BR Bank Accounts

sazaboo

i got my co-op account done this week, due to Br in sept...i am switching all direct debits and standing orders to this account, i have another account with no overdraft and a zero balance - should i close this now?
i will probably leave the old current account alone as it is overdrawn and will go into the Br - unless i clear overdraft - should i close that if i clear it before the Br?

wildheart83

If you clear your overdraft prior to going BR, the OR might see it as favouring a creditor over the others. IMO it's best to just leave it as overdrawn and let it fall into BR

dojoman

sazaboo wrote: »

i got my co-op account done this week, due to Br in sept...i am switching all direct debits and standing orders to this account, i have another account with no overdraft and a zero balance - should i close this now?
i will probably leave the old current account alone as it is overdrawn and will go into the Br - unless i clear overdraft - should i close that if i clear it before the Br?

Just let it go in to your BR.

lala9

Is it possible to keep your existing bank account when you go BR if your account is not overdrawn and you remove the overdraft facility from it???

wildheart83

It depends who it's with, and if you owe them any money on other accounts / CCs / loans.

I found it easier to just start afresh with a new bank account, new bank etc but it's entirely down to the bank

lala9

Hmmm, so if I bank of Santander and I have debts with Tesco, MBNA, Barclaycard and M&S would I be ok to stick with my current account?

dojoman

lala9 wrote: »

Hmmm, so if I bank of Santander and I have debts with Tesco, MBNA, Barclaycard and M&S would I be ok to stick with my current account?

No the only 2 BR friendly accounts are the Coop cashminder and Barclays basic. Santander are not BR friendly at all and personally I would not risk it anyway. At least you know the 2 accounts mentioned will not be touched.

lala9

Thanks. Coop cashminder it is then, I just trying to save a bit of faffing about. Am I wise to disclose to Coop that I intend on going BR or keep stum!

dojoman

lala9 wrote: »

Thanks. Coop cashminder it is then, I just trying to save a bit of faffing about. Am I wise to disclose to Coop that I intend on going BR or keep stum!

No, tell them that you are going BR, that way they will not give the wrong type of account by accident. I told them and they were absolutely fine about it.

lala9

Damn, I've just applied and read your post, I didn't tell them I was going BR, but stated I wanted a basic bank account. Lets hope I get one.