First Direct 1st Account

he First Direct 1st Account remains a perennial favorite among UK current accounts, largely thanks to its generous new customer cash reward and stellar reputation for customer service. This fee-free account offers more than just everyday banking; it provides tangible incentives and attractive savings opportunities. If you’re considering a switch and value excellent support alongside financial perks, the First Direct 1st Account could be your ideal choice. At Compare100, we break down everything this top contender offers. This helps you decide if it’s the best current account for your needs.

Key Features of the First Direct 1st Account

The First Direct 1st Account is packed with benefits designed to attract and retain customers:

£175 Cash Reward: New customers can earn a substantial £175 cash reward. This incentive is paid directly into your account once you meet specific eligibility criteria. It represents a significant welcome bonus.
Fee-Free Banking: This account comes with no monthly charges or maintenance fees. You enjoy standard banking services without additional costs.
Interest-Free Overdraft: Subject to status and eligibility, the account includes a £250 interest-free arranged overdraft. This provides a useful financial buffer without incurring immediate charges. Beyond this interest-free limit, standard rates apply.
7% AER Regular Saver: Account holders gain access to a highly competitive Regular Saver account. This allows you to save between £25 and £300 each month and earn 7% AER interest. This is an excellent tool for building up savings consistently.
Exceptional Customer Service: First Direct is renowned for its award-winning customer support. They offer 24/7 assistance via phone or their mobile app. This ensures you can always get help when you need it.
14-Day Satisfaction Guarantee: First Direct offers a unique guarantee. If you are unsatisfied with the account after receiving your welcome pack, you have 14 days to close it without penalty. This commitment demonstrates their confidence in their service.
Robust Digital Banking: Manage your money effortlessly with First Direct’s highly-rated mobile banking app and online platform. You can check balances, make payments, and manage Direct Debits on the go.

How to Qualify for the £175 Cash Reward

To receive the £175 cash reward with your First Direct 1st Account, new customers typically need to meet the following conditions:

Use the Current Account Switch Service (CASS): You must transfer your existing current account to First Direct using the CASS.
Deposit Funds: Deposit a minimum of £1,000 into your new account.
Set Up Direct Debits: Establish at least two active Direct Debits from your account.
Make Debit Card Payments: Complete at least five debit card payments using your new card.
Log into Digital Banking: Access either the First Direct mobile app or online banking within a specified timeframe, usually 45 days of account opening.

Always check the latest terms and conditions on the official First Direct website for precise requirements.

Who is the First Direct 1st Account Best Suited For?

The First Direct 1st Account is an excellent choice for:

New Current Account Switchers: Anyone looking to benefit from a significant cash incentive for switching banks.
Customers Valuing Service: Individuals who prioritize excellent, accessible 24/7 customer support.
Savers Building Funds: Those who can regularly save a small amount each month to take advantage of the 7% AER Regular Saver.
Users Needing a Buffer: The interest-free overdraft can provide peace of mind for managing occasional short-term shortfalls.
Those Seeking Hassle-Free Banking: Its fee-free nature and strong digital tools appeal to customers wanting simplicity and efficiency.

Important Considerations for This Account

While the First Direct 1st Account offers great advantages, be aware of these points:

Reward Eligibility: You must meet all specific criteria to receive the £175 cash reward. Failure to meet any condition means you will not get the bonus.
Regular Saver Limits: The 7% AER interest only applies to deposits between £25 and £300 per month. Savings above this or in other accounts will earn standard rates.
Overdraft After Introduction: The £250 interest-free overdraft is fixed. Interest charges apply to any overdraft amount exceeding this limit.
Digital Focus: While offering phone support, First Direct operates purely online and by phone. It does not have physical branches. This might be a consideration for those who prefer face-to-face banking.

Comparing the First Direct 1st Account

The First Direct 1st Account is a strong contender. However, it’s crucial to compare it against other UK current accounts to find your perfect match. For example, consider:

Cashback Accounts: Options like the Santander Edge Account offer ongoing cashback on spending and bills.
Interest-Earning Accounts: The Nationwide FlexDirect Account provides introductory interest on in-credit balances.
Perks-Based Accounts: Accounts such as the Club Lloyds Account focus on lifestyle benefits rather than direct cash.
Purely Digital Options: For a streamlined app-only experience without incentives, the Monzo Current Account is a popular choice.

Use Compare100.com’s extensive tools to analysis various money deals and make an informed decision that aligns with your long-term financial goals.

Conclusion

The First Direct 1st Account stands out as an attractive option for new UK customers seeking a substantial cash reward and exceptional customer service. With fee-free banking, an interest-free overdraft, and a rewarding Regular Saver, it offers a well-rounded banking experience. If you meet the eligibility criteria for the bonus and value reliable, accessible support, the First Direct 1st Account is a top choice for your financial needs.