Bank Accounts allowing big overdrafts

smallzoo2
smallzoo2 Posts: 270 Forumite
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in Budgeting & bank accounts
Are there any banks in the market who allow for big overdrafts without huge charges ( e.g. £5k )

Thanks
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Comments

  • john1002
    john1002 Posts: 984 Forumite
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    yes nationwide for sure but most others will i would expect, the problem been unless you have a premium account 5k is the max you can get.

    The other problem is that you will have to earn that sort of level it will be very unlikely you would get that sort of level from an initial account application but the only way to find out is to apply.

    Good luck and let us know how you get on and who you decide to go with.

    John
  • Alsav
    Alsav Posts: 18 Forumite
    NatWest have given me £7.5k overdraft.
  • smallzoo2
    smallzoo2 Posts: 270 Forumite
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    thanks..what sort of charges ?
  • No_6
    No_6 Posts: 835 Forumite
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    you want to use a £7.5K overdraft

    ?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    smallzoo2 wrote: »
    thanks..what sort of charges ?
    Well Nationwide would be free for the first 12 months, with the right account.

    Re NatWest, the charges will be shown on their website. Probably circa 19% EAR. Maybe a monthly usage fee on top?

    Many banks will offer a fee-free period if you switch into them, probably 4-6 months.
  • No_6
    No_6 Posts: 835 Forumite
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    @ YB

    thought you were asleep tonight.

    You recon they would get 7.5 on a NEW account ?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    No_6 wrote: »
    You recon they would get 7.5 on a NEW account ?
    Who knows? They haven't disclosed their income and other circumstances. But I've had £10K given on a new account before now, and £5K given twice. Also had 3 lots of £2.5K facilities granted when Nationwide launched the FlexDirect 5% deal a few years ago (and you could bag 3-4 accounts for a while), so a total of £7.5K with the society.
  • No_6
    No_6 Posts: 835 Forumite
    First Anniversary Combo Breaker
    but that is going back in TIME
    they may get it ....hope they reply.
  • smallzoo2
    smallzoo2 Posts: 270 Forumite
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    Sorry been away for a while.

    We have had this overdraft for over 5 years with the RBS but the charges are extortionate ( I know some would say they are valid ). Despite numerous letters to the bank asking for help , advice and changing accounts they keep sending me the same standard letter back saying their charges are in line with state of the accounts...ie not very helpful

    My net income is about £2000 per month
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    smallzoo2 wrote: »
    Sorry been away for a while.

    We have had this overdraft for over 5 years with the RBS but the charges are extortionate ( I know some would say they are valid ). Despite numerous letters to the bank asking for help , advice and changing accounts they keep sending me the same standard letter back saying their charges are in line with state of the accounts...ie not very helpful

    My net income is about £2000 per month
    What's the size of the current facility?
    Are all charges for arranged overdraft use, or do you have unarranged overdraft charges too.
    You say "we", but then quote "my" income. What's the other party's income?
    What's the max/min balance throughout the month?
    Are you reducing it month on month?
    Total charges in a typical month?
    Can you earn more?
    Can you cut back anywhere?
    Can you sell anything?
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