Escaping Santander

busters_dad

I've an account with Santander with a £1000 O/D which I'm quite heavily into and being charged £20 a month for. What, if any, is the best route out of their grasp bearing in mind also that I have poor credit rating.
Any help would be much appreciated.

Buzby

Well, clearly paying it off and then closing the account is a grea start - especially if a family member (or inheritance) can provide the funds.

Other than that, your regular payments will make your file look good, so unless there's a lower interest deal that will accept you, you might just be better off where you are!

missile

A poor credit rating should not stop you switching bank account. Look for one which will give you a cheaper or free overdraft rate. You may find a bank loan would cost you less in charges?

It would appear you have been spending more than you can afford and need to increase your income and/or reduce your outgoings.

innovate

Your credit rating won't improve if you constantly use your overdraft facility. So your best bet is to pay it off.

busters_dad

Thanks all! I think the answer is pretty obvious!!
Another quicky and forgive me for being thick but will I be charged if my account is in credit with an arranged O/D? Tried looking on the website but no definate answer.

MX5huggy

You don't get charged for having an arranged OD that you don't use.

epm-84

You need to look at other current accounts available and see how much you would pay in overdraft fees with them.

From the bank accounts I have seen (when I've been looking at opening a new account recently) probably either Natwest Select or Co-op Current Plus are your best bet as they offer the first part of the overdraft at 0%.