ISA Key Features
and Terms and
Conditions.
Contents
Section 1
Key Features for the rst direct Cash ISA.
Section 2
Terms and Conditions for the rst direct Cash ISA.
Introduction.
Because life is busy and nancial decisions are becoming more complex, rst direct seeks to clarify
issues for you and present choices which we believe might meet your needs.
This brochure introduces rst direct’s Cash ISA product. It is designed to provide you with sufcient
information to decide if rst direct’s Cash ISA meets your savings needs. We have included a section
entitled ‘Key Features of rst direct’s Cash ISA’, which we strongly recommend you read.
Although ISAs may be regarded as quite complex, we have tried to keep this brochure simple.
However, if after reading it you feel you need further information about rst direct’s Cash ISA, please
call us on 03 456 100 100
†
.
What is an ISA?
An ISA is a tax efcient way of saving or investing. There are four different types of ISA:
There are four types of ISA:
• stocks and shares
• cash
• innovative nance*
• lifetime*.
A payment by you into an ISA in any tax year is called a subscription. You can only subscribe to one
type of cash ISA and one type of stocks and shares ISA across HSBC and rst direct.
*please note rst direct do not offer an innovative nance ISA or a lifetime ISA.
How much can I subscribe to an ISA?
Because of their tax advantages ISAs are subject to annual subscription limits. The overall ISA
subscription limit is £20,000 for the current tax year, within this the Lifetime ISA has it’s own annual
payment limit (currently £4000).
You can only subscribe to one type of cash ISA and one type of stocks and shares ISA across HSBC and
rst direct.
Please note that each year all ISA providers are required to report details of ISA subscriptions made
by their customers to HM Revenue & Customs (HMRC) so that HMRC can check that individuals do
not exceed the limits. ISAs may be transferred to another ISA with the same or a different ISA provider.
When an ISA is transferred in this way, the amount transferred is not a subscription and therefore does
not count towards the subscription limits explained above.
ISAs can only be held in a sole name, jointly held ISAs are not permitted.
To maximise your ISA allowance, subject to the Terms and Conditions of the ISA product(s) you choose, you
can invest a lump sum or make regular payments, up to your annual ISA allowance.
There’s no commitment to tying up your money for a minimum investment period, however, the stocks
and shares option should be viewed as a long term investment, ie: for at least ve years.
Remember that the value of shares can go down as well as up and you may not get back the
amount you originally invested.
You may make transfers between ISAs in the ways listed below – please check on any specic product
terms before transferring an ISA. Please note that when transferring from one ISA to another, the amount
transferred does not count towards the annual ISA subscription allowances:
• between ISAs of the same type
• between ISAs of different types
• current tax year subscriptions must be transferred in whole with rst direct, but previous tax year(s)
subscriptions can be transferred in whole or in part.
Key Features.
Summary Box.
Account name. Cash ISA.
What is the interest rate?
Balance. All balances.
Interest Rate. 2.85% AER / (2.81% Tax Free).
Interest is variable, calculated daily and credited monthly.
Can rst direct change the
interest rate?
Yes. The account pays a variable rate of interest, which means it can change
over time. The rst direct Cash ISA Terms and Conditions explain when
and how we do this. For example, we might review the interest rate if the
Bank of England base rate changes.
What would the estimated
balance be after 12 months
based on a £1,000 deposit?
Initial Deposit. £1,000
Interest Rate. 2.85% AER / (2.81% Tax Free).
Balance at end of 12 months - £1,028.50.
For the purpose of this calculation, it is assumed:
• initial deposit of £1,000
• no additional deposits
• no withdrawals
• the interest rate remains the same during the 12 months.
Projection provided for illustrative purposes only and does not take into account
individual circumstances.
How do I open and manage
my account?
Eligibility:
• you must hold a rst direct 1st Account, our current account
• be aged 18 years or over
• In addition, in order to subscribe you need to be resident in the UK for
tax purposes, or if not so resident, be a UK Crown employee serving
overseas, or be married to, or in a civil partnership with, such a person.
How to open the account:
• this account can only be opened in a sole name.
• open an account via Online Banking, by post or via our Mobile App
• or you can transfer current and/or previous tax years subscriptions by
completing an ISA transfer form.
Minimum/Maximum Balance:
• a minimum of £1 must be deposited to open the account
• The overall ISA subscription limit is £20,000 for the current tax year, within
this the Lifetime ISA has it’s own annual payment limit (currently £4,000).
You can only subscribe to one type of cash ISA and one type of stocks and
shares ISA in the same tax year across HSBC and rst direct.
• there is no maximum balance.
How to manage the account:
• once opened the account can be managed via Online Banking, telephone
banking, by post or via our Mobile App.
Key Features of rst direct’s Cash ISA.
The Financial Conduct Authority is a nancial services regulator. It requires us, rst direct, to give you this
important information to help you to decide whether our Cash ISA is right for you. You should read this
document carefully so that you understand what you are buying, and then keep it safe for future reference.
Cash ISA.
Can I withdraw money? Yes, you have instant access to your account. You can make as many fee
free withdrawals as you like. However any amount you have paid into your
ISA will count towards your annual ISA subscription limit even if you later
withdraw it.
If you withdraw funds from your ISA you will lose the associated future tax
benets.
Additional Information. A 30 day cancellation period applies to this account.
Interest is paid tax-free, that means it is paid free from UK Income Tax and
Capital Gains Tax.
The value of tax benets provided by a cash ISA depend on your
personal circumstances and tax rules may change in the future.
Denitions:
• AER stands for Annual Equivalent Rate. This shows you what the gross
rate would be if interest were paid and compounded each year
• ISA stands for Individual Savings Account.
Rates correct as at 10 August 2023
Who can have a Cash ISA?
Customers need to be aged 18 or over. In addition, in order to subscribe you need to be resident in the
UK for tax purposes, or if not so resident, be a UK Crown employee serving overseas, or be married to,
or in a civil partnership with, such a person.
If you wish to transfer an existing ISA to us, please call us on 03 456 100 100
†
, Text-phone
03 456 100 147 or download a transfer form from firstdirect.com/savings/cash-isa
You can transfer cash ISAs and stocks and shares ISAs to a rstdirect Cash ISA. Where you are
transferring a stocks and shares ISA, your stocks and shares ISA manager will, after receiving the
instruction to transfer, sell your shares and make the transfer to us in cash.
Cancel, close or transfer your ISA.
If you decide that you no longer want your rst direct Cash ISA, you can choose to cancel within 30
days from the date on your welcome letter. If you do this:
• Any subscription(s) you made to the rst direct Cash ISA within these 30 days will be cancelled and
you will be treated as if you did not subscribe to the rst direct Cash ISA.
Any previous or current tax year’s subscriptions that you transferred to us from another ISA will not be
cancelled and you will lose the future tax benets of continuing to hold the money in an ISA. To keep the
tax benet of holding the money in an ISA, you can instead transfer to another ISA (with ourselves or
another ISA provider).
