Best Current Account for £2000 Overdraft

stevej2008

I currently have an overdraft with the Halifax (15.9% APR) and am looking to move to a cheaper deal. The only worry is that will a new bank give me such as large overdraft even though I have a good credit rating?

Any help much appreciated

ShelfStacker_3

Alliance and Leicester might allow you to do a balance transfer on it, depending on how often you're in credit. But in the long run, you might be better off getting a personal loan from somewhere, or better yet doing a super balance transfer with an MBNA issued credit card (like MBNA, Alliance And Leicester, many people swear by Virgin Money) so that at least at some point you'll be able to pay it off entirely.

Kavanne

Have you thought about a Super Balance Transfer credit card?

EDIT: Oops, Shelf stacker beat me to it.

Go on, OP, you can pay off your OD!!

YorkshireBoy

Is £2,000 the facility or the size of your debt?

If it is the size of your debt, then is the account returned to credit once per month for 3 days or more? If not, then forget A&L matching your overdraft facility because they almost certainly won't.

stevej2008

Thanks I hadn't thought of the super balance transfer credit card. Are there any fees. I currently don't have any days in credit, but i'm working towards this maybe in January this will happen.

ShelfStacker_3

There might well be a fee, but they'd almost certainly be lower than the interest you're paying now, and you'll at least be shot of your debt once you're done.

If you have no days in credit, A&L will not match your overdraft. Which might be a good thing; take this opportunity to get out of debt!