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With First Direct I get none of this inconvenience. I can still use a branch if I want to but now I can choose from any one of the HSBC branches (first direct are part of the HSBC group) importantly I get access to the best telephone service I have ever come across. The operators are extremely ... Read review
Advantages: speak to a real person Disadvantages: charges on overdraft
...account.
With First Direct I get none of this inconvenience. I can still use a branch if I want to but now I can choose from any one of the HSBC branches (first direct are part of the HSBC group) importantly I get access to the best telephone service I have ever come across. The operators are extremely pleasant and most importantly efficient. It is not often that you feel like you are being treated as an individual but with First Direct ... ...the option whether to request First Direct to close your old bank account or leave it open. You also get to state the date from which you want the payments to be made from your First Direct account however you do have to allow at least 20 working days from returning the forms to First Direct to allow them to complete the transactions. Prior to this date any direct debits due will be collected from your old account. When deciding upon a date it is ... more
The competition for our banking business is not always as competitive as it should be, mainly because of customer inertia which results in many of us staying with the same bank. The main banks enjoy this as it helps them maintain market share. For many banks the current account is a loss leader, it provides little in the way of revenue provided the account holder remains in credit or within an agreed overdraft limit whilst the average cost for a bank to operate a current account is £70 per year. At least that was the figure used by the bank that I worked in for the past 16 years.
For most people it is seen as too much hassle to move their account or that there is little difference on offer so why bother and for 16 years I fell comfortably into that camp enjoying the convenience of being able to access my account from the branch located in our building. When I was made redundant and found myself enjoying a summer on garden leave that convenience was gone and suddenly I had to travel all the way into the centre of town, pay to park my car and queue with the great unwashed of Northampton, I even risked meeting some of the unsavory Ciao members that live in Northampton, you know who they are. I also discovered just how awful the telephone banking service is for my old bank with its multiple button pressing which ultimately sees you being routed to India to find out the balance of your account.
With First Direct I get none of this inconvenience. I can still use a branch if I want to but now I can choose from any one of the HSBC branches (first direct are part of the HSBC group) importantly I get access to the best telephone service I have ever come across. The operators are extremely pleasant and most importantly efficient. It is not often that you feel like you are being treated as an individual but with First Direct you do. Every interaction I have had has been personalized, there is always the offer of advice if required and on one occasion when a large amount was due into my account this was identified by the operator, however rather than go straight into a sales pitch they took time to ask the right questions to ensure that I knew what I needed to do with the money and only then did they mention the products that they had available. No hard sell and no unwanted follow up calls.
Opening an Account
Account opening can be either through the website or by completing an application form. The information requested is only that required to open the account and there is no fishing for possible sales leads at this early part of the relationship.
Once the account has been opened you receive a welcome pack. This contains the required forms to arrange for your salary to be paid into your account and also to transfer your direct debits and standing orders. With the transfer form you have the option whether to request First Direct to close your old bank account or leave it open. You also get to state the date from which you want the payments to be made from your First Direct account however you do have to allow at least 20 working days from returning the forms to First Direct to allow them to complete the transactions. Prior to this date any direct debits due will be collected from your old account. When deciding upon a date it is a good idea to select a time of the month when payments do not usually go out as there will be less chance of any payments being missed. By the way if anyone uses NTL for any service it does not matte what date you select the will still cock it up.
With the exception of NTL I was really impressed with the transfer service and everything seems to have gone smoothly which is not bad when you consider that I have over 22 mandates set up on my account.
As part of the security procedure your debit card, pin number, cheque book and paying in book all come by separate delivery and usually arrive within ten days of the account being opened.
Account Facilities
With the account you receive a debit card and cheque book as well as a paying in book. Statements are issued monthly and contain all the relevant detail. You also get an automatic overdraft limit of £500 and this can be increased up to £1,000 upon request by yourself at no extra charge. However if you want an overdraft facility above £1,000 then you will be charged 1% of the new limit as a one off charge. This is probably the only area which lets First Direct down as my previous bank did not make such a charge basing its overdraft facility on the credits going into the account. It is not that I live life overdrawn just that it s nice to know I have the facility if it is required before I'm able to move savings money into the account.
