurance with us
- there are no transactions on your 1st Account for more than 90 days and the balance is less than £10.
We don't charge a fee for any additional 1st Account you have in the same name(s) - if you have a 1st Account in your sole name and one in joint names, or you have joint accounts with different people, these aren't in the same name so you'll be charged another fee.
- UK and overseas payments
- contactless debit card and cheque book
- overdraft (if you ask and we can offer you one) - the first £250 is interest-free
- manage your account via Internet Banking, our Banking on the go App, telephone banking, self-service machines and by post
- withdraw cash, pay in cash/cheques and check your balance at HSBC Bank and Post Office® branches
- you can automatically 'sweep' spare money into one of our savings accounts on whichever day you want, to help you save.
To be eligible: You need to be 18 or over when you apply.
Internet Banking means our online banking service.
Our Banking on the go App is our mobile banking application which can be downloaded to any mobile device that supports it and allows you to view your balances, last 90 transactions, make payments, transfer money between your accounts and much more.
Back to the top
If you're not reading this with a hot beverage, you're doing it wrong.
Overdrafts are a short-term way to borrow money on your account although we can't offer them to everyone. They can be a useful way to buy what you need, but we don't recommend you rely on them. Ours are only available on 1st Accounts, not savings accounts.
Overdraft interest i.e. what you pay for using an overdraft
You'll be charged overdraft interest if you're overdrawn by more than £250. Our current rate is 15.9% EAR (Effective Annual Rate) variable. In case you don't already know, overdrawn is where you borrow money from us to cover a transaction that's for more money than was in your account at the time.
If your 1st Account is linked to an Offset Mortgage, you'll be charged overdraft interest at your mortgage rate on your whole overdrawn balance - even the first £250.
A representative example
If your 1st Account isn't linked to an Offset Mortgage, we don't charge overdraft interest on the first £250 of formal overdrafts. So if your account has a limit of £1,200 and you use it all for 30 days, you'll be charged interest for borrowing £950 at a rate of 15.9% EAR variable which would cost you £11.59.
We can't offer overdrafts to everyone and they're only available on our 1st Account.
What we mean by 'formal' and 'informal' overdraft requests
A formal overdraft request is where you ask us for an overdraft before making any payments that would take your account overdrawn or over your current formal limit.
An informal overdraft request is when you authorise a payment that would take your account overdrawn if you don't have a formal overdraft or over your formal overdraft limit if you do.
Each time you go overdrawn (if you don't have a limit) or over your limit, we'll treat this as a new informal overdraft request. If we agree to it, you'll need to repay your informal overdraft within 31 days.
What you'll be charged for an overdraft
We may charge you interest for the amount and time your account is overdrawn. We'll calculate this each day and it will usually come out of your account once a month unless we have to make a demand for you to repay the outstanding debt or when the account is closed. The current rate is shown in the example above.
We'll give you at least 14 days' notice before any overdraft interest or charges come out of your account.
As well as overdraft interest, you'll be charged a £5 Informal Overdraft Usage Fee on any day your 1st Account's in informal overdraft. You won't be charged a daily Informal Overdraft Usage Fee if:
- you pay in cleared money i.e. not a cheque before the end of the day (11:45pm) to cover the informal overdraft amount
- your informal overdraft is £10 or less
- your 1st Account has been in informal overdraft for more than 30 consecutive days.
If you're struggling to stay within your overdraft, please give us a call and we'll talk you through your options.
When it comes to daily Informal Overdraft Usage Fees, you won't be charged:
- more than £80 in a single Charging Month
- more than the amount your 1st Account was in informal overdraft during a Charging Month
- if your 1st Account is in informal overdraft only because of an overdraft or interest charge.
When it comes to charging, a month isn't a calendar month. A Charging Month starts on the date your account was opened (unless you ask us to change it) eg if your account opened on the 20th, your Charging Month will run from that day until the 19th of the following month.
If you're charged because of a problem caused by the Current Account Switch Service, we'll refund any of our charges and/or interest.
If you're a Northern Ireland customer using our switching service, your old bank should refund any charges or interest you've paid to them and, we'll give you an interest and charge-free overdraft for 3 months from the date you open your account with us, if we can offer you one which we'll confirm when we open your account.
In line with our Terms, we can cancel or ask you to repay all or part of your overdraft at any time but this will normally only happen if your personal circumstances change. Please give us a call if you have any questions.
What happens if we don't agree to your overdraft request
If you make a formal overdraft request, we'll tell you if it's agreed when you apply. If an informal overdraft request is declined we may not make the payment you've authorised although we'll always try to contact you before this happens so it's important you keep your contact details up to date.
When you have to repay your overdraft
Overdrafts are a short-term way to borrow money so you shouldn't rely on them. If you find you're often in your overdraft, it may be worth giving us a call to see if we can suggest a better or cheaper option.
If you're using your overdraft:
- you need to make regular payments into your account and tell us straightaway if you can't
- we can end your overdraft and ask you to repay it at any time. If we do this, we'll write to you
- we can ask you to repay part of your overdrawn balance at any time.
We'd normally only end or reduce an overdraft due to a change in your personal circumstances.
Joint account overdrafts
We can ask either joint account holder to repay an overdraft on a joint account in full as both parties are equally responsible.
Back to the top
Text alerts to avoid charges
Don't worry we won't use text speak - and definitely no emojis.
If we hold a mobile telephone number for you, we may send you text messages to help you avoid charges eg on a day where we've agreed an informal overdraft (an overdraft we haven't agreed in advance) on your account or there's not enough Available Balance in your account to meet your payments.
If you'd like to opt out of these messages, please give us a call.
It may not always be possible for us to send you text messages eg if we have system problems or after 10.45pm so it's important you check your account regularly to avoid unnecessary charges.
We'll send text messages to the mobile telephone number we hold for you so it's important you keep your contact details up to date.
When you're outside the UK, some mobile operators may charge you for receiving texts. If you tell us when you go, we can temporarily suspend text alerts so you can avoid these charges.
Your Available Balance includes all cleared funds (including any cleared cheques) and any formal overdraft you have.
One day in the future, terms and conditions will be beamed directly into your mind. Today is not that day. Sorry.
Back to the top