Overdraft Transfers

Sheriffsam

Hi Guys,

I couldnt find anything about this on this forum.

I have an overdraft of £2000 with NatWest and have about £1900 outstanding.

I do not like the online banking with NatWest and would ideally like to move to Nationwide becuase i would also then move my ISA and look at a credit card with them too. Problem is the overdraft.

Does anyone know if building societies ever take on overdraft debt?

Thanks

thatsean

Subject to credit scoring. How often do you use it? i.e are you in a positive balance monthly and then back in it?

A 2K limit seems fairly high for a new customer - but then I don't know your income, credit file, or other commitments. You could always put an app through online - then you'll know.

YorkshireBoy

The interest rate on the overdraft must be around 6-7 times that on your ISA!

Why don't you settle the overdraft, or at least reduce it somewhat, with your ISA funds? You'd then present a better set of figures to Nationwide (or whoever) when they search you for their current account.

Sheriffsam

YorkshireBoy wrote: »

The interest rate on the overdraft must be around 6-7 times that on your ISA!

Why don't you settle the overdraft, or at least reduce it somewhat, with your ISA funds? You'd then present a better set of figures to Nationwide (or whoever) when they search you for their current account.

I dont currently have anything in an ISA, but i would contribute when I could to one, and the one i have with NatWest is crap becuase it had it years and not really used it.

I dont use this as my primary account, santander is the account i get paid into, and this one goes positive and negative each month. I will try and pay off as much as i can of the natwest before applying then, just to be on the safe side.

Thanks guys.

innovate

If you have nothing in the ISA and if it is a few years old, there's no point in moving it. You can open a new cash ISA each financial year, at whatever bank/BS you like, and you don't usually have to have a current account with the same bank/BS.

However, Nationwide may offer another 'Flexclusive' to people who have been paying £750 a month for at least 3 months into a Flexaccount (and who will continue to pay it). So if there is a chance that you will want to pay into an ISA next financial year, setting up the Flexaccount now, even without any overdraft, could be a good idea. You could probably just cycle £750 between your Santander and your Nationwide account on a monthly basis.