The account does not pay a great interest rate on credit balances, effective from 1st August the credit rate is 1.58% net which is not very generous however this type of account should be viewed as an account for day to day living and not a place to keep long term savings. For me the rate is not the most important feature as I move any surplus into other higher paying accounts and given the average balance of the account the net gain from a higher rate would be negligible. The overdraft rate is also slightly on the high side with a rate of 10.48% p.a. on an agreed overdraft and a whopping 18.47% p.a. on an unauthorized overdraft. For a full list of charges on the account check out the website.
As well as being able to set up direct debits and standing orders you can also set up a bill payment facility however existing bill payments are not transferred as part of the transfer process.
The debit card doubles up as a cheque guarantee card up to the value of £100 and is a chip and pin card using either the Maestro or cirrus system depending on location. No charges are made by First Direct for withdrawals from most cash machines however be aware that some machines, typically those found in pubs and clubs will charge you for withdrawing money.
Operating the Account
You have a number of options when it comes to operating your account.
There is an excellent web site to operate the account online. It is easy to navigate and is well set out with clear uncluttered text. With the exception of actually withdrawing cash all other transactions can be performed and you can link the account to other online savings accounts to make it easy to transfer funds. Be aware that First Direct do offer a very attractive 5% on their online saver account however if you make a withdrawal from this account you receive no interest for the whole of that calendar month.
You can also operate your account by phone. There is one simple number 08456100100 to use for all transactions and the real beauty here is there is no endless pressing of buttons to filter your call. You are put straight through to a real person; the longest I have ever had to wait to speak to someone is less than two minutes and the service is 24 hours 7 days a week.
Another feature that I like is that I do not have to have my account number with me instead the security procedure makes use of a password and some personal information. This is one less set of numbers that I need to remember.
For paying in money you can either visit a HSBC branch or send in cheques by post using the freepost envelopes that are sent with the welcome pack additional supplies of which can be ordered via the website.
Withdrawing funds is via any of the HSBC cash machines or those displaying the Maestro or Cirrus logo.
Security
One of the big concerns with any bank and in particular those that rely on a non face to face service is account security.
To be honest the greatest risk to your money is a rampant partner armed with a credit card in the sales but we have all heard about the lapses in security and the problems of identity theft.
Most people in the industry will tell you that it is the banks own computer systems that are most at risk against the determined fraudster while customer stupidity is the next biggest risk. First Direct will never ask you for your whole password instead they use a random selection system to ask for three characters in the password when you contact them. If you transact online this password is different to the one that you use on the phone.
For online transactions you use a customer id number and your account number followed by the requested three digits from your password.
For telephone transactions name and postcode start the process followed by the random password characters and then a personal question like place of birth as final conformation.
In addition e-mails have limited account details contained in them to help ensure that you are not being hoaxed and do not contain links to the first direct website to avoid the potential for fishing.
Conclusion
For me to recommend a financial institution they must be pretty good and I would not hesitate to recommend First Direct. In fact it was an even fussier friend who switched me on to them, this professional complainer from Yorkshire was often heard to sin their praises and they have not been proved wrong.
If you are not worried about interest rates and keep your account out of the red and want an excellent personalized service then you cannot go far wrong taking a look at First Direct, they only miss getting 5 stars due to the limited free overdraft facility.
Of any by the way at the moment on the website they are offerring £50 if you switch your account to them.
Advantages: Excellent customer service Disadvantages: Low interest rate
...written a reviews recently about First Direct (a division of HSBC Bank plc) and their products and facilities and 'no', I do not work for them and am not on any commission! However, I would be delighted to work for them as I think they are absolutely first class..... After 30 years of banking with the Halifax I moved to First Direct for my banking. The reason I moved was because I took out a mortgage with First Direct and one of the conditions for ... ...can quite honestly say that First Direct are like a breath of 'fresh air' in the world of banking. This is one of the best moves I have ever made and I am delighted with the outstanding customer service and the excellent products that First Direct offer. One of the most pleasing things about First Direct is the superb level of customer service. Whenever I ring customer service I speak to a real friendly person in the UK! The call is usually answered ...
