Current A/C with free overdraft ?

adindas

Is there any Bank A/C which introduce a free overdraft for an introductory period ?

I have Santander Zero but I do not think it is a free overdraft a/c.
I am thinking about using it for Stoozing and put it into a flexible saving a/c which earn a decent interest rate.

Do you have any idea which A/C offer such kind of benefit ?
Thank you
ADINDAS

Baldur

adindas wrote: »

I have Santander Zero but I do not think it is a free overdraft a/c.

It is - but only for 4 months:

Your Arranged Overdraft will be 0% EAR (fixed) for the first 4 months, when you use our Account Transfer Service. It then changes to a competitive 12.9% EAR typical (variable) (overdrafts are offered depending on your circumstances).

YorkshireBoy

If you use the Halifax switching service (to transfer 2 x SO and salary from an otherwise dormant current account as I have just done), they'll give you a fee-free overdraft for 90 days.

Thanks to their generosity I currently have £5K sat in a savings account for a few months.

As far as I'm aware, many banks (almost all?) offer this service when you switch to them?

adindas

Thank you for this info

Baldur wrote: »

It is - but only for 4 months:

adindas

Is it a Halifax Reward account ?
2 X SO is quite easy. What I normally do is to set up a dummy SOs of £1.00 (or 1p) to my other current a/c in other banks. I prefer to set up a yearly SO rather than monthly SO.

But for Salary, I will be thinking twice to transfer it to other bank. Is there any trick how to avoid this ?.

YorkshireBoy wrote: »

If you use the Halifax switching service (to transfer 2 x SO and salary from an otherwise dormant current account as I have just done), they'll give you a fee-free overdraft for 90 days.

Thanks to their generosity I currently have £5K sat in a savings account for a few months.

As far as I'm aware, many banks (almost all?) offer this service when you switch to them?

YorkshireBoy

adindas wrote: »

Is it a Halifax Reward account ?

Yes.

I prefer to set up a yearly SO rather than monthly SO.

I always set up the SOs, let them go once, and then switch it, then cancel it when the incentive has been paid. Gives you a stronger position if there are any problems down the line when they renege on the incentive.

But for Salary, I will be thinking twice to transfer it to other bank. Is there any trick how to avoid this ?.

Not with the branch offer I had recently (£50 incentive paid there and then...before any SOs/salary were switched).

I was told that if any SOs didn't get transferred for whatever reason, or my salary didn't hit within the 3 month switching duration, then they'd pull the £50 back from my account.

adindas

Thank you for your info. Appreciate that...

YorkshireBoy wrote: »

Yes.I always set up the SOs, let them go once, and then switch it, then cancel it when the incentive has been paid. Gives you a stronger position if there are any problems down the line when they renege on the incentive.Not with the branch offer I had recently (£50 incentive paid there and then...before any SOs/salary were switched).

I was told that if any SOs didn't get transferred for whatever reason, or my salary didn't hit within the 3 month switching duration, then they'd pull the £50 back from my account.

coolesticeking

First Direct offer a free £250 Overdraft if my mind serves me right and I think the Co-Op also does on some of it's accounts.

adindas

Thank you for your info ..

coolesticeking wrote: »

First Direct offer a free £250 Overdraft if my mind serves me right and I think the Co-Op also does on some of it's accounts.

hello2007

CO-OP does a interest free £200 overdraft on its privilege and privilege plus accounts.

pwuk

Lloyds also offer the 90 day switching service option. Then if you decide upon an added value account you could benefit from reduced interest rates etc.

HTH