Brexit - What it means for you

Brexit FAQs

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first direct UK payments

• Can I still use my debit or credit card in the EU?
  Yes. There will be no change to how you use your Debit or Credit Card following Brexit.
• Will my normal payments such as Direct Debits be affected by Brexit?
  No. Everything will be the same as it is today. 
• Will payments to the EU cost me more money after Brexit?
  While future government regulations will only apply in the UK, we don't expect there to be extra charges for using a card in EU countries. Existing foreign exchange charges will still apply.
• Will surcharging on debit or credit cards return?
  A ban on retailers charging extra fees for consumers to use a debit or credit card was introduced on 13 January 2018. This was under the EU’s second Payment Services Directive (PSD2). The UK Government extended the ban in the UK. They did this to include Amex and PayPal. This will still apply after Brexit.
  
  Foreign exchange charges will still apply as they do today. 
• Will I still be able to make euro payments?
  Yes. Consumers and businesses will still be able to make payments to the EU. The financial services industry, including first direct, are supporting customers in their efforts to retain access to key euro payments systems. This includes the Single Euro Payments Area (SEPA). This will ensure that SEPA payments can still be made.
  
  The area in which the SEPA payment schemes (for euro credit transfers and direct debits) are available is broader than the European Union. It includes over 34 countries.

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What is the Single Euro Payments Area (SEPA)?

SEPA is where consumers, businesses and other economic actors can make and receive payments in euros. These common standards make payments quicker and simpler. It can also help businesses access new markets.

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first direct Financial Services Compensation Scheme (FSCS) Deposit Protection

• Will the money in my first direct Savings or Current Account continue to be protected?The Financial Services Compensation Scheme (FSCS) will continue to protect your Savings and Current Account balances with first direct. This is up to £85,000 or £170,000 for a joint account. This limit is applied to the total of any deposits you have with HSBC UK and first direct.

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first direct Current Accounts

• Will I still be able to open a first direct Current Account if I move to an EU country?
  We only offer current accounts to UK residents.
• I am an EU citizen living in the UK; will I still be able to apply for a first direct Current Account after Brexit?
  We will be able to consider Current Account applications from EU Nationals who move to the UK as we do today.
• I am a UK citizen living in the EU; will I still be able to keep my first direct Current Account after Brexit?
  Yes, your first direct Current Account will remain open providing that it is used at least once every 12 months. If there’s no activity, the account will go dormant. This means that it will be frozen, and you’ll need to pass some security checks to reactive it as you would today. 
• Will I still be able to withdraw cash abroad from my first direct Current Account after Brexit?
  Yes, you can still withdraw money abroad.  Fees will apply as they would today. More information on fees on debit cards and visa debit cards can be found by visiting https://www.firstdirect.com/travel-and-international/travel-help-and-advice/using-your-cards-outside-the-uk/
• I am an EU citizen living in the EU; will I still be able to have a first direct Current Account after Brexit?
  You will continue to have access to your existing accounts as you currently do. We are only able to accept new applications from customers resident in the UK.

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first direct Savings Accounts

• After Brexit, will I still be able to open a first direct Savings Account if I move to an EU country?
  We only accept applications from customers who are UK resident, Brexit will not impact this.
• I am an EU citizen living in the UK; after Brexit will I still be able to apply for a first direct Savings Account?
  Yes. EU Nationals who live in the UK can still apply for a first direct Savings Account. 
• I am a UK citizen living in the EU; will I still be able to keep my first direct Savings Account after Brexit?
  Yes. Your first direct Savings Account will remain open and you’ll be able to continue to use the account as you do today. You will also still be able to access our online services and contact us over the phone.
• Will I still be able to access my first direct Savings Account abroad in an EU country after Brexit?
  Yes. As is the case now, customers will be able to access their first direct Savings Account when they are abroad in an EU country.
• If I’m outside the UK, will I be able to move my UK savings to a Savings account held in an EU country?
  Yes. You’ll be able to move your first direct Savings to a Savings Account in an EU country.
• Will I be able to move my EU savings to a Savings Account held with first direct?
  Yes. You'll be able to move your savings from your EU based Savings Account to your first direct Savings Account. 