Krazikas 14.06.2009
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Ciao members have rated this review on average: very helpful Review of First Direct
Advantages: Superb service, friendly staff, access via phone, internet, email, text message whenever you need it Disadvantages: none whatsoever
I joined First Direct about 2 years ago. I had just graduated and was fed up with my current bank (NatWest) who did not seem to do ANYTHING to make life easier for me, the customer.
My other half recommended FD to me, and at first I was a bit dubious about a bank where you couldn't actually go into a branch and see anyone. However, I have to say that First Direct have been fantastic from the word 'go'.
Because of the hours I work, and where I work ... ...bank in person. With First Direct, it doesn't matter. I set up my account over the phone, they sent through the paperwork and off I went. I've set up a couple of savings accounts in addition to my current account - no problems at all. I can sort out all my Standing Orders, DDs and other payments online (or over the phone).
Having banked with NatWest, although they did have an online service & a telephone service, I found that the internet banking ...
garbadine 11.06.2004
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Ciao members have rated this review on average: very helpful Review of First Direct
Advantages: Excellent first class service, fast response, high security, can bank via PC, internet, mobile phone & telephone 24 hours a day Disadvantages: none really (interest rates for internet could be higher..though they aren’t bad)
I have been banking with First Direct, a division of HSBC Bank since 1995. With 7 years experience with this bank I would like to put forward my opinion of their internet banking and service.
First direct was one of the first telephone banking services introduced in the UK in the late 1980’s; offering 24/7 access to your bank account; something quite unheard of at that time! So, when First Direct made the revolutionary move and launched their ... ...of the population. Long before First direct they launched their internet/PC banking service they had been extensively testing their own java backed software program allowing customers to control their banking transactions from their home PC’s. First Direct has come a long way since those early days and is currently able to provide secure and highly functional banking via the internet or PC.
First Direct – The Website:
On first impressions ...
Connoisseur_Haggler 24.02.2002 (27.02.2002)
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Ciao members have rated this review on average: very helpful Review of First Direct
Advantages: 24/7 Helpful Customer Service, text message banking, online banking Disadvantages: Charge high fees for unauthorised items, no branches
...have I ever heard of First Direct. I had seen some of their adverts on TV but to be honest never paid much attention. As I had got no where with the other banks, it had to be worth a look at least.
Knowing that they were an online bank they obviously had a website so I set about finding it. Easy enough (www.firstdirect.com). I sat and looked through all of the information on their site which gave me everything I wanted to know so I requested an ... ...and sent it off to First Direct along with details of my current bank account. The reason they need to know this information is so that they can contact your old bank to gain a list of all of your direct debits and standing orders set up on your account so that they can set up your new account correctly.
Once your account is open and they have a list of all your direct debits etc, they send you details of your account along with the list they received ...
Andy0304 07.10.2004
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Ciao members have rated this review on average: very helpful Review of First Direct
Advantages: Efficient, quick, easy to use, free access Disadvantages: None at all
...have been a customer of First Direct ever since they first began trading offering a telephone banking service, and I have always been a satisfied customer.
About two years ago First Direct decided to go on line and offered their customers the opportunity of PC banking. The unfortunate thing about this was that you had to load the software, provided by First Direct, from a disk onto your PC and then use it via a high cost telephone call whether you ... ...the various services available via First Direct - accounts, loans, mortgages, capital investments, shares, etc. There is a facility to set up your account on line, but I can’t comment on the effectiveness or ease of this, as I was already a customer when PC banking was introduced.
When you log on to PC banking from the First Direct home page you are first taken through security. You have to say whose account you wish to access and then you ...
SusanLesley 13.07.2001
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Ciao members have rated this review on average: very helpful Review of First Direct
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