Santander Overdraft

deutsch

So I opened a preferred current account (everything has gone smoothly so far...) and they set up my overdraft at £650.00.

In their email: "If you decide that you would like Santander to match the overdraft facility you currently have with your existing provider’s current account, please send us a copy of your last bank statement to the address provided above clearly writing ‘Overdraft Match Request’, your name, date of birth and your new Santander sort code and account number at the top of the document. Please note: If your overdraft limit is not shown on your statement we’ll need written confirmation from your bank of your current authorised overdraft limit. Overdraft matching is dependant on your circumstances. "

So my existing provider is £2000 (the one I used to also switch my d/d), but do you think I could get away by sending in another different bank account's overdraft limit as proof if it was higher?)

0% for 12 months and £5/month after that if I ever dip into it after 12 months.

How high is your Santander overdraft (if you have one)?
The maximum is says somewhere is £5000. If you could have this still after one year, £60/£5000 would be like 1.2% interest rate - thus I am thinking of stoozing it after 12 months?

ses6jwg

I found that the damage done to my credit worthiness by stoozing an overdraft far outweighed the benefit of the small amount of interest earned.

YorkshireBoy

ses6jwg wrote: »

I found that the damage done to my credit worthiness by stoozing an overdraft far outweighed the benefit of the small amount of interest earned.

My experience hasn't been the same.

My £10K A&L O/D stooz (running for two and a half years now) doesn't seem to have affected my ability to obtain credit, either new or existing customer deals. Of course I'll never know if limits on new cards would have been higher, and by how much, without the O/D debt, but I've not been too disappointed to date.

I'm happy to pay 1.2% for cash that offsets my 3.75% mortgage.

beetwaste

Santander just dropped my overdraft, and left me over my limit. 'Forgot' to tell me this, and tried to charge me £95 for being over the limit. Lesson learnt, I guess, but make sure you watch the account in case they try the same. I'm sure you would anyway!

Fiddlestick

deutsch wrote: »

So my existing provider is £2000 (the one I used to also switch my d/d), but do you think I could get away by sending in another different bank account's overdraft limit as proof if it was higher?)

Fraud is never worth it.

IrishGypsy

Also, the switcher team will know what account number and sort code you originally used for the switcher process and will immediately pick up on the difference in these details. So not worth commiting fraud for tbh.

snowball19

I changed my Current Account to Santander a year ago for the £100 free cash and the 5% interest. They promised me they would match the overdraft that I previously had with the Halifax. I showed them the proof that I had a £6,250 overdraft facility with that bank and presumed it would be set up for me. Luckily I didn't need to use the overdraft but thought it strange that I hadn't heard anything so I checked with my local branch. They told me that I had no overdraft and to send in all of the same documentation once again. I was told after a week or two that I couldn't have an overdraft and they wouldn't give me a reason why but said I could apply again in a few months. I have tried three times since and been turned down each time. I have never been given a reason why and have been amazed at just how poor their customer service has been. Subsequently, now my year is up. I am switching to NatWest who immediatley said I could have a £1,600 overdraft (not that I even asked for that much - £500 would have sufficed) and I'll take advantage of their 2% debit card cashback offer for now. Santander are the worst bank that I have ever had the misfortune to deal with!

sivs

Hi, I've just been accepted for a current account that offers 5% interest on balances. I sent Santander all the information to match my overdraft with First Direct. Currently £500. Call them this morning to be advised that a decision has been made but they are unable to tell me what it is an I will receive a letter. It sounds like they have rejected my overdraft which is strange as I have a credit score of 930 (which I believe is excellent)

Does anyone know if Santander's criteria is sticker than any other banks? In total I owe about £2000 on Nationwide credit card but this is at 0%.

I'm don't need the overdraft but thought it would be worth me having it just incase.

Anyone thoughts would be helpful

.

ses6jwg

Santander are pickier than other banks when it comes to granting credit facilities. I suppose it kind of explains why they did not get into as much difficulty as other banks a few years ago.

You will find that once you have income going through the account they will be happy to grant an OD. They would not give me anything at first, 3 months of income going in they will now let me have up to £1350.

sivs

Thanks ses6jwg, I've already transferred £2500 into the account so I can make use of the 5%. Guess I don't like being turned down for thing. I've tried very hard over the past to keep my high credit score.

:j:j