Going from Natwest to Halifax - Questions

fluffy123

Hi all,

I currently hold a natwest account and am liking the look of the new Halifax deal where they pay you £5 per month. However, at the minute I hold a graduate loan with natwest and am also overdrawn- by around £500ish. Would they insist on me paying the loan and overdraft off before cancelling and going to Halifax or would there be a way of working that out? (ie: paying natwest loan off from Halifax account every month, transferring the overdraft from natwest to Halifax and effectively paying it off?)

Thanks in advance. :T

fluffy123

Anyone?

~Beanie~

They won't let you close the current account (or transfer it elsewhere) whilst you are overdrawn. It is possible that Halifax will give you a similar sized overdtaft but you would have to ask them.

I'm also pretty certain that it is in the T&Cs of NatWest loans that the repayments must come from a NatWest current account.

Comyface

Halifax may agree to give you an overdraft upfront to pay off the NatWest one, but the charge is £1/day for authorised overdrafts (on that account)which would negate the benefit of the £5/mth!

Halifax won't insist you close your other account straight away so you could just move your wages, DDs etc over to the new halifax account (or let halifax do it for you if you don't have the time/trust someone else to do it) and then set up a standing order to go to your old overdraft, thereby reducing it each month. You can then close the account when it's paid off.

You should be able to pay your natwest loan with a DD from the halifax account, I'd check with them maybe?

withnell

Natwest T&C say you have to pay your wages into their account