Help Switching Bank Accounts!!!

ZoeB23

Hi all Im after some advice with regards to switching bank accounts.....
I currantly bank with Lloyds and amongst other issues with them I have a £1000 overdraft with them, to which I have a premier account that I pay £25.00 a month for which allows the first £500 of the overdraft to be interest free and the rest I pay a usage fee for the overdraft of £5.00 a month plus about £3.50 in interest for the remaining £500..... I want rid of this card but Lloyds always tell me that I will end up paying more than £25.00 in interest fees for the £1000 overdraft so im better off keeping the card?? What I want is to get rid of the card and pay off my overdraft bit by bit each month, if I switched bank accounts is this something I would have to arrange with Lloyds?

I know when you switch the bank sorts all your direct debits etc but I just fret that some wont get switched over in time etc and wont get paid - has anyone had any issues with this?

Any advice appreciated

badger_

I can't really advise on the OD situation, but when you switch you can get the new account to switch for you (this is what I did when I opened my Nationwide account) I kept checking the online banking for both accounts and could see the DDs disappearing from the old account and appearing on the new one - with the exception of one which was that particular company not paying attention to the switch request.
The other way you could do it, is open up your preferred bank account and then contact the companies who have DDs with and update the details with them yourself.

Do you know what the APR is on an authorised OD with Lloyds for the standard account?

innovate

Pay your overdraft off and you will be free to switch to any number of current accounts with other banks. You could save £25 a month, £300 a year in account charges to start with.