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Account switching

SisterSeph
Posts: 16 Forumite
I have a graduate account with HSBC that has an overdraft facility of £1500 - £1000 of which is currently interest-free, but this level will drop to £750 and so on until none of it is interest-free. I am so sick of wallowing in my overdraft - my salary never puts me in the black. Should I open a new account with a better bank and have my salary and direct debits all coming out of that - in effect I'll sort of be starting over - and simply pay back the interest free overdraft gradually over the months?

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I may be shot down for this but I suggest switching to a better account, eg the a and l account which comes with an interest free overdraft facility to pay off the intrest accruing overdraft at HSBC, then get onto the debt free wannabe forum to completely wipe out all the overdrafts. Meanwhile, the debt is 0% and you get a £50 refer a friend bonus, and you can make positive steps towards getting into and staying in the black.
You're about the 4th person today I have recommended this account to and I don't know how good it will be in a year once the introductory offers have gone, but you can change again in a year, it's a lot easier than I had imagined. Again, if you don't have a friend with the account Pm me and I'll send my details, but even without that I recommend the accountDebt £5600 all 0%0 -
If you have an overdraft with any bank, I would think they will want to see regular payments coming in. Yes, I would try and switch to another bank if that suits, but in that case I would transfer the debt too.
Can you try budgeting / moneysaving etc as gradually you should be able to get your overdraft down? Plenty of tips on this website.....Indecision is the key to flexibility0
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