New Current Account with Overdraft

drew1974

Hi all,

I have 2 Premier Current accounts with Alliance + Leicester, each with an overdraft of £2,000. I would quite like to move to a different provider, but would therefore need an overdraft of £4,000. Could anyone suggest a new provider most likely to offer this size overdraft at a competitive interest rate?

I am aware that A+L has a very competitive rate.

Any help greatly appreciated...
Andrew

Phoenix79_2

Aren't you better getting a £4k loan? Or getting your £4k overdrafts put on low rate/0% credit cards? Thats a big overdraft!

CopperPlate_2

Are you using the OD just now or do you just like having the safety net of a large overdraft? If you are using it, then as Phoenix says, better to get a 0% or LOB transfer card and shift the lot across I'd say. If you're not using it, then from my own experience Nationwide were very generous with their initial OD limit (£1500 with no questions) so they might be open to giving a large OD limit.

Why the move from A&L? Is their offer due to come to an end for you?

drew1974

Thanks, Phoenix and CopperPlate.

That sounds like good advice. I'm using just about the whole £4,000 so think I will try to shift it onto a 0% credit card (or as much as I can of it, anyway). It's so easy just to get into a habit and then not question it - I thought of getting a loan to replace it but just didn't even consider a credit card. I'm not paying that much in interest, but it does all add up and I'd be far better off actually repaying what I can rather than just paying interest.

The A+L promotional rate has long since ended. They haven't been too bad as a bank but I quite fancied having a pop at them for the bank charges, as helpfully described elsewhere on this site.

I actually thought of Nationwide and will try to see what they can offer me, so thanks for the tip.

I use internet banking - does Nationwide have a good internet bank or does anyone have any other preferences?

Andy

CopperPlate_2

NW offer a decent enough internet banking operation. The only downside is the length of time you wait for a reply to a secure message sent to them. It appears to be way down their list of priorities, but they offer good interest rates, and the website does everything you might need it to do. The demo of the site is below.

http://www.nationwide.co.uk/internet_banking/demo/demo.htm

I might even consider taking out a LOB card rather than 0% for that sum. Morgan Stanley offer one at 3.9% LOB, unless you think you'll get it clear in the 0% promotional period or moved onto another 0% card at the end of that deal.

Let us know how you get on.

drew1974

Thanks. What do you mean by "the length of time you wait for a reply to a secure message sent to them."? Do you mean the website is slow each time you send data over it?

Cheers
Andrew

Kilty_2

A "secure message" is the way you contact them via what is like e-mail if you have a problem with your account, an alternative to phoning their helpdesk.

Never had to do it myself so can't comment on the response times but what CopperPlate means is they can be a bit slow at replying to the message you send them.

CopperPlate_2

Sorry Drew. Kilty is correct. A secure message is similar to an email but is only sent through the online banking website and, in theory, can only be read by the bank employee at the other end. Nationwide (NW) have been slow as hell in replying to these messages - sometimes taking a week or so. In comparison, smile and first direct seem to reply within the day or at the very latest 36 hours. Phoning is obviously an option, but NW don't have a particularly hot telephone banking service, IMO

HTH

drew1974

The only problem I am having is how to transfer the debt onto a credit card. Most credit card providers do not let me transfer to a bank account, so I am a little stuck.

Does anyone know how to get round this. The only thing I can think of is to take it out as a cash advance, but this is expensive.