Santander are doubling overdraft charges

jshodgson

In march the cost on my Preferred account will double from £5 max to £10 max for my arranged overdraft. Is it time to move? I have a £1900 overdraft and usually start the month just in credit then gradually get more and more overdrawn till I'm near my limit. Is there a cheaper overdraft account out there? I've never bothered paying it off as £5 for £1900 was too cheap!

staffie1

If I were you, I would move, BUT do address the causes of why you end up overdrawn each month. Do you budget?

jshodgson

Sure do budget but £5 for £1900 debt is so cheap my money is bettEr elsewhere where it will earn me more than £5 a month. Any advice on where to move to with lower charges on a big over draft than £10 a month?

YorkshireBoy

jshodgson wrote: »

Any advice on where to move to with lower charges on a big over draft than £10 a month?

You won't find anything cheaper I fear.

I'm in the same boat, having £10K stoozed away on my ex A&L Premier Direct account (now with Santander) overdraft. First year was free, then £5 per month, now currently £10 per month. I understand, although I haven't yet been notified personally, mine goes to £20 per month from March statement date? Time to pay it back I think, since the gain is marginal whilst offsetting my 3.75% mortgage (when you consider the damage such an overdraft may be doing to my credit rating).

ses6jwg

YorkshireBoy wrote: »

You won't find anything cheaper I fear.

I'm in the same boat, having £10K stoozed away on my ex A&L Premier Direct account (now with Santander) overdraft. First year was free, then £5 per month, now currently £10 per month. I understand, although I haven't yet been notified personally, mine goes to £20 per month from March statement date? Time to pay it back I think, since the gain is marginal whilst offsetting my 3.75% mortgage (when you consider the damage such an overdraft may be doing to my credit rating).

you could transfer from the premier direct to the preferred account?
have to fund with 1k pcm

o/d cap stays at 10

bengal-stripe

jshodgson wrote: »

I have a £1900 overdraft and usually start the month just in credit then gradually get more and more overdrawn till I'm near my limit.

jshodgson wrote: »

Any advice on where to move to with lower charges on a big over draft than £10 a month?

You seem to be overdrawn on an average of 800 or 900 quid for every day of the month. I doubt you'll get a cheaper overdraft of that size anywhere. (At 18% APR, which is quite average for an agreed overdraft it will cost you £13.50 per month).