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General Chat Thread, Bank Accounts in General; ...
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    sippo's Avatar
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    Bank Accounts

    Anyone know of any decent offers out there with decent overdraft rates. My current bank, santander, have just increased their rates and now have to pay £20 per month. Grrr.

    Hate being in my OD but unfortunately I rely on it so much at the moment as money is really really tight.

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    36Degrees's Avatar
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    Why not get a credit card with 0% for balance transfers? Overdrafts are usually very high cost borrowing methods and can be withdrawn by the bank any time they see fit. Barclays were offering 0% for 22 months so even with a 2.9% fee it's still a lot cheaper. I think they allow transfers to bank accounts as well. Another good company but with shorter terms is MBNA who run Virgin's cards amongst others.

    If you're bothered about using it and running up more debt, do the transfer then cut the card up.

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    sippo's Avatar
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    Needs to be a current account so can pay wages into.

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    Have to say I've been to the bank this week to sort out the finances to clear all my current debt over the next 5 years.

    Yes it meant borrowing more money from the bank but at a better rate than the overdraft.

    Ben

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    My natwest account is pretty reasonable. I spent a lot of the naughties at the bottom of a 3k overdraft, and they were only charging me £6 a month for the privilege... Also if you explain to natwest that you are going to be there for a while they will negotiate to make it more affordable, as ultimately if they make it comfortable for you to be in your OD they figure you'll be less likely to bother getting out of your OD!

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    First direct? They give you £100 to join, free £250 overdraft, do need to pay in £1500 a month though (from memory!)

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    Don't know much re overdraft fees etc, but co-op bank is always worth a shout if you actually want a bank that gives a toss, answers the phone in a couple of rings - someone in the UK, no less. I tend to be more bothered about service than fees/features

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    I am a Barlcays Premier Customer, which yes involves paying £25 per month but you get all of the other extra's like AirPort Lounge Access, Life Rewards, Gadget Insurance, Breakdown Cover, Concierge Service to just name a few which I do make use off. 0% Interest on Overdraft of up to 1,000.

    I used to use the overdraft around 1 year ago, but now 'thankfully' do not go near it but I still keep my account due to the extra's.

    Regards,
    James.

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    Quote Originally Posted by 36Degrees View Post
    Another good company but with shorter terms is MBNA who run Virgin's cards amongst others.
    Good company? Really?

    After a bad experience, I wouldn't advise touching Virgin CC with a bargepole.

    In short, they shifted my statement date so in their eyes my SO payment arrived late, so they clobbered me with a default charge and withdrew my 'promotional' 0% rate. When I complained, they told me it was my fault as I should have checked the statement date. And the only reason I was paying by standing order anyway was because their system is too naff to allow a specific amount to be paid by DD.

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    36Degrees's Avatar
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    Quote Originally Posted by sippo View Post
    Needs to be a current account so can pay wages into.
    I wasn’t advocating ditching the account, just transferring the debt to something with a lower, fixed interest rate.

    Quote Originally Posted by crc-ict View Post
    Good company? Really?

    After a bad experience, I wouldn't advise touching Virgin CC with a bargepole.
    I'm basing it on having an Alliance & Leicester credit card that was run by MBNA and ultimately got rebadged as such when Santander took over A&L. Of all the credit cards I've had over various years IME their staff have always been the most understanding and helpful.

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    rad
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    With FD, all you need to do to get round the £1500 is open a saving account and add £1 into it..

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    I'm with th Co-op and no offer or good rate would make me change either. The customer service and fairness of their fees outweigh anything else for me.

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