Balance transfer question

husemin

Hello all, I'm not new to the site but I am new to the forum bit (my first post). Very simple question......
I'm with abbey national, If I do a balance transfer to another bank saving my overdraft charges which is £27 a month because im -£2800 (in the red).......the question is can I transfer my overdraft limit too, to the new bank? Is that what they mean when they say balance transfer because that is my balance, -£2800

Thanks

H

Extant

Balance transfers are usually for credit cards to credit cards, but some credit cards will accept overdrafts as part of promotional deals.

If you're talking about changing banks just for your bank account, I'd wager you would have a hard time finding a bank to grant you a facility to match that when you're already heavily overdrawn.

getmore4less

£27 for a £2800 debt is <1% a month which is not that bad.

Will you find a OD cheaper than that on a new bank account?

It would do you no harm to spend some time on the debt free board

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Formulate a plan to become debt free by looking at everything not just the OD charges.

Extant

getmore4less wrote: »

£27 for a £2800 debt is <1% a month which is not that bad.

£27 a month.

I make that about 11%.

husemin

Hi, You'r wright £27 for OD of £2800 is good, but other banks will offer 0% in the first year so i'll save over £300 I figgure. But your also wright after that the charges for overdraft are high else where, abbey is good on OD charges accually, so i'll have to think about changing banks or not...
Thanks all