Best one to go for?

bayley84

Hey, im looking to switch from Halifax ASAP. Just need bit of advice..

Im looking at a current account with abbey that will offer me overdraft but visa electron card, or the Yorkshire Bank readycash account? thinks its a maestro card but no over draft?

Which one would you guys go for??

Many thanks!

mcdaly

I would recommend the abbey one. Just make a decision if you want 0% overdraft for 12 months or 6% interest for 12 months (not both). They offer electron or a multifunction card (visa debit and cheque guarantee). If you are going to switch make sure that you take your salary details with you otherwise they wont accept it as a switcher and you cant get the overdraft.

bayley84

thanks for your reply. Only thing stopping me is the electron card. are these not been 'phased' out? or not used at petrol stations. i have visa debit card with halifax but desperate to get rid.

noah271007

From what i read on the forums, i would actually advise you to go for Yorkshire Bank. Abbey customer service from what i heard and read, seems pretty appalling. Yorkshire Bank, on the other hand, seem decent on the whole to deal with.

noah271007

What about other banks? HSBC? Lloyds? Nationwide? Or is your credit history a bit of a problem? Furthermore, do you need an overdraft to go with the account?

bayley84

credit is bit of an issue. over draft would be nice but trying not to go there. wanna try and clear as much debt as i can.

Mike1989

I thought visa electron didn't offer overdrafts?

But of the two I'd go with the Yorkshire bank, of the two, better customer service.

bayley84

thats wot i thought mike but they said £400 overdraft but electron card, but option in few months to 'upgrade' to new card if accounts stands in good stead

rb10

The fact that an account has a Visa Electron card just affects the way that debit card purchases are processed.

In some cases, when you use a Visa debit card (not Electron), the transaction won't actually be 'authorised' by the bank ('authorising' a payment request means the bank will say that 'yes, this customer does have enough money in the account and we will meet the payment'). Typically, tickets bought on trains (amongst many others), will not be authorised, because of the difficulties in getting a real-time link to the bank.

As a Visa Electron card must always be authorised, the bank always gets to approve or decline a transaction, but it's up to the bank concerned whether they'll let you go to £0 and no further or -£400 and no further.

But most banks choose to give accounts with Visa Electron no overdraft. This is just because Electron cards are generally given to people with lower credit ratings (so the bank can keep an eye on them more with an Electron card). And people with lower credit ratings are obviously a higher risk, which normally means no overdraft.