My bank plan

wishface · 19 November 2009 at 8:25PM

I have a £200 overdraft with the Abbey. I would like to close it, but doing so would seriously leave me short. I could do it, but I'd have nothing left. I can get by with it for now, so it's not a big deal. However thinking about it I wondered if there was a way to mitigate that cost by opening another bank account. Are there any deals at the moment offering cashback to new customers anywhere near this amount?

jonesMUFCforever · 19 November 2009 at 8:35PM

Most offers such as say A&L would want you to pay about a grand in a month - why not gradually reduce the overdraft with Abbey over a few months.

Freshbeer · 19 November 2009 at 8:47PM

Go into a branch and speak to a banking adviser. You should beable to open a second account for spending and keep the one you've got for bills. Work out what you need in each one and set up a standing order from one to the other and whatever is left will go towards reducing the overdraft. Once your back in credit you can either increase your spending allowance or sweep it into a savings account.