First Direct Bank Statement Guide — Understanding Your Statement

How to download your First Direct bank statement

First Direct provides statements through online banking and the mobile app:

• First Direct app — tap your account → tap Statements → select the month → download PDF
• Online banking — log in at firstdirect.com → select your account → Statements from the menu → choose period → download PDF
• Older statements — First Direct holds up to 7 years of statements online, in line with its parent HSBC. For anything older, call First Direct on 03 456 100 100 — they're available 24/7.
• Paper statements — First Direct is digital-first, but paper statements are available on request. There may be a charge for older paper records.

First Direct's 24/7 telephone support is one of its distinguishing features — if you have any issues accessing statements, customer service is always available.

What the columns on a First Direct statement mean

First Direct current account statements use a standard layout:

• Date — the date the transaction posted to your account
• Description — a reference prefixed with a transaction type code, followed by the merchant or sender name
• Paid out — money leaving your account (debits)
• Paid in — money arriving in your account (credits)
• Balance — your running balance after each transaction; shown as negative or with "OD" if overdrawn

First Direct transaction codes explained

First Direct uses the same transaction codes as HSBC, its parent bank:

• BP — Bill Payment. A payment made via online or telephone banking to a company — utilities, council tax, HMRC, credit card payments. This is one of the most common codes on First Direct statements.
• DD — Direct Debit. A recurring authorised payment collected by a company on set dates — utilities, insurance, phone bills, subscriptions.
• SO — Standing Order. A fixed recurring transfer you've set up — same amount each time on a set schedule.
• FPI — Faster Payment In. Near-instant money received via the Faster Payments network.
• FPO — Faster Payment Out. A near-instant bank transfer you sent.
• BGC — Bank Giro Credit. A credit into your account — salary payments, HMRC refunds, and pension credits often appear this way.
• BACS — Bankers' Automated Clearing Services. A 3-working-day payment used for payroll and employer salary runs.
• CHAPS — Clearing House Automated Payment System. A same-day high-value payment, typically used for property completions.
• ATM — Cash machine withdrawal.
• POS — Point of Sale. A debit card payment at a physical location.
• CHQ — Cheque payment, followed by the cheque serial number.
• TFR — Transfer between your own First Direct or HSBC accounts.
• INT — Interest charged on an overdraft or earned on savings.
• OD — Overdrawn. Your balance is in the negative.
• REV — Reversal. A transaction applied and then returned.

First Direct and HSBC — shared infrastructure

First Direct runs on HSBC's banking platform, which means:

• Transaction codes are identical between First Direct and HSBC statements
• You can link First Direct and HSBC accounts and transfer between them instantly using TFR
• Both banks are covered by the same FSCS protection (up to £85,000 combined across both brands)
• If you hold accounts with both, note that FSCS protection covers the combined total — not £85,000 per brand

Opening balance, closing balance, and checking your statement

Each First Direct statement covers one calendar month. The opening balance shows what your account held at the start; the closing balance shows what remained at the end.

To verify: opening balance + total paid in − total paid out = closing balance. First Direct prints totals at the bottom of each page.

An "OD" balance means your account was overdrawn. First Direct offers a £250 interest-free buffer on its 1st Account — overdraft interest applies beyond that at the arranged rate.

Analyse your First Direct statement automatically

First Direct's BP, BGC, and FPI codes can make a statement hard to parse quickly. MoneySorted reads your First Direct PDF and categorises every transaction automatically — full spending breakdown and monthly totals in under 60 seconds.

No First Direct login required. Upload the PDF you've already downloaded and export the results to CSV or Excel for your accountant or personal records.

See also: HSBC bank statement analyser or the complete guide to converting UK bank statements to Excel.