Switching banks and overdraft allowance

fammoneymgr

I have a £7,500 overdraft limit at Lloyds and want to close it and switch to Halifax, where I have an account and only deposit £1,000 per month and switch out again. It's just to make my life easier without managing 2 accounts. halifax, based on existing usage, will only give me £700 overdraft. Is there any way of bridging this gap, i.e. getting one bank to offer the same overdraft? They say it's based on usage, not credit scores.

innovate

Halifax have obviously already told you the max is £700. Any other bank is unlikely to offer you £7.5K overdraft on a brand new account. No bank has any obligation to offer anyone any overdraft, and banks can recall all outstanding overdraft money any time they like.

Gromitt

So TSB are offering you what you want and Halifax are not, so why are you moving to Halifax? Wouldn't it make more sense to close the Halifax account?

Gizmo247

You do not say how much of your overdraft limit you are using?

£700 is more than enough for any overdraft limit. If you need £7,500 then perhaps you have missunderstood what an overdraft is for.

Thrugelmir

fammoneymgr wrote: »

I have a £7,500 overdraft limit at Lloyds and want to close it and switch to Halifax,

Both are part of the same banking group.