If you open a cash ISA close to the end of the tax year and choose to exercise your cancellation rights in
the following tax year, you will not be able to open a cash ISA for the previous tax year.
After 30 days, you can:
• close the account at any time, with no charge. If you do this, you’ll lose the future tax benets of
continuing to hold the money in an ISA.
• transfer to another ISA at any time, free of charge. If you do this, you’ll maintain the tax benets of
holding the money in an ISA.
To cancel or close your account, please chat with us via our App or Message Us via Online Banking, call
us, or write to us at: rst direct, 40 Wakeeld Road, Leeds LS98 1FD
To transfer to another ISA provider, you will need to contact them and complete their transfer application.
Full details of your cancellation and closure rights are given in the rst direct Cash ISA Terms and
Conditions.
When we cancel or close your account, we pay you the balance in it with gross interest at the appropriate rate.
What should I do next?
Cash ISA.
If you have decided that the rst direct Cash ISA is the most appropriate for you then:
• visit us at rstdirect.com or call us on 03 456 100 100
†
You can only subscribe to one type of cash ISA and one type of stocks and shares ISA in the same tax
year across HSBC and rst direct.
Once you have applied we will tell you if your application has been successful and when we will open
your account. This may be subject to appropriate identication, address verication or other specied
documentation being produced to us.
Further Information.
Complaints.
If you are unhappy with any aspect of our products or services, then please let us know by calling us
on 03 450 511 378, chat with us via our App or Message Us via Online Banking or write to us at:
rst direct, 40 Wakeeld Road, Leeds LS98 1FD.
For full details of our complaint handling procedures, you can ask for a copy of our ‘listening to your
comments’ leaet or visit ‘legals’ at rstdirect.com
rst direct is a member of the Financial Ombudsman Service. If you’re not happy with our response,
you can contact them. Their details are below:
Financial Ombudsman Service, Exchange Tower, London E14 9SR
0300 123 9 123
complaint.info@nancialombudsman.org.uk
The Financial Ombudsman Service will generally review complaints from retail customers. Even if you
have been classed as a retail client by a provider, they may not regard you as an eligible complainant.
Complaining to the Financial Ombudsman Service won’t affect your legal rights.
Financial Services Compensation Scheme (FSCS)
We’re covered by the FSCS. This can pay compensation to depositors if a bank is unable to meet its
nancial obligations. Most depositors are covered by the scheme.
For further information about the scheme (including the current limits, amounts covered and eligibility to claim):
visit fscs.org.uk
call the FSCS on 020 7741 4100 or 0800 678 1100
For all other enquiries on your account please contact rst direct on 03 456 100 100
†
.
HSBC UK Bank plc’s registered VAT number is GB365684514 and its company register number is
09928412.
Law.
These key features and our Terms and Conditions and our dealings with you until the time you enter
into the contract shall be read and interpreted in accordance with the laws of England and Wales
and you and we submit to the non-exclusive jurisdiction of the English and Welsh Courts. These
key features and our Terms and Conditions are in English, which is the language we will use in our
communications with you.
Data Protection.
Under the data protection legislation you can ask in writing for a copy of any personal records we hold
about you. We may make a charge for this service.
Effective from 23 November 2021
Our Individual
Savings Account
(ISA) Terms and
Conditions
2
Contents
Page
Our agreement 3
1. How we’ll keep in touch 4
Your account 6
2. What restrictions apply to your account? 6
3. What happens if your spouse or civil partner dies? 7
4. What happens if you die? 7
5. Can you transfer money in from another ISA? 8
6. Can the money in my account lose its tax exempt status? 8
Your account – who can use it and keeping it secure 8
7. Checking it’s you and keeping your account secure 8
8. Can someone else act for you? 10
Giving each other information 11
9. Statements and other information we’ll give you 11
10. Your information – When we need it and what we do with it 11
11. About tax 11
Payments in and out of accounts 12
12. Payments into your account by mistake or fraud 15
13. Refusing payments 15
14. Why we might not be able to make a payment 16
15. Blocking your payments and services 17
16. How you can make payments from your account 17
17. Cancelling or changing payments (other than cheques) 19
18. If a payment goes wrong or money goes missing from your account 19
19. Refunds 21
About charges and how we pay interest 22
20. Interest rates 22
21. Charges 22
Our relationship with you 24
22. Changes we can make 24
23. Changes we can make without telling you in advance 26
24. how can you close your account or end this agreement 26
25. How we can end this agreement and close accounts 27
26. Paying what you owe before closing the account 27
27. Transferring this agreement 28
28. When we aren’t responsible for things that go wrong 28
29. Which country’s courts and laws apply? 28
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Our Agreement.
You and first direct: Our agreement.
When you open an account with us, you’re setting up an agreement between first direct, a division of
HSBC UK Bank plc and you, the person or persons we’ve opened one or more accounts for.
You’ll find the terms of that agreement here.
This agreement covers our Cash Individual Savings Accounts (ISAs) and services.
We ask you to read the terms because they’re what you’re agreeing to. They’ll also be useful to help
you understand your account. This includes what happens if things go wrong.
For some of our products or services (for example, Online Banking), the terms we give you when you
request the product or service will also apply.
Our accounts are not to be used for business purposes or (unless we tell you or agree otherwise)
holding money for someone else, for example in a trust. If you need a business account, give us a call
and we can help you get in touch with HSBC UK who offer these.
Sometimes we use specific terms that are standard in the industry. There’s a list of these terms at
firstdirect.com/terms-and-conditions. If you still need help understanding something, then you can
‘message us’ using our Mobile App or Online Banking, or call us on our usual number. We’ll be happy
to help.
Some useful information.
In these terms, you’ll find some boxes with the symbol (!). These aren’t part of our “agreement” with
you but they give you some useful information about your account.
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1. How we’ll keep in touch.
We’ll sometimes need to contact you about your account and your relationship with us. So it’s really
important that your contact details are correct and up to date.
If anything changes, you must tell us as soon as you can but always within 30 days. If you don’t, we
won’t be responsible if you don’t get information or notices from us.
Contacting us.
You can contact us by any of the methods shown in the table below.
If you’re outside the UK and want to contact us to report your card or security details as lost or stolen,
then you can do this free of charge through Mobile or Online banking.
Ways to contact us From the UK From anywhere else
Phone - Lost or stolen cards
and PINs
0800 085 2404 Report free via Mobile/Online
banking
Phone - Complaints 03 450 511 378 +44 113 234 5678
Phone 03 456 100 100 +44 113 234 5678
Textphone 03 456 100 147
Mobile Banking first direct Mobile Banking App
Online Banking firstdirect.com
Chat to us Chat with us through our App - go to ‘Help’ > ‘Send us a
message’, or through Online Banking by selecting ‘Message us’
Text Relay +44 151 494 1260
British Sign Language (BSL)
Video Relay Service
For more information visit firstdirect.com/contact-us
By post At the address at the end of this document
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Access to our services for everyone.
We usually communicate in English.
You can ask for a copy of these terms on paper, in Braille, in Large Print or in audio
format at any time. You can find out all about our BSL Video Relay Service, Text Relay
and all our access services on firstdirect.com/accessibility.
