ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Advertisement

Image of Mike Brown

Michael Brown

Acting Editor
Published: 03/07/2023
first direct logo in a book

News contents

It also includes a £175 switching incentive on its 1st Account.

Digital bank first direct scrapped its transaction and ATM withdrawal fees on its debit card for spending abroad today. The announcement comes as the bank says it aims to support its customers through the rising cost of living, but also as summer begins.

“Customers can make the most of their travels without worrying about extra charges. We hope this will help people enjoy their hard earnt holiday with extra peace of mind,” said Chris Pitt, CEO at first direct.

The first direct Debit Mastercard is given to those with a 1st Account. This is the bank’s current account option, and it can come with interest-free overdraft and exclusive access to a regular savings account at 7%.

The current account is also running a £175 switching incentive. This is earned once eligible members switch accounts using the Current Account Switch Service (CASS) and deposit at least £1,000 into the account within the first three months. 

Last updated: 03/07/2023

  • first direct

    Account: 1st Account

    Overdraft Rate (EAR): 39.90%

    Account fee: £0

    Switching incentive: £175 for accounts switched using Current Account Switching Service and at least £1K credited within 3 months.

    Other perks: No foreign transaction or ATM fees for overseas spending. 

What are my alternatives?

There are other current accounts which charge zero fees for transactions abroad.

For example, challenger bank Kroo offers zero fees for spending abroad and an interest rate of 4.10% AER on its balances. This can be particularly handy for those looking to keep their easy access savings and current account in one place.

All deposits with this bank benefit from the same £85,000 Financial Services Compensation Scheme (FSCS) protection as other easy access accounts.

For those who wish to separate their day-to-day spending from their holiday budget, there is the option to take out a travel credit card.

Some of the best cards with the lowest rates can be found on our charts.

Otherwise, to compare the pros and cons of travel and debit cards, read our guide.  

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.