Search for a First Direct savings account from a US address and you hit a wall: First Direct is a UK-only bank. It is a subsidiary of HSBC, regulated by the Financial Conduct Authority, and only serves UK residents. If you are reading this from the US, you cannot open a First Direct account, no matter how much you like the brand reputation.
That is the bad news. The good news is the US has plenty of high-yield savings options that match or beat what First Direct offers UK customers, including some that pair checking and savings into one app. This guide explains what First Direct actually offers in the UK so you can compare, then walks through the closest US alternatives in 2026.
Why You Cannot Open a First Direct Account from the US
First Direct is a wholly UK retail bank. It requires a UK address, a UK National Insurance number, and proof of UK residency to open any account. Even US citizens with UK ties typically need to be physically resident in the UK to qualify.
This is true of most retail banks worldwide. UK banks like First Direct, Monzo, and Starling do not accept US-resident applicants. US banks like Chase, Bank of America, and most fintechs do not accept UK-resident applicants. Personal banking is a heavily geographic product.
Some international private banks let high-net-worth US customers open UK accounts, but the minimums usually run into six figures. For typical savers, the practical answer is to find a US bank that delivers what you wanted from First Direct.
What First Direct Savings Actually Offers in the UK
For context, First Direct is known in the UK for three things: a Regular Saver account that pays a fixed high APR (recently around 7%) on small monthly deposits up to a cap, a standard easy-access Savings Account at a more modest rate, and excellent customer service ratings.
The Regular Saver model is unusual. You commit to depositing a set amount each month for 12 months, and the bank rewards the consistency with a market-leading rate. Withdrawals during the term are restricted. The headline rate looks great, but it only applies to the slowly growing balance, so the actual interest earned is modest.
US banks rarely use the regular-saver structure. Instead, the standard US high-yield savings account pays the headline APY on your full balance from day one, with no monthly deposit requirement and no withdrawal restrictions. If you have not done this before, our walkthrough on how to open a savings account covers the documents and steps in detail.
The Closest US Alternative: All-in-One Banking Apps
If you want a single app that handles both checking and savings with a strong APY (similar in spirit to how First Direct combines services), modern US neobanks fit that need.
Current Banking offers up to 4.00% APY on Savings Pods with a qualifying direct deposit of $200 or more, no monthly fee, no minimum balance, paycheck access up to two days early, and a fee-free overdraft buffer of up to $200. The APY is competitive with US high-yield savings averages, and the user experience is closer to First Direct's mobile-first style than a legacy bank.
The APY is capped (Pods up to $6,000 in aggregate at the headline rate), so it works best as the primary cash-management account with a separate dedicated savings vehicle for larger balances. Terms and conditions apply.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
High-Yield Savings Without the Checking Bundle
If you want a pure US high-yield savings account at a top rate, look at options like Marcus by Goldman Sachs, Ally Bank, Discover Online Savings, Wealthfront Cash, and SoFi Money. As of 2026, headline APYs in this category sit roughly between 3.75% and 5.00% depending on promotions. Our guide on how to open a high-yield savings account goes deeper on what to look for before you commit.
All of these are FDIC insured up to $250,000 per depositor and require no UK address. Most have no monthly fees and no minimum balance. Check each provider's official site for current APY and any conditions, since rates move with the federal funds rate.
For savers who want the absolute top rate at any given moment, sites like Bankrate and NerdWallet maintain regularly updated rankings. The differences between accounts are usually small, so customer service and app quality often matter more than chasing the last 0.10%.
Adding a Credit-Building Layer
First Direct and most UK banks do not focus on credit scores the way US banks do, because the UK credit system works differently. In the US, your credit score is central to mortgages, car loans, even apartment rentals, so pairing savings with a credit-building tool is common. If you are arriving from the UK or elsewhere, see our guide on transferring credit history to the US and on building credit for the first time.
The Self.Inc Credit Builder Account is a popular US choice for this. It works like a savings vehicle (you make small monthly payments, the money is held, and the balance is released to you at the end of the term) but it also reports those payments to all three credit bureaus. The average user sees a roughly 49-point lift in six months, according to Self's published data. A dedicated credit builder card can play a similar role with no security deposit required.
It is not a replacement for a real savings account, but for anyone moving to the US or starting from scratch on credit, pairing it with a high-yield savings account is a smart two-track move.
Investing Alongside Savings
First Direct also offers UK customers access to investment products through HSBC. The US equivalent is to pair a savings account with a brokerage account, which most savers do separately rather than at one institution.
Public is a US investing platform that supports stocks, bonds, options, crypto, and a high-yield cash account in one app. For people who want a single home for their cash plus their long-term investing, it is one of the more streamlined options. Public is a member of SIPC for the brokerage side, and the cash account is FDIC insured through partner banks. Always check the current rate and terms on the provider's site.
Public
Public
Investing for those who take it seriously. Invest in stocks, bonds, options, crypto & more.
Standout feature
A 5%+ yield Bond Account paired with 3.3% APY on cash — Public is one of the only consumer apps where idle and conservative money is treated as seriously as the equity portfolio.
Fees
Free
Pros
• Invest in stocks, bonds, crypto & more• Earn 3.3% APY* on your cash with no fees• 1% match when you transfer your portfolio• Lock in a 5%+ yield with a Bond Account
Cons
Customer support is in-app and email only, no phone
A common US setup is: checking and short-term savings at a neobank like Current, an emergency fund at a top high-yield savings account, and investing through a brokerage like Public or a traditional advisor. The whole stack is portable and FDIC or SIPC insured.
Tracking It All in One Place
One reason people like First Direct's all-in-one feel is the single dashboard view. US users can recreate that by connecting multiple accounts to a budgeting app.
Monarch Money connects checking, savings, brokerage, and credit card accounts from hundreds of US banks into one dashboard. You see your net worth, monthly cash flow, and category-level spending in one chart. For US savers building a multi-account setup, it brings back the single-app simplicity without forcing you into one institution.
A Word for US Expats and Soon-to-Be-UK Residents
If you are about to move to the UK, you can open a First Direct account once you arrive and have a UK address. Some UK banks let new arrivals open accounts before they land, but most require physical residency and ID verification on arrival. HSBC's Premier International tier sometimes lets existing customers transfer relationships between countries.
If you are a US-based UK expat with a UK address still on file, you may keep your First Direct account open while abroad, but new applications from a US address are blocked. Confirm with First Direct directly before relying on any cross-border setup.
Frequently Asked Questions
Can I open a First Direct savings account in the US?
No. First Direct is a UK-only bank that requires UK residency, a UK address, and a UK National Insurance number to open any account. US residents cannot open a First Direct account, even if they hold UK citizenship.
What US bank is most similar to First Direct?
For the all-in-one mobile banking feel, modern neobanks like Current Banking, SoFi, and Chime are the closest US matches. For the high-rate regular saver concept, US high-yield savings accounts from Marcus, Ally, or Discover pay the headline APY on your full balance, which is structurally different but often delivers more actual interest.
Is HSBC the same as First Direct in the US?
No. HSBC owns First Direct, but they operate as separate brands. HSBC USA exists and serves US customers with its own products, but it is not the same experience as First Direct UK. If you want HSBC service in the US, look at HSBC USA directly.
What APY can I get on a US high-yield savings account?
In 2026, top US high-yield savings accounts pay roughly 3.75% to 5.00% APY, depending on the bank and any current promotion. Rates move with the federal funds rate, so always check the provider's official site for the current number before opening an account.