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first direct Credit cards, Personal Loans and Overdrafts

Personal Finance

• I am a UK Citizen. Will Brexit affect my ability to get a personal loan / credit card?
  No. There will be no change to the way you apply. All UK lenders will still be carrying out affordability assessments. This will ensure responsible borrowing.
• Will Brexit affect the level of protection that consumers have when taking out consumer credit?
  No. The laws and rules around consumer credit lending are not being changed. The Financial Conduct Authority may decide to make changes to this in the future. If they do, we’ll advise customers as needed. 
• I am an EU Citizen living and working in the UK.  Will I still be able to apply for credit after Brexit?
  Yes. EU Nationals will still be able to apply for credit after Brexit subject to first direct policy and an affordability assessment.

Credit Ratings and Personal Credit Score

• Will my credit ratings be impacted in the UK in any way?
  No. The way your credit score is calculated will not change after Brexit.
• Will Brexit impact the information held about me by UK Credit Reference Agencies?
  No, everything will stay the same. Your data will also remain secure. This is as per the enhanced EU data protection rules brought in by the General Data Protection Regulation in May 2018. These have been transferred into new UK legislation. As such, they will not be changed.

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first direct Credit cards

• How does Brexit impact my first direct Credit Card product?
  We only offer Credit Cards to UK residents. Due to this, Brexit will not have any impact on this product.
• Will it cost me more money to use my card abroad?
  At this stage we don’t expect any changes in the card fees for using your credit card in another EU country. Until the final Brexit deal is announced, we’re unable to confirm this. Foreign exchange charges will still apply.
• Will zero percent balance transfer deals continue to be available?
  We can still offer 0% Balance transfer following Brexit. Please keep an eye on our website for our latest offers. 
• Will credit card purchases abroad still be protected after Brexit and be unaffected by Brexit?
  Yes. After Brexit you’ll still have the same overseas purchase protection that you do today.
• What happens after Brexit if I become a victim of Card fraud while I'm abroad in the EU?
  Most importantly contact us on +44 (0)113 2345678, our overseas help number. After Brexit you’ll still have the same protections against card fraud that you have today. 
• Will there be any increases to my credit card APR or Fees due to Brexit?
  We don’t expect changes to your existing card APR and fees as a result of Brexit. We review all of our rates and fees at a regular basis. If we do increase or lower any of our charges, we’ll let affected customers know. 

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first direct Personal Loans

• How does Brexit impact my first direct Personal Loans product?
  We only offer an unsecured personal loan to UK residents. Due to this, Brexit will not have any impact on this product.

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first direct Overdrafts

• How will my overdraft arrangement be impacted by Brexit?
  We expect our overdraft product to stay the same after Brexit. If there’s anything that does change, we’ll let our customers know.

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first direct Mortgages

• What will the Impact of Brexit be on mortgage rates?
  If you’re on a fixed rate mortgage, there will be no change. You’ll continue to pay the same amount each month that you do now. When your fixed rate period ends, you may wish to look for another fixed rate deal. You can find details about our different mortgage products by visiting https://mortgages.firstdirect.com/mortgage-rates-fees/list-rates or, if you would like advice as to which of our mortgage products is best for you, please give us a call on 03 456 100 103^† our lines are open Mon to Fri 8am to 8pm, Sat 8am to 6pm and Sun 9am to 6pm.
  
  If you’re on a variable rate mortgage, for example on a tracker rate product or the first direct Variable Rate, the amount you pay may change just as it could today. Please refer to the terms and conditions of your offer in this respect. All variable and tracker rate customers have the option to switch to a fixed rate product without incurring an early repayment charge. Please contact us on the details above to check out our latest deals.
  
  ^†Calls may be monitored and recorded. Opening hours may vary.
• What should I do if I can’t afford to keep paying my mortgage, credit card or loan?
  Many people can find themselves financially stretched from time to time. Often things can get back to normal, although it’s important to act as soon as you know there's a real problem. If you don’t, your debts could get worse.
  
  If you need us, we’re here for you. You can find more information by visiting https://www.firstdirect.com/help/money-worries/, or please give us a ring on 03 456 100 188^† Lines are open Mon to Fri 8am to 8pm, Sat 8am to 6pm and Sun 9am to 6pm.
  