(!) Useful information for you.
There’s lots of help available to access our services. We’ve set out some of the ways we can help below.
• Hearing loops in HSBC UK branches.
• A larger Secure Key for accessing Online Banking, with bigger keys and display, as well as audio
instructions and information.
• Pay-in slip and plastic card templates
Just let us know what you need.
If you’re a textphone user, you should clear your textphone’s memory after every conversation with us.
Contacting you.
We’ll use the most recent postal or email address, phone and mobile numbers we have for you. If you
use Mobile Banking, we may also use in-app messages and push notifications. If there’s an emergency,
we may also try other numbers you’ve used to contact us in the past. We sometimes record these.
We’ll also attempt to contact any emergency contact details you may have given us.
Sometimes we might record and monitor calls to help improve our services or for security reasons.
If you’re registered for Mobile or Online Banking, we may also use your Mobile or Online Banking Inbox
to send messages and ‘My documents’ to send documents related to your account. We’ll let you know
when we put something new in My documents. This could be by email, text message, or through some
other electronic message. We won’t change or delete things that are already in there.
If you haven’t chosen to receive documents electronically, we’ll carry on sending them by paper. You can
change your preference at any time by logging onto Mobile or Online Banking.
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Your account.
Interest on your account is exempt from income tax. Because of that, it’s important that you know
certain things. These are set out below.
• The restrictions that apply to your account.
• What happens if you or your spouse (someone you’re married to) or your civil partner die.
• About transferring money to or from other ISA managers.
• Whether the money in your account can lose its tax-free status.
2. What restrictions apply to your account?
We’ll manage your account as we’ve set out in these terms. We’ll make sure to comply with the ISA
Regulations 1998 as amended or replaced from time to time. We’ll refer to these in this document as the
ISA Regulations. We’ll also comply with any other laws or regulatory requirements.
For all cash ISAs, certain rules apply:
• You must be aged 18 and over. That’s because you must have a 1st Account with us to have a Cash
ISA and you need to be 18 to apply for one.
• The ISA must be in your sole name.
• Money in the account must be held for your benefit only. It can’t be held as security for a loan.
• You can’t borrow on the account.
• You can only pay money into your account each tax year up to the maximum amount allowed by the
ISA Regulations.
• If you pay in the maximum amount in a tax year you won’t be able to pay in more money even if you’ve
taken money out.
• If you pay in less than the maximum amount, you can’t carry any leftover amounts into the next tax years.
• If you don’t pay money into your account in a whole tax year, you’ll need to reactivate the account to
pay money into it in the next tax years.
What’s a tax year?
A tax year runs from 6 April in one year to 5 April in the following year.
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3. What happens if your spouse or civil partner dies?
If your spouse or civil partner dies and they had money in an ISA, you may be able to pay additional
amounts, called “Additional Permitted Subscriptions” into your own account. These are additional
amounts that don’t use up any of your annual ISA allowance.
If they died on or after 6 April 2018, your maximum Additional Permitted Subscription is either:
• the value of the ISA at the date of their death.
• the value on the date when the ISAs were no longer classed by the ISA Regulations as a
“continuing account of a deceased investor”.
Whichever value is higher will apply.
The value of the ISAs held by your spouse or civil partner includes any income earned but not paid.
What’s a continuing account?
This is a “continuing account of a deceased investor”. It means that the account will continue to classify
as an ISA for up to three years after your date of death.
If your spouse or civil partner died on or before 5 April 2018 then the Additional Permitted Subscription
may be different or not apply. You’ll need to complete a form each time you make an Additional Permitted
Subscription. Under the ISA Regulations you can only make them for a certain time after the death of
your spouse or civil partner.
Contact us if you need further details.
We won’t accept an Additional Permitted Subscription if we know that the information you’ve provided is
false. We also won’t accept it if it doesn’t comply with any of the requirements under the ISA Regulations.
4. What happens if you die?
The law decides the tax status of your account when you die.
If you die on or after 6 April 2018 your account will become a “continuing account of a deceased
investor” under the ISA Regulations. That means the interest earned after you die won’t be taxable.
Your account will remain open and these terms will continue to apply.
Once your account isn’t a “continuing account”, we may use any money in it to reduce or repay amounts
you owe on your other accounts you have with us.
In this section, “we” and “us” includes first direct and any HSBC Group Company worldwide.
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5. Can you transfer money in from another ISA?
Yes. You can transfer money into your account from another cash ISA or stocks and shares ISA you hold
with us or another ISA manager.
You can only transfer all of the money you have paid into an ISA in the current tax year. You can’t transfer
part of it. But you can transfer all or part of the money you have paid in previous tax years.
If you want to make a transfer, let us know. After we have your instructions, we’ll contact your current ISA
manager to begin the transfer process.
6. Can the money in my account lose its tax exempt
status?
Yes. We’ll tell you if your ISA (or any part of it) has, or will, become void or invalid. That means it will lose
its tax status and tax benefits. We’ll do that if the reason for the loss is because the account doesn’t
satisfy the provisions of the ISA Regulations.
If this happens, we’ll transfer any invalid amounts (plus interest) as soon as possible. We’ll transfer the
amount to another account you hold with us. Or if you don’t have another account, we’ll transfer to a new
savings account which we’ll open for you.
These invalid amounts may be subject to UK income tax. You are responsible for paying any tax.
Your account – who can use it and
keeping it secure.
In this section, we tell you about who’s allowed to use your account. We also explain how we check
identity and how we can work together to keep your account secure.
7. Checking it’s you and keeping your account secure.
When you access your account, we need to check we’re dealing with you.
We also need to check the request we’re following comes from you (or someone acting for you). If we
have your signature on our records, for example, we’ll check that the signature on a document matches
our records.
If you’re in a HSBC UK branch, we may ask for photo ID (for example, a driver’s licence). For everything
else, if your security details are used, we’ll assume it’s you. We’ll treat the request as if you had authorised
it. That’s why you must be careful to keep your security details private.
We may add other ways of checking your identity in the future
9
What do we mean by ‘security details’?
We ask for security details to keep your account safe. We’ve set out some types of security details below.
The codes and passwords you set up with us for Mobile, Online or Phone Banking.
Biometric data (such as a fingerprint or voice ID).
Passwords, personal identification numbers (PINs), security codes, and memorable data.
Keeping your account secure.
We’ll do all we reasonably can to keep your account secure. You must also help us to do this. This
includes keeping your details safe, and keeping us up to date if you notice something doesn’t seem
right. If you don’t, we may block or restrict your account to protect you and us from unauthorised use.
If you ask, we’ll tell you when the block will end.
(!) Useful information for you.
If we call you, we’ll never ask for your full security details.
(!) Useful information for you.
Tips for preventing misuse of your accounts.
Things you should do.
• Keep your security details safe.
• Safely destroy any security details we send you.
• Use different security details for different things, for example, have different details for the products
you have with different providers.
• Take care when using your security details. Make sure no one can hear or see your security details
when you use them.
