The , whch was created by , does not filter out negative comments, although it will not publish profanities, a spokeswoman for First Direct said.
The bank claims its social media initiative will showcase all consumer opinions made about the bank, by aggregating comments from 8m social media sites
The site features a buzz monitoring tool called 'Live feelings about First Direct', an application that feeds live comments about the brand and 'Talking Point' - an area where consumers can let the bank know what they think of its customer service.
The launch is backed up by research commissioned by the bank, which found that 80 per cent of UK internet users are now using social media at least once per month, while 53 per cent are now creating and actively sharing content online.
The research also found that First Direct is the 14th most open and honest brand, with Lloyds, Natwest, and HSBC all appearing higher up in the list. The table was topped by Google, with Amazon in second place.
Lisa Wood, head of marketing at First Direct, said: "It's a move not many brands, let alone banks, would be able to do but this research clearly shows that customers expect openness and honesty in the businesses they trust and recommend."
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