Juggling bank accounts

lauriepops

Hi.

Just looking for a bit of advice and if any of you could help I would love you forever! (Well maybe not forever but for a few hours at least!)

I currently have 2 bank accounts. My BoS account has a 1,700 overdraft limit (balance currently approx -£1500) and an abbey account (no overdraft. Low balance)

My wages go into my BoS account and all my bills come out of it. I transfer 250 a month to my abbey account as a "spending" account. I'm trying to pay off my BoS account so that I can close it and just use my abbey account.

I'm thinking about transferring all my debits and credits to my abbey account and just having the rent my parents pay me going into my bos account towards paying off overdraft.

Would it make sense to do this now or just keep my situation as is until my overdraft is paid off? And would bos be likely to ask for their overdraft money back if there was only 300 a month going into the account even though there would be no outgoings?

Sorry I've rambled a bit, but as I said any advice would be greatly appreciated. Unless its "abbey are rubbish stay away from them!" Because I've never had any issues with them and trust them a hell of a lot more than bos!

But aye, cheers!

Laurie

CLAPTON

what benefits arise from moving your DD before the OD is cleared
against the risk of them withdrawing your OD facility is you do?

unless the benefits are substantial then don't rock the boat.

Also, as your salary is going into the BoS a/c that means your OD is fluctuating... sometimes smaller when you salary goes in and then larger when the DDs go out... as the interest is charged on the daily balance that means you are paying less interest than if it were steady all the time.

lauriepops

Cool thanks.

That's what my mum said but you know what kids are like - we never listen to our parents :rolleyes:

td_007

There is the theoretical risk that bos could take all your salary as soon as it is paid in to adjust it against the overdraft. But if you have been maintaining your account till date then there is very little risk. That was just to shake you a bit :-)

However as the previous poster has said keep the maximum possible in bos account which will help in reducing the interest you pay on you OD.

lauriepops

a little bit of poo just appeared in my pants! Gee thanks!

Nah I doubt they'd do that to me. They're earning like 20ish quid a month on interest from me! I'm slowly reducing my overdraft so as not to arouse suspicion from them. Should have it cleared by october. Yaaaay!