• If you suspect, or you know, that someone else knows your details, change your security details
straight away, and tell us as soon as possible.
Things you shouldn’t do.
• Don’t tell anyone your security details.
• Don’t choose security details that can be easily guessed by anyone else.
• Don’t write down your security details in a way that other people would easily understand.
• Don’t log in, or stay logged in, to a device that’s not in your full control or possession.
Before you transfer a device you use to log in to Mobile or Online Banking to someone
else (for example, if you sell it or give it to someone for repair). You should delete:
• Any biometric access (such as fingerprint, face or voice ID) including access from any linked device.
You can find more tips on our website.
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You must contact us as soon as possible in these cases.
• When someone else tries to access, or has accessed, your account (and whether or not they have
your security details).
• Your security details have been lost or stolen.
We’ll ask for information or other help we need from you. We may also help the police, and ask you to
do this too.
We’ll let you know in the quickest and most secure way if we think there’s something wrong. This might
be a text or a phone call. We will do this, for example, if there’s actual or suspected fraud on your
account or threats to your account security.
8. Can someone else act for you?
If you’re not able to use your account for any reason, another person may be appointed to act for you.
This could be because of a physical disability or mental incapacity.
You might also want another person to use your account for you. For example, because you’re travelling
abroad or you’re in the armed forces. In this case, you can put an official arrangement in place with
another person.
The most common are ‘third party mandates’ or a ‘Power of Attorney’. The type you need depends on
your situation and you’ll need to sign a legal document.
When we’ve had instructions from you, and the right document, we’ll allow the chosen person to use
your account for you. This agreement will still apply and you’ll be responsible for everything they do. This
is even if they make you break the agreement.
In some serious cases, for example, if we’re told you have a mental incapacity, we might limit access to
your account until we get legal proof.
We won’t follow instructions given under a Power of Attorney if we know that a person’s legal authority to
act for you has ended.
We’ll remove a ‘third party mandate’ immediately. We’ll do this if:
• you ask us to;
• we think the person’s misusing your account; or
• they make you break this agreement or any law or regulation.
(!) Useful information for you.
To find more information about what to do, visit firstdirect.com/help/life-events/someone-else-
managing-your-money
11
Giving each other information.
9. Statements and other information we’ll give you.
We’ll always keep you up to date with what’s happening in your account.
You can always get information about payments into or out of your account (and about interest we pay or
charge and any other charges) using Mobile, Online and Phone Banking.
We may ask you to choose whether you want us to send a monthly statement. If you don’t tell us what
you want, we’ll send statements each month there’s been a payment out of your account since the
last statement we gave you. If you tell us you don’t want monthly statements, we may still send you
statements at a different frequency. We’ll explain this if we offer you the choice.
We’ll send your statements by post unless you’re registered for Mobile or Online Banking, we’ll provide
statements online or through the app unless you ask for them on paper. We’ll also send statements by
post if they aren’t available online or through the app.
You can ask us for a copy of your statement. If you close your account, we’ll send you a closing statement.
You must let us know as soon as possible if you think there are any unusual or incorrect payments on
your accounts.
10. Your information – When we need it and what we
do with it.
You must give us any information we reasonably ask for as soon as possible.
If you don’t, or we suspect fraudulent or criminal activity of any kind, we’ll have to take action. For
example, we might:
• try to get it from another source; or
• block or close your accounts.
You might not be able to use some banking services or keep banking with us.
We’ll use your information as we explain in our Privacy Notice. Sometimes we’ll also give it to
others. We explain when we might do this below.
• we’re required to by law.
• to protect ourselves, such as in any court case.
• we have a public duty to. For example, we may have to give it to a tax authority in another country.
• you agree.
In this section “we” and “us” includes first direct and any HSBC Group Company worldwide.
11. About tax.
Your tax responsibilities include things like filing tax returns, paying tax and following any other tax laws
or regulations. Your responsibilities depend on where you live, where you do business and some other
things. It’s up to you to make sure you follow tax rules. This also applies to ‘connected persons’ (for
example, anyone you send a payment to, who runs your account for you, or is entitled to money in your
accounts). We can’t provide tax or legal advice so do speak to an independent advisor.
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Payments in and out of accounts.
This section is about payments in and out of accounts. We don’t accept or make payments in all
currencies (you can ask us if you want to know which currencies we cover).
All payments and decisions about payments are made on working days. How we manage payments can
depend on where the payment is being sent and in what currency.
What’s a working day?
A working day is usually Monday to Friday (excluding public holidays). Branch opening hours will be the
working day for payments at a HSBC UK branch. For payments made by Faster Payments our working
day is 24/7.
Paying money into your account.
There are lots of easy ways to pay into your account. Here’s how. We also tell you when you’ll be able to
use the money and when it will count for working out interest.
Payments can be made into your account by cash, cheque or electronically by direct transfer or
standing order.
You can receive payments in other currencies (but charges may apply):
• from accounts with us or other banks
• by cheque.
You can only make an Additional Permitted Subscription into your account by:
• cheque
• direct transfer from another account you have with us.
Cash and electronic payments.
How you pay the money in When you can use the money and
when it counts for working out interest
Cash
A HSBC UK branch counter Straight away
HSBC UK Self-service machines that accept payments
into your ISA
Straight away if the machine says it
automatically counts your cash. If it
doesn’t, then the same working day (or
the next working day if you pay in after
the cut-off time displayed on the machine)
Other banks (if they allow this they may charge). This
also applies to HSBC UK branches in the Channel
Islands and Isle of Man
Right after we receive it
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If you pay in cash in a foreign currency, we’ll convert it into pounds sterling first using the first direct
Exchange Rate at the time we receive the cash. The timings above will then apply.
Only the account holder or someone appointed officially to run your account can pay cash over the
HSBC UK branch counter or using a self-service machine.
If you pay cash in at a HSBC UK branch in the Channel Islands or Isle of Man, the above timings will
start when we receive it. This can take up to three working days.
Receiving money electronically
In pounds sterling Straight away
In foreign currency Right after we’ve converted it into pounds
sterling using the first direct Exchange Rate at
the time we receive the payment
Standing order
You can make regular payments into your account by standing order from another account in your name.
Cheques
UK bank pounds sterling
We process all pounds sterling cheques from a bank in the UK, Channel Islands or Isle of Man as
images. That includes where you pay in a paper cheque at a HSBC UK branch. This allows them to be
processed electronically which is much faster than just using the paper version.
We have to collect and process payments made by cheque from the paying bank. We’ve shown how
long this takes in the table below. If you pay in a large-sized cheque, or one for a large amount, we may
carry out some further checks. That means it might take a bit longer for it to be processed.
