One of First Direct’s biggest strengths over the Starling/Monzo/Chase crowd is how tightly integrated it is with HSBC. I’m specifically talking about the ability to deposit cash directly into your First Direct account at HSBC branches.
On paper, that sounds like a clear win. The reality was a little different.
As it turns out, HSBC cash machines don’t accept Mastercard — meaning no First Direct cards. You can still deposit with a teller or via the Post Office, though. The teller queue was packed and I wasn’t about to wait 10 minutes just to make a small deposit, so I ended up using the Post Office instead.
So while it’s not ideal — and definitely not something they advertise — it’s still a major upgrade over the other fintech banks. Starling and Monzo charge for cash deposits, and Chase doesn’t support them at all.
Mobile Banks and Cash Deposits
First Direct
- Deposit fee: Free
- Deposit locations: HSBC branches, Post Office
- Limits: Standard account limits apply
Starling
- Deposit fee: Free up to £1,000 per year, then 0.7%
- Deposit locations: Post Office
- Limits: £5,000 per year
Monzo
- Deposit fee: £1 per deposit
- Deposit locations: Post Office, PayPoint
- Limits: £750 per month
Chase
- Deposit fee: Not available
- Deposit locations: Not available
- Limits: Not available
A clear picture emerges:
First Direct: Winner by a mile
Starling: 2nd place
Monzo: 3rd place
Chase: Doesn’t even play the game
The fee structure makes the gap even clearer. Monzo charges a flat £1 for every cash deposit and caps you at £750 a month. Starling is better — the first £1,000 per year is free, then it’s a 0.7% fee after that, with a £5,000 yearly cap. First Direct, meanwhile, lets you deposit cash for free via HSBC branches or the Post Office. Even with the weird Mastercard limitation on HSBC cash machines, it still feels far more like a proper UK current account than either Monzo or Starling.
If cash deposits matter to you, First Direct is in a league of its own. That’s why I use it as my money manager.
