Good overdraft accounts

streakydave

I'm perenially in my overdraft, and a year ago I switched my HSBC account to the Alliance & Leicester, to cut my overdraft charges from £30 to £5 per month.

However, since being taken over by Santander, I've seen the charge go up to £10, and now £20.

I'd therefore like to switch again - does anyone know of any good accounts I could switch to which would charge less?

Or, alternatively, would I be better off using my savings to pay off my overdraft (about £1,500) and starting over with an account in which I try (!) to stay in credit?

opinions4u

Your last paragraph makes most sense. But don't try. Succeed.

CLAPTON

streakydave wrote: »

I'm perenially in my overdraft, and a year ago I switched my HSBC account to the Alliance & Leicester, to cut my overdraft charges from £30 to £5 per month.

However, since being taken over by Santander, I've seen the charge go up to £10, and now £20.

I'd therefore like to switch again - does anyone know of any good accounts I could switch to which would charge less?

Or, alternatively, would I be better off using my savings to pay off my overdraft (about £1,500) and starting over with an account in which I try (!) to stay in credit?

your saving of 1,500 are earning about £3 or 4 per month in interest and you are paying 5, 10 or 20 in charges

a no brainer really

iluvsaving

If you are always in your overdraft then if you were to switch to Barclays you would have options of monthly fee accounts that offer up to £1000 interest free overdraft and a wide range of services that could work out saving you money.

barclays.co.uk/Currentaccounts/P1242557963414

safc118

iluvsaving wrote: »

If you are always in your overdraft then if you were to switch to Barclays you would have options of monthly fee accounts that offer up to £1000 interest free overdraft and a wide range of services that could work out saving you money.

barclays.co.uk/Currentaccounts/P1242557963414

Barclays aint 1 of them

6.50 a month acc = £300 INT Free
15 a month acc = £300 INT Free
25 a month premier life = £1000 int free but my god truly defeats the objective unless you would use the extra benifits like comfier seats at airports

ses6jwg

Citibank offer a current account with no monthly fee if you pay in £1800+ pcm. It comes with a fee-free overdraft up to £500.

mgdavid

'Good overdraft accounts' caught my eye
there is no such thing as a good overdraft anything.
As others have said it's a complete no-brainer to pay off o/d with savings and then stay in credit.
Why are you always o/d, are you low-paid and struggling to make ends meet, or just haven't managed to develop budgeting and money management skills?

Millie_Millsters

If it was me I'd pay off overdraft with savings and spend less.
Then if you try really hard and don't use your overdraft ever again, it won't matter what the charges are.

streakydave

Thanks everyone for your views. It seems that the concensus opinion is that I should pay off the overdraft with savings and then stay in credit.

It will be painful in the short term, but the wisest thing in the long term.

opinions4u

streakydave wrote: »

Thanks everyone for your views. It seems that the concensus opinion is that I should pay off the overdraft with savings and then stay in credit.

It will be painful in the short term, but the wisest thing in the long term.

And build up the savings again!

Millie_Millsters

opinions4u wrote: »

And build up the savings again!

Using the money you've saved in bank charges :T