Imaged cheques received
by us for processing:
Working days after the
working day that the
cheque is paid in
For example, if you pay a
cheque in on a Tuesday
You’ll start earning interest 1 On Wednesday
You’ll be able to use the money 1 (as soon as the payment is
shown in your account – this
could be anytime that day)
After the money appears in your
account on Wednesday (this
could be at any time that day)
The paying bank can’t recall
the money and we can’t take it
out of your account
1 After the money appears in
your account on Wednesday
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If you’re paying a cheque in at a HSBC UK branch, you’ll need to do this before the cut-off time for
processing for the above timings to apply. This will be either:
• 3.30pm; or
• when counter service closes,
whichever is earlier. So if a counter closes at 3pm that will be the cut-off time. If you pay in after the
cut-off, the timings will begin from the next working day.
It’s also different if you pay a cheque into a HSBC UK branch in the Channel Islands or the Isle of Man.
Instead, these timings will begin when we receive it, normally on the next working day.
If a cheque has been paid into your account but is returned unpaid (for example, it bounces), we’ll tell
you and take the money back out of your account. We may be able to ask for payment again from the
paying bank. An unpaid cheque won’t count towards the maximum amount that you can pay into your
ISA that tax year.
(!) Useful information for you.
If something goes wrong and we have trouble scanning the cheque it might take longer than usual
to process. This could happen, for example, where the writing isn’t clear on the cheque.
Foreign currency cheques
If you want to pay in a foreign currency cheque from a bank outside the UK, Channel Islands or Isle of
Man, we’ll check whether we can accept it. That includes a pounds sterling or euro cheque where the
paying bank is outside the UK, Channel Islands or the Isle of Man.
There may be exchange controls that mean we can’t. If we can accept it, you’ll be responsible for our
charges and any charges made by the foreign bank or agent we use.
We have to either collect or negotiate the cheque. If it’s in a different currency to the account, we’ll
convert this to pounds sterling first using the first direct Exchange Rate.
Negotiate
This means we work on trust and assume the cheque will clear. We’ll pay the cheque amount into your
account on the working day after we receive the cheque.
Collect
This means we’ll send the cheque to the paying bank and only pay the money into your account when
we receive it. How long this takes depends on the paying bank or its country (you can ask us for
details). We may use an agent to collect the payment. We’ll send you confirmation of the rate and any
fees for negotiating or collecting cheques.
If there’s a problem, the foreign bank might return the cheque or ask for the money back. If this
happens we’ll need to take enough money out of your account to cover the payment in the foreign
currency. So, if the exchange rate has changed, it’s not likely to be the same as the amount we paid in.
We’ll do this even if you have already spent the money.
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12. Payments into your account by mistake or fraud.
What we have to do in these situations depends on what’s happened and how the payment was made.
• if we pay any money into your account by mistake or because of a system error, we’ll take it back.
• if we suspect any payment into your account was made by fraud, we can remove it without asking
you. This won’t count towards the maximum amount that you can pay into your ISA in that tax year.
If we’re told that a payment within the UK or made within the EEA in euros through SEPA wasn’t meant
for you, we’ll let you know. This may happen if, for example, the person who made the payment used the
wrong account number.
(!) Useful information for you.
What’s the EEA?
The EEA is all member states of the European Union and Iceland, Liechtenstein and Norway.
Following Brexit, the UK is no longer a member of the EEA.
What’s SEPA?
SEPA stands for the Single Euro Payments Area. It’s a payment scheme used for sending money in
euro in the UK and the EEA.
If you tell us it wasn’t a mistake we won’t return it. However, we’re required by law to share all the
information about it with the bank the payment came from, if they ask us to. This will include your name
and address and the payment information. This is so that the person who made the payment can
contact you directly.
Receiving money electronically from within the UK (other than by Clearing House Automated
Payment System (CHAPS))
For any other payments (including CHAPS)
We won’t take the money out of your account or return it to the paying bank unless you agree.
How long has it been in your account What will we do?
Two months or less We’ll limit access to the money for 15 working
days. We’ll tell you we’ve done this. This is to
give you time to show us it was meant for you
before we return it to the paying bank.
More than two months We’ll contact you before limiting access to the
money or returning it to the paying bank.
13. Refusing payments.
We can refuse to accept a payment into your account if we’re acting reasonably. Some examples of
when we might do this are set out below.
• If we reasonably believe that accepting it might cause us to breach a legal requirement or expose us to
action from any government, regulator or law enforcement agency.
• Or if we reasonably believe there is fraudulent or criminal activity on the account.
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14. Why we might not be able to make a payment.
The ISA Regulations allow you to take money from your account within a time period that you ask
for. This is always subject to our own internal processing times. We’ve set out in “How you can make
payments from your account” the timescales that will apply to the payments you make.
We’ll make a payment from your account if we can, but there are some reasons we may not be able to.
• there isn’t enough money in your account.
• it’s to an account that isn’t a linked account.
• we can’t confirm the identity of the person you’re paying.
• you haven’t given us the account or reference details.
• we know the details you gave us are incorrect.
• you’ve asked us to send the payment in a certain way (for example, by Faster Payments) and the other
person’s bank doesn’t accept them.
• you haven’t given us any extra information about the payment that we’ve reasonably asked for.
• the payment is over a limit that we tell you when you try to make it.
We reasonably believe that certain things have happened:
• there’s been a breach of security or misuse of your account or security details.
• there’s been fraudulent or criminal activity of any kind. It doesn’t matter whether it’s linked to your
account or your relationship with us and it’s reasonable for us not to make the payment.
• the payment would cause us to break the law. Or to do it would go against a regulation or code we
follow, a court order or other duty, or requirement.
• the payment could mean we face action or censure from any government, regulator or law
enforcement agency.
• someone else may have a claim over the money.
In this section, “we” and “us” includes first direct and any HSBC Group Company worldwide.
When we get a request for a payment to be paid out of your account on a specific day, we check that
you have enough money to pay it.
This check doesn’t include sweep transfers into your account. You can find more information about
‘sweeping’ by visiting firstdirect.com/current-account.
We check first thing and again at 3.30pm that day.
If there’s not enough money for any payments to be made, we may not make them.
How you’ll know if there’s been a problem
If there’s any problem with payments you make through Mobile, Online and Phone Banking, you’ll be able
to see straight away that the payment has failed. If there’s a problem with a cheque or other payment,
we’ll try to tell you as soon as possible.
You can always call us right away to find out why we’ve refused a payment. We’ll tell you unless we can’t
for legal or security reasons or to stop fraud. If we can, we’ll tell you what you need to do to put it right.
You can also get information on the payment through Mobile, Online and Phone Banking.
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15. Blocking your payments and services.
We can block your access to services such as Mobile, Online and Phone Banking if we reasonably
believe it’s necessary because:
• we suspect fraud or criminal use; or
• of security concerns we have (for example, if we know or suspect your security details have been
misused).
If we do this, we’ll usually let you know why as soon as we reasonably can, unless we’re prevented by
law or any regulation or for security reasons. We’ll unblock your access to these services as soon as the
reason for blocking it ends.
16. How you can make payments from your account.
The way we send payments depends on how much you’re sending and to who (whether you’re making
an internal or external payment).
External payments are payments made to an account outside the HSBC Group.
Internal payments are payments you make from your account to another account within the HSBC
Group in:
• your name (internal payments to yourself), or
• in someone else’s name (internal payments to someone else).
