Fee Free Overdraft Current Account

atlantis187

Which current account offers long term fee free overdraft of around £1000 a month.

I know santander do but this is only for the first year

stephane_2

No one.....

chexum

You mean to withdraw £999 and not having to pay a p for 5 years? No chance.

Most banks have a free overdraft (even if they have regular charges in addition to interests), if you use their famed "Dedicated Switching Team" to transfer your direct debits/standing orders to a newly opened account. This is always time limited, from 3 (Nationwide) to 12 months (almost everyone else).

You could probably do some tarting around the mainstream banks, provided your credit file is in a good enough shape to apply for a new current account every 10-11 months. I don't believe any mainstream bank would offer £1k longer than that. Maybe private accounts if you bring massive savings to them, or with a similarly massive account turnaround.

atlantis187

ok thanks,

Let me rephrase the question. Which bank gives the highest fee free overdraft on an account for e.g

First direct - £250
Coop - £200

Does anyone know of any others?

stephane_2

The answer was in your first post...

jd87

Unless you're eligible for a student account then, as others have said, there aren't really any 0% fee free overdrafts of the type you describe.

Santander is only £5 a month after the first year - that's not too bad.

atlantis187

jd87 wrote: »

Unless you're eligible for a student account then, as others have said, there aren't really any 0% fee free overdrafts of the type you describe.

Santander is only £5 a month after the first year - that's not too bad.

What £5 a month for a £1000 overdraft really?

stephane_2

It will be 12.9% EAR after the first 12 months as long as you pay a minimum of £1000 into the account each month

jd87

Ok when I said Santander is only £5 a month I was basing this on my experience with the Alliance and Leicester (now Santander) Premier Current account. This is free overdraft for 12 months, then a 50p per day (up to max £5pm) overdraft usage fee after 12 months.

Is this not still available to new customers?

premierfella

jd87 wrote: »

Ok when I said Santander is only £5 a month I was basing this on my experience with the Alliance and Leicester (now Santander) Premier Current account. This is free overdraft for 12 months, then a 50p per day (up to max £5pm) overdraft usage fee after 12 months.

Is this not still available to new customers?

I think you can guess the answer - the old Alliance and Leicester current account range closed to new customers in June.

jd87

Ah I see. Apologies to the OP.