First Direct Fees 2026 — Account Charges, Overdraft Costs and Foreign Transaction Fees

Part of our First Direct UK — Complete Guide 2026 hub.

First Direct’s 1st Account is one of the most competitive free current accounts in the UK — fee-free with £1,000+/month in payments, with a genuine £250 interest-free overdraft buffer, no fee for overseas debit card spending, and a track record of generous switching bonuses. Here’s every fee explained.

First Direct Fees at a Glance

Always verify charges at firstdirect.com/rates-and-charges/charges/ — fees can change.

Monthly Account Fee

The First Direct 1st Account charges £10/month only if your incoming credits fall below £1,000 in a given month. This threshold is easily met by most full-time and part-time workers whose salary is paid directly into the account.

If you’re unemployed, self-employed with irregular income, or use the account as a secondary current account, the £10/month fee may apply.

Fee exemption tip: Monthly credits count cumulatively — you don’t need a single £1,000 payment. Multiple smaller credits totalling £1,000 or more in the calendar month will waive the fee.

The £250 Interest-Free Overdraft

First Direct’s arranged overdraft includes a £250 interest-free buffer — meaning the first £250 of any agreed overdraft costs absolutely nothing. Interest at 39.9% EAR only begins on balances above £250. Since 19 May 2026, First Direct has also stopped charging interest on unarranged overdraft use altogether.

This is one of the best overdraft buffers from any mainstream UK bank. If you occasionally dip a small amount into the red, First Direct’s buffer means it won’t cost you anything.

Cost example: Using £500 arranged overdraft for 30 days — only £250 is charged interest. At 39.9% EAR, that costs approximately £8 rather than the £16 it would cost at a bank with no buffer.

Overdraft Rate Comparison

Foreign Transaction Fees

As of September 2026, First Direct charges no fee of its own for non-sterling debit card use:

• No fee on overseas card purchases in a foreign currency
• No fee for overseas ATM withdrawals

This is a recent-looking but confirmed position on firstdirect.com: “We don’t charge any fees for making debit card payments, or cash withdrawals, in a foreign currency or from a cash machine outside the UK.” Exchange rates are passed through at the Mastercard rate with no First Direct markup. Some individual overseas ATM operators may still apply their own withdrawal fee, which First Direct doesn’t control.

Note this fee-free treatment applies to the debit card — First Direct’s credit card, where held, is a separate product that does apply a non-sterling transaction fee (2.99%, similar to most UK credit cards used abroad).

This makes First Direct’s debit card one of the more competitive options for overseas spending among mainstream UK banks, on a par with specialist travel accounts like Starling and Chase.

Switching Bonus

As of 15 September 2026, First Direct’s website advertises a cash switching bonus of £210 for new customers who switch their main account via the Current Account Switch Service (CASS) — made up of a £175 base bonus plus a time-limited £35 boost for accounts opened between 14 September and 2 December 2026. The offer requires paying in at least £1,000 within 45 days of switching.

This is a promotional, time-limited offer and the amount changes periodically. Always check the current figure and eligibility criteria at firstdirect.com before switching, rather than relying on the figure above.

Payment Fees Summary

Related Guides

• First Direct UK — Complete Guide 2026
• First Direct Review 2026
• First Direct ATM Limit 2026
• First Direct Savings Account 2026
• Best 0% Overdraft Bank Accounts UK