We’ll tell you about any limits that apply when you ask us to make a payment. When you’re sending
money in pounds sterling within the UK, we usually use CHAPS for external payments over our limits and
Faster Payments for everything else. We explain more about these types of payments below.
Cash withdrawals
You can make cash withdrawals at HSBC UK branches.
Cheque withdrawals
You can’t make cheque payments from your account. But if you write to us to request a withdrawal, we
can send you a cheque for the amount of the withdrawal.
Standing orders
You can’t make standing order payments from your account.
Sending money to your linked account
You can send money in pounds sterling from your account to a linked account.
What’s a linked account?
This is a 1st Account in your name or that you hold jointly with another person.
If you don’t have a 1st Account in your name, you’ll be able to send money to an account in your name
with another bank.
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The information we need from you
To set up a linked account and send money from it, you’ll need to give us details of the account you want
to send money to and any other details we ask for. We usually need the sort code, account number,
confirmation of the account holder’s full name, or where available, a number that is linked to these, such
as a mobile phone number. We might also need some other information.
You need to make sure you give us the right details, as we’ll make the payment using only the information
you give us. It’s up to you to check the details are correct.
Cut-off times
What do we mean by cut-off time?
The “cut-off time” is the latest time on any day that we can do things you ask us to, or add a payment to
an account. We only make certain payments on a working day so if you ask us to make a payment after
the cut-off, the timings will start from the next working day.
The table below shows the cut-off time for you asking us to make payments.
If you ask us to send money on a future date, we’ll send it on that date. But if it’s a non-working day, we’ll
make it on the next working day.
You must call us to send money by CHAPS.
Sending money Cut-off time
Within the UK in pounds sterling
To a linked 1st Account 11.45pm
To a linked account held with
HSBC UK and M&S Bank
11.45pm if less than £50,000
7:30pm if £50,000 or more
To a linked account at another bank 11.45pm (Faster Payment)
4.45pm (CHAPS)
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17. Cancelling or changing payments
(other than cheques).
We can’t cancel any immediate payments such as online transfers or Phone Banking payments.
Other payments can be cancelled if you contact us by the deadline shown below on or before the working
day before the payment is due to be made.
Payment type Deadline
Internal transfers and other payments (except
CHAPS)
11.45pm (the day before we send it)
CHAPS 10pm
18. If a payment goes wrong or money goes missing
from your account.
This section is about four main things.
Incorrect payments
These are payments that haven’t been sent to the person or account that you asked us to make the
payment to because of a bank error.
Unauthorised payments
These are payments made without your (or your representative’s) permission.
Mistaken payments
These are payments that haven’t been sent to the right person or account because you gave us the
wrong details.
If you’re tricked into sending money to a fraudster.
This is when you intended to send money to a specific person, but you were tricked into sending it to
someone else. Or you could have sent money for what you thought was a genuine purpose, but which
was fraudulent.
We also talk about what happens if you’ve been ‘extremely careless’. When we say this, we mean
what’s legally known as ‘grossly negligent’.
If you give someone your security details and they use them to make a payment, we may treat the
payment as if you’d authorised it. But that will depend on what happened. This is why you mustn’t tell
anyone your security details.
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Question Answer
What should you do if you
• notice an incorrect, mistaken or
unauthorised payment
or
• think you’ve been tricked into
sending money to a fraudster?
You must call us as soon as you can.
What will we do when you tell us
about an incorrect payment or
unauthorised payment?
We’ll normally refund the money before the end of the
next working day after you tell us. We’ll do it sooner if
we can.
What will we do when you tell us
you’ve been tricked into sending
money to a fraudster?
We’ll look into this and follow industry guidelines.
We’ll let you know whether you’re entitled to a full or
partial refund, usually within 15 working days after
the day you told us. It may take longer in exceptional
circumstances. If you’re entitled to a refund, we’ll give
you this without delay.
Will we always make a refund?
No. We won’t always make a refund. We explain
some of the reasons why we won’t always make a
refund below.
• for an incorrect payment, if we can prove that the
bank of the person you paid received the payment.
• for an unauthorised payment, if we know you’ve
been extremely careless or we reasonably suspect
fraud on your part.
• if we believe it’s clear you should have known you
were sending money to a fraudster. We’ll always
consider all the circumstances before we make our
decision.
Can we take back a refund we’ve
made?
Yes. We can take back refunds (after giving you
reasonable notice) in some cases:
For incorrect payments - we can show that the
payment was received by the other person’s bank.
For unauthorised payments - we can prove that you
acted fraudulently. Or that it was made because you
intentionally failed to keep your security details safe (or
you were extremely careless).
Things to consider about refunds
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Question Answer
What happens if we
can prove you acted
fraudulently?
You’re responsible for all payments from your account.
What happens if we
can prove you’ve been
extremely careless?
You’re responsible for all payments from your account. But only
until you’ve told us that your payment device or security details
have been lost or stolen. Or that you suspect someone has
used them without your permission.
What happens if you made
the payment remotely, for
example, by online or by
phone?
We’re responsible for any unauthorised purchase of goods
or services (other than financial services) made online, unless
you’ve acted fraudulently.
Are there any other cases
where we’re responsible
for unauthorised payments
or fraud on your account?
Unless you’ve acted fraudulently, we’re responsible for making
a refund if certain things happen. We’ve set these out below.
• after you’ve told us that your debit card or security details
have been lost or stolen.
• if we haven’t provided a number for you to tell us that your
debit card or security details have been lost or stolen.
• if we haven’t checked that it was you who authorised the
payment in the way we’re legally required to.
Question Answer
What happens if a
mistaken payment’s been
made?
We won’t give a refund but we’ll try to help you recover your
money if you ask us to. We can contact the bank that’s received
your payment, usually within two working days, to try to get the
money back. You just need to ask us to do this. We may charge
our reasonable costs for doing it, but we’ll tell you the maximum
amount you’ll pay first.
If the payment was to another bank in the UK and we can’t
recover your money, you can try to get the money back
yourself. That also applies to euro payments sent to a bank
within the EEA using SEPA. If you need to do this, you can ask
us to help you by writing to us. We’ll give you all the information
we’ve been given by the bank that received the payment.
Unauthorised payments
Mistaken payments
19. Refunds.
How much will we refund and can we reverse a refund?
If we give a refund, we’ll refund the money with any interest we charged, or pay any interest that we should
have paid. This will put you back in the position you would have been in if the payment hadn’t been made.
If we give a refund but later find you weren’t entitled to it, we’ll reverse it. This will put you back in the
position you would have been in without the refund.
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About charges and how we pay interest.
You’ll find:
• the current interest rate for your account in the latest version of our Interest Rates and Charges
brochure, by contacting us or visiting our website to print or download the latest rates; and
• all our standard charges, for example for making payments and providing services, below.
Contact us if you’d like further details.
20. Interest rates.
We’ll tell you your interest rate when we open the account and you can visit our website or contact us to
find out your current rate.
