Pay of debt quicker or make £££ by using two 0% overdraft accounts

moneysavingobsessive

It is possible to open both the A&L and barclays current accounts and use the overdraft for one to fund the other. E.g. set up 2 standing orders, 1 to move £1000 from barclays to A&L and one to return it immediately. You could then use the remaining credit to pay off any expensive debt, or (as I hope to do) pay into the 10% A&L regular savings account.

Say you get £2000 overdraft for each a/c, pay £1000 from barclays into A&L and then move the £1000 a month between the two, at the end of 12 months, you would have £3000 in the 10% savings account, and be £2k overdrawn with A&L and £1k overdrawn with barclays.

Paying off the debt with the savings means a net profit of the interest.

Off course you could be really cunning and put the additional credit that is unused over the 12 months into an instant access savings account and drip feed it in, thus making even more interest...