Looking for a good overdraft rate & transfer to another account

lollyc_2

Hi there

I'm looking to transfer to another current account so I can get the best rate for my overdraft as I feel I am paying too much for it and could be saving money here if I switched.

I am currently with LloydsTSB and I have an overdraft limit of £2500. I pay 10% EAR on this overdraft and account fees of £15 a month (Platinum Plus Account). This is slightly better than when I had a Select Account with Lloyds which had £7 a month in Account Fees but an overdraft of 17.7% EAR.

My income is £1421 after tax etc and I usually go right to the £2500 limit at the end of each month.

I am looking for a bank that I could transfer to to get a better overdraft rate. I would move my salary payments, DDs, SOs and mortgage to the new account, but I do not have the money to pay off the Lloyds overdraft first to close that account.

Does anyone know of any banks that are prepared to open accounts and take on existing overdrafts whilst also offering a "transfer" service for existing payments? The overdraft needs to be lower than 10%.

thanks
lollyc

M_Thomson

lollyc wrote:

Hi there

I'm looking to transfer to another current account so I can get the best rate for my overdraft as I feel I am paying too much for it and could be saving money here if I switched.

I am currently with LloydsTSB and I have an overdraft limit of £2500. I pay 10% EAR on this overdraft and account fees of £15 a month (Platinum Plus Account). This is slightly better than when I had a Select Account with Lloyds which had £7 a month in Account Fees but an overdraft of 17.7% EAR.

My income is £1421 after tax etc and I usually go right to the £2500 limit at the end of each month.

I am looking for a bank that I could transfer to to get a better overdraft rate. I would move my salary payments, DDs, SOs and mortgage to the new account, but I do not have the money to pay off the Lloyds overdraft first to close that account.

Does anyone know of any banks that are prepared to open accounts and take on existing overdrafts whilst also offering a "transfer" service for existing payments? The overdraft needs to be lower than 10%.

thanks
lollyc

You don't say if you manage to go above 0 every month, if you do You could try Alliance and Leicester, although their customer service is awful, they give great rates. 0% on your overdraft for a year, 5.9% after that. Free European travel insurance and an in credit rate of 5.0% AER.