We work out interest each day on the amount we’re holding for you in that account. We’ll pay interest into
your account monthly. If you close your account, we’ll pay interest up to the date you close it. We’ll add this
to the closing balance that we return to you.
21. Charges.
Important information
We may charge for services which aren’t set out in this agreement, but we’ll always tell you how much
it is and check you’re happy to pay it before we provide the service.
If we have to do anything to comply with a court order on your accounts, such as a child maintenance
order, we may charge a fee. We can charge up to the maximum the law allows.
We won’t charge you for internal payments if they’re within our limits. We’ll tell you about any limits that
apply when you ask us to make a payment.
Taxes or costs may apply to you that:
• aren’t charged by us; and/or
• won’t be paid through us.
We take charges from your account when we make the payment.
If you receive a payment in pounds sterling, we’ll take the charge before we make the payment to your
account. For payments in foreign currencies, we’ll pay the full amount into your account before we take
the charge.
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Charges
Sending money within the
UK in pounds sterling
To Phone Banking
or Post
Online Banking
CHAPS Any linked
accounts
£17 N/A
Receiving money
Charges we take from some payments
into your account
Charge
Receiving up to 50,000 euro from countries in the EU if the relevant
identification numbers are provided (those are the Bank Identifier
Code (BIC) and International Bank Account Number (IBAN))
Free
Receiving any other money in a foreign currency £5
Receiving money from outside the UK in pounds sterling £5
Cheques issued by banks outside the UK and/or in a foreign
currency that we collect for you
£28
Returned cheques £28
Pension cheques £6
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Our relationship with you.
22. Changes we can make.
This agreement doesn’t have an agreed end date.
As it may last for a long time, we’re likely to need to make changes to it to take account of certain
things. For example, how we develop our services, how our business changes and when things
happen that we don’t control.
We’ll only make changes for these reasons if it’s reasonable for us to pass the impact of that change
on to you.
As we can’t predict precisely why we might need to make changes to this agreement, we may also
make changes for reasons that aren’t covered here.
All changes (but not changes to exchange rates)
The tables below explain the types of changes we might need to respond to. They also let you know
the terms that will be affected because of those changes.
Changes we don’t control Terms we can change
Interest rates
Charges Other items
We’ll respond proportionately to changes we don’t control.
• Changes in general law or regulations.
• Decisions or recommendations we have to follow
such as those made by a court, regulator or
Financial Ombudsman Service.
• New industry guidance and codes of practice.
3 3 3
• Changes in the Bank of England base rate, other
market rates and indices or tax rates.
3 7 7
• Cover changes in the costs of providing the account.
3 3 7
Changes to our business Terms we can change
Interest rates
Charges Other items
We’ll also need to make reasonable changes to our business.
• The way we manage the account because of new
technology.
• Our systems, services or facilities.
3 3 3
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Changes for other reasons Terms we can change
Interest rates
Charges Other
items
There may be changes that need to happen for other
reasons that we haven’t mentioned in this table. We’ll
make those if it’s reasonable or valid for us to do this.
3 3 7
Other changes Terms we can change
Interest rates
Charges Other
items
Sometimes we’ll make changes without giving you a
reason. If we do this, we’ll always explain the effect
of these. You’ll always be able to close your account
or service free of charge before the changes happen.
3 3 3
The table below explains the changes we might make and when we’ll tell you about them
Change When we’ll tell you about it
Increasing interest rates we pay you. • personal notice within 30 days after the
change; or
• within three working days after the change
online, in a newspaper or in a HSBC UK branch.
Reducing interest rates we pay you. At least 14 days before the change. But we may
not give notice if there’s less than £100 in the
account.
All other changes. At least 30 days before the change.
Your rights when we tell you about a change
You’re protected from any change we make to your disadvantage because we’ll give you advance
notice. This will give you the chance to end our agreement, or switch your account to another account
we offer, or to another bank.
For changes we tell you about in advance, you have until the change is made or 60 days (whichever’s
longer) to tell us you want to close your account. If we don’t hear from you, we’ll assume you’ve
accepted the change. We’ll go on and make the change at the end of the notice time.
If you don’t want to accept a change, you can close your account without charge.
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Exchange rates When we apply changes
The first direct Exchange Rate will be used
when we convert a payment you receive into
another currency for you.
You can get details of the current exchange
rates by calling us. We also give you the rate if
you make a payment using Online Banking.
We can change these straight away and without
giving advance notice.
If you want to close
your account within
the ‘cooling off period’
This lasts for 14 days
starting from the day after
we’ve confirmed we’ve
opened your account.
You can tell us you want to close your account by post or through
Online Banking or by calling us during the cooling off period. We’ll close
it without charge. You’ll have to pay charges for using the account
(such as payment charges). We’ll pay you any interest you’ve earned.
If you’ve transferred money in from another ISA manager and you’ve
changed your mind but you still want to keep the tax benefit of holding
money in an ISA, you can transfer your account to another ISA
manager or back to your original ISA manager (if they agree). If you
don’t transfer the money to another ISA manager, you’ll lose the tax
treatment of the ISA.
If you cancel your account, the payments into your account will be
treated as if they were never made. This means you can subscribe to
another cash ISA with us or someone else in the same tax year (as long
as you’re eligible).
If you want to close
your account at any
other time
If you tell us you want to close your account, unless you’ve told us to
transfer the money to another ISA provider to retain the tax benefits of
your ISA, we’ll close the account and send you the amount in it (and
any interest) when everything you owe us has been paid.
23. Changes we can make without telling you in
advance.
24. How you can close your account or end this
agreement.
You can always close your account with us at any time.
What happens to your account depends on whether you close it during the ‘cooling off period’ or after
this. We explain more in the table below.
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25. How we can end this agreement and close
accounts.
Sometimes we can end the agreement and close your accounts straight away and not give you any
notice. We’ll only do this if certain things happen. We’ve set these out below.
• You have seriously or persistently broken this agreement.
• You have behaved inappropriately either to us or when using our services. For example, you
acted abusively, offensively or violently towards employees or used abusive language in payment
instructions.
• You weren’t entitled, or aren’t entitled any longer, to open or have your account or the service.
• You haven’t given us information that we’ve asked for about your tax situation.
• You’ve given us false information.
We’ll also do this if it’s reasonable for us to believe that something in the list below has
happened.
• You’re accessing or using an account, service or money illegally or fraudulently (or have done this in
the past).
• You’re allowing someone else to do this.
• You’re using the account in a way not covered by our agreement.
• You’re involved in any criminal activity. It doesn’t matter whether or not this is linked to banking with
us.
• You’ve placed us in a position where we might break a law, regulation, code, court order or other
duty, or requirement.
• You’ve exposed us, or another HSBC Group company, to action or censure from any government,
regulator or law enforcement agency.
• There’s been a breach of security or misuse of your account or security details.
We can also end the agreement and close your accounts by giving you at least two months’
notice.
If your relationship with us ends, you can ask us for copies of everything we put in My documents for
the previous six years.
