Overview

first direct is a telephone and online banking division of HSBC UK, offering current accounts, mortgages, savings, loans and credit cards. Known for its round-the-clock UK-based customer service and consistently high satisfaction ratings, it operates without physical branches. The bank appeals to self-service-oriented customers who prefer digital banking whilst maintaining human support when needed.

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first direct Fees & Review

  • Stocks & Shares ISA
  • Cash ISA

Stocks & Shares ISA

Fi Score rankingWhere this ISA ranks compared to other ISAs based on Fi Score 27

Fi Fee (£10k balance)(£100k balance)(£500k balance)Our unique calculation for comparable fees across brokers for each account type, based on a 10k100k500k portfolio. Your fees may vary. £168

ISA fee notes A £10.50 quarterly fee for first direct's Shares Account is needed for ISA access. There's also a £10.50 trading fee. You must also be a first direct current account customer.

Minimum account chargeThe minimum amount you need to pay for this Stocks & Shares ISA, excluding account fee reductions or discounts. £42

FX feeThe currency conversion fee when purchasing investments that aren't listed in GBP (£). N/A

In-specie transfersDoes the broker support the transfer of investments? Yes

ETFs

Account fee on ETFsThe account fee you'll pay when investing in ETFs. £42

ETF account fee capThe maximum amount you'll pay in account fees when investing in ETFs. £42

ETF trading feeThe amount you'll pay to invest in an ETF in this ISA, excluding trading volume discounts. £10.50

ETF regular investing feeThe amount you'll pay to invest in ETFs when using an ongoing regular investment. N/A

Mutual funds

Account fee on fundsThe account fee you'll pay when investing in mutual funds. N/A

Fund fee capThe maximum amount you'll pay in account fees when investing in mutual funds. N/A

Fund trading feeThe amount you'll pay to invest in a mutual fund in this ISA, excluding trading volume discounts. N/A

Fund regular investing feeThe amount you'll pay to invest in mutual funds when using an ongoing regular investment. N/A

Shares

Share trading feeThe amount you'll pay to invest in company shares, excluding trading volume discounts. £10.50

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The first direct Stocks & Shares ISA allows investors to choose their own investments in individual shares and ETFs. This ISA doesn't offer mutual funds, commodities, or money market funds.

The account doesn't offer fractional shares – you must buy whole shares of investments, making the market a little less accessible, and meaning you'll likely have leftover cash in your account (even if you wanted to invest it all).

This isn’t a flexible ISA, meaning you can’t withdraw and redeposit in the same tax year without negatively affecting your annual ISA limit.

In-specie transfers are supported, meaning you can transfer your portfolio from another investment platform – or to another platform – as long as the same assets are available on both.

first direct ranks joint-46th by Fi Fee for small investors (£10,000 portfolios), but fare much better at joint-23rd for large portfolios (balances of £500,000). To invest, you only need a minimum lump sum deposit of £1.

A £10.50 quarterly fee for first direct's Shares Account is needed for ISA access. There's also a £10.50 trading fee. You must also be a first direct current account customer.

Cash ISA

Interest rate (AER)The interest rate offered in their easy access (withdraw anytime) Cash ISA, or closest equivalent, at the time of our last update. 2.75%

Flexible?Can you withdraw and redeposit without affecting your annual ISA limit? No

Maximum withdrawalsThe most withdrawals you can make before it affects your interest rate Unlimited

first direct's cash ISA (easy access) offers a 2.75% interest rate to both new and existing customers.

There are no yearly limits to withdrawals, and you don't need to maintain a minimum balance to keep your account open or operating with the same interest rate, like you do with some other cash ISA providers.

This is the #27 ranked cash ISA on Financial Interest. They rank joint-18th by long-term interest rates (with short-term promotional rates excluded).

You need to hold a first direct current account to use its Cash ISA and you can't open a Cash ISA with HSBC in the same year.

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