Interest free overdraft

Sheffieldstag

Hi all

Can anybody advise on a current account with a good period interest free overdraft facility?

My current bank has just started charging interest on my overdraft and I'm not sure whether I can pay this current overdraft off with a new interest free overdraft from another bank and close the existing account?

Can anybody advise?

markrmagee

I got £900 with A&L, can do what i like with the money...

Kevicho

I hope by that you dont mean squander on rubbish

markrmagee

heh, actually mine cleared an old credit card

Kevicho

Good going

Pity 99% of the country dont follow your example

overbudget

yep - Alliance and Leicester. They'll match any current overdraft facility and give you up to £2500 at 0% for a year.

KerryGold

Small print is for them to match the previous credit limit you have to have been in credit in the previous month. This was no good for me who was steadily clearing a previous £2k overdraft, paying off a certain amount each month. I am down to about £600 now and they offered me £800. I decided accepting and closing the old account without a match was a good DFW thing to do!

K x

Gordon_the_Moron

How do they tell if you have been in credit the last month? If they contact another bank asking for someone's account details doesn't the data protection act stop the other bank giving them it?

M_Thomson

Gordon_the_Moron wrote:

How do they tell if you have been in credit the last month? If they contact another bank asking for someone's account details doesn't the data protection act stop the other bank giving them it?

If they offer you an overdraft limit which is below what you have with your existing bank and you want it matched, you have to send them statements from your existing bank for the last few months. They will be able to tell that way.

Gordon_the_Moron

If you can't get it matched with A&L see what they'll offer you, use that then either use a credit card with a 0% introductory offer or use Nationwide Flexaccount, that has a cheap overdraft (less than 8%) better than most accounts.