26. Paying what you owe before closing the account.
Before an account is closed, we’ll take any charges that haven’t yet been charged to the account.
We’ll then pay what is left to you, including any interest by cheque or to an account you tell us (unless
you ask us to transfer the money to another ISA provider to retain your tax benefits).
You’re responsible for cancelling payments into and out of your account.
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27. Transferring this agreement.
Can we transfer this agreement? Can you transfer this agreement?
No, but we:
• can delegate any of our roles and
responsibilities under this agreement to
another person but only if we consider them
to be capable of carrying them out;
• may also appoint another member of the
HSBC Group to act as manager of the
account. If we do this, we’ll give you at least
30 days’ notice.
No. You can’t transfer any of your rights and
responsibilities in relation to the agreement, your
account, or your account itself, to any other
person.
But you can at any time transfer:
• the money in your account to another ISA
manager (if they agree). If you want to do this,
you should contact them. They’ll pass on your
instructions to us;
• all (but not part) of the money you’ve paid into
your account in the current tax year,
• all (or part) of the money you’ve paid in over
previous tax years.
Once we receive a request from another ISA
manager, we’ll make the transfer within 5 working
days of that request. Your new ISA manager will
then process the transfer and apply the money to
your new account.
Laws Courts
England and Wales The UK or in the country where you live
28. When we aren’t responsible for things that go
wrong.
If something goes wrong, let us know straight away. We’ll try to help if we can.
We’ll do all we can to carry out our side of the agreement. But there may be times that we can’t. We’re
not responsible for any losses you may have if we aren’t able to carry out our responsibilities under this
agreement in circumstances like the ones below.
• Where we can’t perform our responsibilities for legal or regulatory reasons.
• Where something’s happened that we couldn’t predict or that isn’t normal. And where it’s outside
our (or our agents’ and/or subcontractors’) control and that we couldn’t have avoided it, even where
we used all of our efforts to. For example, industrial action or mechanical failure.
29. Which country’s courts and laws apply?
The table below explains what country’s courts and laws apply to this agreement and our dealings
before you opened your account.
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Information to help manage your account.
Make sure you read our Privacy Notice.
We take your privacy seriously. When you open an account with us, we send you our Privacy Notice.
This explains how we:
• collect
• use
• disclose
• transfer; and
• store your information.
It also sets out your rights to your information and when we might need to share it with others. We’ll
always tell you if we make any changes to the Privacy Notice. You can find the Privacy Notice at
firstdirect.com/privacy or by calling us.
Using your information for payment services
When you open an account with us, you agree to these account terms. So that we can provide
payment services to you, you agree that we can access, process, and keep information you give to
us. It won’t affect any rights and duties either of us have under data protection laws. You can withdraw
your consent by closing your account. If you do this, we’ll stop using your information for this purpose,
but may continue to process it for other purposes.
If you have a complaint
If you have a complaint, we’ll do everything we can to sort out the problem. Contact us using the
details in the ‘Contact us’ section of this document. Within five working days, we’ll let you know in
writing we’ve received your complaint. We’ll then keep you up to date about our progress until we’ve
finished looking into your complaint.
If you still aren’t happy, you may be entitled to refer your complaint to the ombudsman service. Here
are the details to use for the UK.
0800 023 4567 or 0300 123 9123.
The Financial Ombudsman Service Exchange Tower, London E14 9SR.
financial-ombudsman.org.uk.
30
How your money is protected
We’re covered by the Financial Services Compensation Scheme (FSCS).
The FSCS can pay compensation to depositors if a bank is unable to meet its financial responsibilities.
Most depositors are covered by the scheme. In respect of deposits, an eligible depositor is entitled to
claim up to the current FSCS limit for deposits. For joint accounts each account holder is treated as
having a claim in respect of their share. So, for a joint account held by two eligible depositors, each
depositor would have a claim up to the FSCS deposit limit. The maximum amount that could be claimed
in total would be twice the current FSCS limit. The FSCS deposit limit relates to the combined amount in
all the eligible depositor’s accounts with the bank. That includes their share of any joint account, and not
to each separate account.
first direct is a division of HSBC UK Bank plc (HSBC UK), both of which are part of the HSBC Group,
so if you hold deposits with us and HSBC UK, you’ll only be eligible for one claim of up to the FSCS
deposit limit in total.
For further information about the scheme (including the current limits, amounts covered and eligibility to
claim) contact us. You can also visit the FSCS website fscs.org.uk or call the FSCS on 020 7741 4100
or 0800 678 1100. Only compensation related queries should be directed to the FSCS.
Unclaimed assets scheme
We take part in the Unclaimed Assets Scheme. If there has been no activity from you on your account
for at least 15 years, we may transfer any money in your account to the unclaimed assets scheme. The
scheme is operated by Reclaim Fund Limited. This includes accounts that we’ve closed but we haven’t
been able to repay your money to you. We’ll tell you at least 30 days before we transfer the money.
If we haven’t already, we may then close your account. You’ll still have the right to your money. You
should ask us for information about how to get your money back. If we transfer the money in this way,
it doesn’t affect any protection you have under the Financial Services Compensation Scheme.
Further information to help you find lost accounts can be found at mylostaccount.org.uk
Authorisation details
first direct is a division of HSBC UK Bank plc.
HSBC UK Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is
765112. You can check these details by visiting the Financial Conduct Authority’s website fca.org.uk
or contacting them on 0800 111 6768.
HSBC UK Bank plc is a company incorporated under the laws of England and Wales with company
registration number 09928412. Its registered office is at 1 Centenary Square, Birmingham B1 1HQ.
HSBC UK Bank plc’s registered VAT Number is GB 365684514.
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Accessibility
To find out more about our accessible services visit firstdirect.com/accessibility.
If you’d like this in another format such as large print, Braille or audio, contact us. A text-phone
service is available for customers with hearing and/or speech impairments. If you use your own text-
phone you can call us on 03 456 100 147 (+44 113 234 5678 from outside the UK).
BSL Video Relay Service is also available. For more information visit firstdirect.com/contact-us.
If you’d like this document in another format eg large print, Braille or audio, please give us a call. For more
information about how we make communicating with us accessible visit rstdirect.com/accessibility
†
If calling from abroad +44 113 234 5678. For more information on contacting us via BSL video relay service or
Next Generation Text Services (NGTS) visit rstdirect.com/accessibility. Because we want to make sure we’re
doing a good job calls may be monitored and/or recorded, we hope you don’t mind.
rst direct is a division of HSBC UK Bank plc. Registered in England & Wales with number 09928412.
Registered Ofce: 1 Centenary Square, Birmingham, B1 1HQ, United Kingdom.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and
the Prudential Regulation Authority. Our Financial Services Register number is 765112.
© HSBC UK Bank plc 2024. All Rights Reserved.
CK-HP-FDISAKFDT&Cs 04/24 11935-0 (V51)
rst direct 40 Wakeeld Road, Leeds LS98 1FD.
Member HSBC Group
chat with us via our App or message us via Online Banking
03 456 100 100
†
rstdirect.com
Contact us online or by phone
