Does such an account exist?

ferry

We're looking to cut down on expenses and on our list is the fact we pay £12.50 for the Halifax Ultimate reward Account.

As we dont really use most of the facilities,we could do with switching but we need the £1000 overdraft that is included with the account from time to time.

Do any banks accounts elsewhere possibly offer a basic account -no monthly fee- but include OD facility of a similar amount?

Just curious.
F

Tubbss

ask Halifax to downgrade you from the ultimate rewards account to the standard rewards acount.

pinkdalek

Tubbss wrote: »

ask Halifax to downgrade you from the ultimate rewards account to the standard rewards acount.

Yes this is a good option, however you would pay £1 per day if you use the overdraft, on the Ultimate Reward account the first £300 is charge free. I guess it depends on how often you are going to use the overdraft facility.

Another option is if you pay via debit card on your Halifax account quite regularly, then check out their Clarity Credit Card which also pays you £5 Reward each month if you spend over £300. You could keep the monies in your current account, avoiding the overdraft, then set up direct debit to collect payment in full each month? Note though you need to fund the current account with £1000 per month to get the £5 reward too on the Credit Card.

If you do not use the benefits of the Ultimate Reward then it may be worth coming off that account and changing to the Reward.

pjread

of course banks offer fee-free accounts with £1k+ overdrafts... I'm almost confused by the question!

Lloyds for a start will offer OD's of at least £2.5k+, but I suspect all major banks will as long as there's nothing awry with the customer.

paulmcerlean

pjread wrote: »

of course banks offer fee-free accounts with £1k+ overdrafts... I'm almost confused by the question!

Lloyds for a start will offer OD's of at least £2.5k+, but I suspect all major banks will as long as there's nothing awry with the customer.

at least 2.5k?!

define this...

pjread

paulmcerlean wrote: »

at least 2.5k?!

define this...

Erm, ok. They offer overdraft limits that exceed £2,500.00. 'added value' accounts are not required to obtain these.