Quick Halifax bank account question

happytails

We have a halifax bank account with an overdraft of £1250 which we have maxed out. By January we aim to have paid £950 off this, leaving £300 outstanding.

My question is, can i swap the current account for the reward account in Jan to benefit from the 0% interest on overdrafts up to £300 without having to move all my DD's and set my wage up to go into new account or can they just 'upgrade' the account somehow?

Thanks
Sarah

ETA: reason for keeping the £300 on overdraft is because we have an alternative overdraft with another bank account which needs addressing ASAP after the halifax one, so if i can save paying the Halifax the last £300 i can put that towards the next overdraft. Hope that makes sense

daniel598

You can upgrade the existing account keeping the same details with nothing to change

But be aware for 300 int free overdraft it will cost ya 12.50 a month for the URCA account

happytails

daniel598 wrote: »

You can upgrade the existing account keeping the same details with nothing to change

But be aware for 300 int free overdraft it will cost ya 12.50 a month for the URCA account

Oh yea, i know, We will need breakdown cover for our car come January (expires 24th Jan) and both our phones need insurance (will cancel my current policy in Dec, rolling contract at £7 per month) so that money is actually going to be less than paying for breakdown and 2 phone ins policies per month

Sarah x

daniel598

Ah right that's will save you a bit then and don't forget you will get 5 quid back each month if there's a 1000 going so if you do will make it that little bit cheaper as well

happytails

daniel598 wrote: »

Ah right that's will save you a bit then and don't forget you will get 5 quid back each month if there's a 1000 going so if you do will make it that little bit cheaper as well

Yes, it seems like quite a good option. Does the £5 go in each month or is it accrued and paid at the end of the tax year? I have a feeling its each month but not 100%

daniel598

Yeah it's paid each month usually at the start of the month

woozywendy

We upgraded our account while using our o/d.