Should I open a new account?

Drea

I have a £1,200 overdraft with my current account from RBS. My wages get paid into the account and it's the only bank account I use. I'm worried that they will just take back the overdraft at some point and I will be left with nothing. I do have a Halifax basic account but have never used it and don't really want to because it only has visa electron.

I don't have a good credit history although am now managing to keep on top of payments (just) so I'm not sure if I could even get an account with a decent debit card/chequebook?

Should I try to open a new account?

Thanks :T

downnotout

What is wrong with a visa electron? it is accepted almost everywhere that visa is accepted (I have not found anywhere that I can not use my electron card), and where it isn't, do you really need to make the purchase?
What you could do is put your wages in to the Halifax basic account, and set up a standing order to pay your overdraft back.

BigCraigJohn

I would certainly not continue paying your wages into that account.
Overdraft is debt and they can turn round and ask for it back at any time.
Keep a clean account with no overdraft and try and pay of the overdraft, just make sure you atleast put in enough to cover the interest.
Personally i'd open another, remember RBS and Halifax are both members of the Lloyds group.
Coop basic account is meant to be good and comes with a debit card.

downnotout

I have a Co Op cash minder account, it comes with a Visa Electron card. I have internet banking and most of my income goes into that. I have a Barclays regular account with a Visa. I am currently paying my overdraft off with standing orders and keeping my CoOp account clean, they will open accounts for people with bad credit ratings.
I didn't realise that those three were all the same group, thanks John I will bear that in mind.

Toe-Jam

BigCraigJohn wrote: »

I would certainly not continue paying your wages into that account.
Overdraft is debt and they can turn round and ask for it back at any time.
Keep a clean account with no overdraft and try and pay of the overdraft, just make sure you atleast put in enough to cover the interest.
Personally i'd open another, remember RBS and Halifax are both members of the Lloyds group.
Coop basic account is meant to be good and comes with a debit card.

RBS is not part of the LLoyds group !

RBS is part of the RBS group (RBS Natwest and Ulsterbank)

Drea

Thanks for the answers. I have been worried that they will simply take the overdraft and I'd be left with nothing. A lot of people have problems with visa electron cards being accepted so would rather not have one of them but will do if necessary.

MrsE_2

Drea wrote: »

Thanks for the answers. I have been worried that they will simply take the overdraft and I'd be left with nothing. A lot of people have problems with visa electron cards being accepted so would rather not have one of them but will do if necessary.

If you stop paying your wages in they are more likely to withdraw your OD.

Drea

MrsE wrote: »

If you stop paying your wages in they are more likely to withdraw your OD.

But then I'd just owe them it as I do now rather than having over a full months wages being taken and not being able to pay rent/bills/food.

MrsE_2

Drea wrote: »

But then I'd just owe them it as I do now rather than having over a full months wages being taken and not being able to pay rent/bills/food.

Do you think they are likely to just stop it dead?

Would it be better if you carried on using the account but left £100 a month in to reduce the OD?

Drea

MrsE wrote: »

Do you think they are likely to just stop it dead?

Would it be better if you carried on using the account but left £100 a month in to reduce the OD?

Not sure how likely it is but I have heard of it happening recently and it's worrying. Could possibly afford to pay off £50 a month at a struggle. Maybe I should give them a phone...

MrsE_2

Drea wrote: »

Not sure how likely it is but I have heard of it happening recently and it's worrying. Could possibly afford to pay off £50 a month at a struggle. Maybe I should give them a phone...

If you stop you're wages going in they are almost certainly going to close your OD.