  ^†Calls may be monitored and recorded. Opening hours may vary.
• Will I still be able to switch mortgages rates with first direct if I earn less or have less disposable income at the end of each week / month?
  Yes, please contact the Bank if you would like to discuss product switching options. Existing customers looking to switch to a new product/rate have the same options as new customers. These include a 2 or 5 year fixed rate, plus the more flexible option of an Early Repayment Charge free 2 year tracker rate.
• Will there still be affordability assessments after Brexit?
  Yes. To ensure responsible borrowing, all UK lenders will still be carrying out these assessments. 
• What will happen if I’m in negative equity (switching products / borrowing money / moving home)?
  You will only know you’re in negative equity if you have had:
  • your home valued recently.
  • your outstanding mortgage balance is higher than the value of your home.
    We’re here to help customers. If you’re in negative equity and want to change your mortgage or move home, please give us a call on 03 456 100 103^†. Our lines are open Mon to Fri 8am to 8pm, Sat 8am to 6pm and Sun 9am to 6pm.
    

^†Calls may be monitored and recorded. Opening hours may vary.

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Financial distress

We look at all cases of financial difficulty sympathetically. The most important thing is to talk to us so we can help find a positive solution.

Anyone’s circumstances can suddenly change. This could be temporary, or may last for longer. We’re here to help, and also have strong links with third parties who can provide advice and support.

If you need us, we’re here for you. You can find more information by visiting https://www.firstdirect.com/help/money-worries/, or please give us a call on 03 456 100 188^† Lines are open Monday to Friday 8am to 6pmand Saturday 8am to 4pm.

^†Calls may be monitored and recorded. Opening hours may vary.

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first direct Insurance products

• Will my Insurance product be affected by Brexit?
  Your policy will not change because of Brexit. You can find more product specific details below.
• Life and Critical Illness Cover
  There’s no change to your cover.  Any new or existing claims will be dealt with in the same way.
• Travel Insurance; things to know if you’re travelling outside the UK
  Your travel insurance and cover will remain valid after Brexit. There are some important things we do recommend you check before you travel. See below:
  
  Your passport. At the time you’re travelling outside of the UK, your passport should have at least 6 months left before it expires. Any ‘extra months’ you may have had from early renewals are not included. Please visit this page to find out more about renewing a passport Opens an overlay [Will show a security message first].
  
  The entry requirements for the country you’re going to visit. You can see the Government’s latest information at www.gov.uk/foreign-travel-advice Opens an overlay [Will show a security message first]. If you need a visa, you should order it as early as you can. This will help you reduce the risk of travel disruption.
  
  Allow plenty of time to travel. You’re not covered for any delays that could be caused by a no-deal Brexit; this includes checking in at the airport/ port or going through security.
  
  If you’re travelling with pets, you can find the Governments latest travel advice here Opens an overlay [Will show a security message first]. You should arrange for any vaccinations, microchips, or anything else you may need as early as you can.
  
  The European Health Insurance Card (EHIC) may not be valid if there’s a no-deal Brexit. Whilst other arrangements may be negotiated, you could incur medical costs that may previously have been covered by the EHIC.
  
  Find out the latest information from Aviva, regarding your travel insurance policy.
  
  Please check the Medical declaration in your Policy booklet. Here you’ll find out what you need to tell us about any pre-existing conditions. You can let us know about these by calling us on 01243 218425. Lines are open Monday to Friday 8am to 6pm.

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Foreign exchange (FX)

• Will I still be able to exchange Euros into GBP and vice versa?
  Yes, this is unchanged by Brexit.

• Will Euros be more expensive to buy for my vacation?
  Fluctuations in currency could and do occur. As we do today, first direct will always offer our customers the best price we can.

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Personal data security / cross border data / in train legislation

• Will Brexit impact privacy protection?
  No. We promise to do all we can to keep our customers’ data safe. The current Data Protection rules will still apply after Brexit.

• I have accounts with an EU bank. Will data protection impact how I deal with my bank or access my account?
  No, you will still be able to access your money.

• Will in train legislation like PSD2 be implemented?
  Yes. The majority of the PSD2 provisions apply from 13 January 2018. The exception is some conditions around strong customer authentication and secure communication. This is because they run to a longer timescale.  We’ll let our customers know should there be any changes that impact them.

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