Advice On Halifax Current Account

outtadebt

Hi,

I'm looking for some advice please...

I am currently paying £12.50 for an 'Ultimate Reward' current account with the Halifax and am considering switching to the standard 'Reward' account so I save £12.50 per month. I have an overdraft of £2800 and am pretty much always in the overdraft once my bills go out a day after pay day.

Is it wise to move to the standard account, could I lose this overdraft and would the overdraft fees be worse if I switch? Ideally i'd like to save the money every month as I've only really used the RAC cover but don't want to make myself worse off.

Any advice would be much appreciated.

jambosans

outtadebt wrote: »

Is it wise to move to the standard account, could I lose this overdraft and would the overdraft fees be worse if I switch?

The overdraft won't be removed if you downgrade. The fees are the same, except you would pay £1 per day for any arranged overdraft up to £2500, and £2 per day above this (you would loose the £300 fee free overdraft included with the URCA). The Reward will also give you £5 for credits totalling £1000 going through the account in a month. So that can help with the overdrafts fees.

outtadebt

Great, thanks a lot for the advice.