Question re current accounts

SeaSmart

Is it possible to swap accounts even if you have an overdraft with your current bank?

ie i am with lloyds tsb platinum. 15 quid a month for the account. this gives me mobiule phone insurance and full AA cover but the charges on the overdraft are 7 quid a month (1700 quid OD). Would another bank/building society take on this overdraft?

Thanks for your advice.

EagerLearner

A&L will take it on at no cost for the 1st year I think, even after that they are very cheap - see Martin's latest article on bank accounts.

Plus they pay high rates of interest etc - apply early September as rumour has it they will be increasing the rate of interest to 6% for new customers.

SeaSmart

Thanks for that. Is the artcile on the site somewhere?

SeaSmart

On my lloyds tsb bank account i have 1700 quid OD. the first 250 is interest free but i pay 0.89% per month or 11.2% per year on the remainig OD. THink that eaquates to about 3-4 quid per month. Plus the 15 quid account charge for having the account.

Like you say it may be worth switching as A&L do a 1000 interest free OD for 12 months then just 5.9% after that. Suppose i need to ring A&L to find out

EagerLearner

Info from Martin is here (about mid way down page): http://www.moneysavingexpert.com/banking

Yes give A&L a call, can't hurt to explain what you need from the account and ask if they will provide what you need.

By the way, if you open the A&L account, do it via Quidco.com as you will get £50 cashback - see whether it is more important that you do it now, or wait til early September when the rate will increase. You never know, if you do it now they may 'upgrade' you later to the better account.

basketcase

Silly question:

What is Quidco?

EagerLearner

Not silly at all - quidco.com is a cashback site - buy things through their links rather than buying from a website directly, and Quidco will give you real cash back at the end of each month. There are some great offers on there, mostly for things I was going to do anyway - new savings account, new mobile phone, hotel booking, new bank account, items from Misco, flights and much more. Highly recommend it - best cashback site around - and I was one of the non-believers before.

Search this forum for Quidco & enjoy...