HSBC or Halifax

kimbroolay

Hi all, this is my first time ever posting on this website. although I do browse regularly.

I currently have an account with Halifax (ultimate reward) but I don't use the benefits that come with the account so im paying for no reason. Ive been trying to find another bank account that has the same overdraft deal which is the first £300 is no charge then after that its what ever the rate is.

at the moment I regularly go over the 300 limit so im paying £1 a day for the overdraft plus the bank account fee of £15.

can anyone help with this? HSBC basic account seems to be the only one I can find that has no monthly account fee.

any help/advice is very much apprectiated.

thanks!

dr_adidas01

kimbroolay wrote: »

Hi all, this is my first time ever posting on this website. although I do browse regularly.

I currently have an account with Halifax (ultimate reward) but I don't use the benefits that come with the account so im paying for no reason. Ive been trying to find another bank account that has the same overdraft deal which is the first £300 is no charge then after that its what ever the rate is.

at the moment I regularly go over the 300 limit so im paying £1 a day for the overdraft plus the bank account fee of £15.

can anyone help with this? HSBC basic account seems to be the only one I can find that has no monthly account fee.

any help/advice is very much apprectiated.

thanks!

Since you say that you regularly go over your £300 limit, perhaps its time to look at what your income and outgoings are. If Halifax decide one day to remove your overdraft is that going to cause a problem for you?

There are many Posters on here whom have found that there bank has suddenly removed there Overdraft and put them in financial difficulty.

The HSBC account you mention does not allow for any overdraft at all on this type of account so you won't get so much as 0.01p of an overdraft.

Check the link to see the details of your suggested account.

http://www.hsbc.co.uk/1/2/current-accounts

The only ones I can think of that may offer interest free overdrafts are Nationwide and First Direct, however each of the accounts that offer this require funding of at least £1k a month.

Vortigern

first direct has no fee and usually gives a £250 interest free overdraft. For a larger (authorised) overdraft you'd pay interest rather than a daily fee.

If you don't want the extras from the Ultimate Reward Current account, could you downgrade to the Reward Current Account and still keep your O/D?