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Reducing overdraft advice sought/RBS royalties worth it?
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bairnpunter
Posts: 18 Forumite
Hi folks
Myself and my good lady got married last year, and its been a constant battle to try and get our finances sorted out, in re to our accounts. Between us we now have 3 accounts. A joint CAHOOT account into which the salaries are paid into and bills taken off, etc. This account is perfect for our needs and we're happy with it. This is our primary account, and the only account we use and need.
BUT we have 2 other accounts, that we had before aligning the finances and the rest
One is a RBS Royalities account which has £1800 overdraft, which we've not cleared. And we have a Clydesdale account with £1500 which we've not cleared. I've set up standing orders from the cahoot one to pay these off, but it will take a while and with the interest we'll need to pay, I got a Halifax 0% for a 12 months credit card and was considering paying the overdrafts off, and closing at least the Clydesdale account. We use the Royalties service for our annual holiday, and we have a RBS loan tied into the RBS account. I would *love* to close the RBS account, as I've fallen out with them re bank charges, and I feel we pay them too much in fees, and interest. I tried to reason with them, in regards to our charges, but we either get half back or nothing at all. Their online system is rubbish with the available balance never correct! Cahoot's online service is excellent!! When I attempted to constructively criticise RBS's online system (I work in IT) and informed them that competitors have no such problems keeping it up to date, I get told, thats the way it is!!
So my questions are
1. should we use the 0% credit card to pay off both overdrafts, saving the interest? I suspect the answer might be yes?!
2. is Royalties worth it? £180 a month, just for annual holiday saving of maybe the same? We do use the travel insurance as well.
3. Can we get a better loan to pay off the RBS one? Its rate is quite good, from memory its about 6.5% APR, but the RBS won't let you pay it off from a non-RBS current account.
I'd love to tell RBS where to shove it, but our hands are tied a bit.
As we'd like to keep a branch, for quick deposits (CAHOOT is 3/5 days via Post office), maybe we could look at an alternative account just merely for that purpose. Our salaries would remain in CAHOOT.
As always, thanks for your help!
Myself and my good lady got married last year, and its been a constant battle to try and get our finances sorted out, in re to our accounts. Between us we now have 3 accounts. A joint CAHOOT account into which the salaries are paid into and bills taken off, etc. This account is perfect for our needs and we're happy with it. This is our primary account, and the only account we use and need.
BUT we have 2 other accounts, that we had before aligning the finances and the rest
One is a RBS Royalities account which has £1800 overdraft, which we've not cleared. And we have a Clydesdale account with £1500 which we've not cleared. I've set up standing orders from the cahoot one to pay these off, but it will take a while and with the interest we'll need to pay, I got a Halifax 0% for a 12 months credit card and was considering paying the overdrafts off, and closing at least the Clydesdale account. We use the Royalties service for our annual holiday, and we have a RBS loan tied into the RBS account. I would *love* to close the RBS account, as I've fallen out with them re bank charges, and I feel we pay them too much in fees, and interest. I tried to reason with them, in regards to our charges, but we either get half back or nothing at all. Their online system is rubbish with the available balance never correct! Cahoot's online service is excellent!! When I attempted to constructively criticise RBS's online system (I work in IT) and informed them that competitors have no such problems keeping it up to date, I get told, thats the way it is!!
So my questions are
1. should we use the 0% credit card to pay off both overdrafts, saving the interest? I suspect the answer might be yes?!
2. is Royalties worth it? £180 a month, just for annual holiday saving of maybe the same? We do use the travel insurance as well.
3. Can we get a better loan to pay off the RBS one? Its rate is quite good, from memory its about 6.5% APR, but the RBS won't let you pay it off from a non-RBS current account.
I'd love to tell RBS where to shove it, but our hands are tied a bit.
As we'd like to keep a branch, for quick deposits (CAHOOT is 3/5 days via Post office), maybe we could look at an alternative account just merely for that purpose. Our salaries would remain in CAHOOT.
As always, thanks for your help!
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