Free Overdrafts

neil150

Hi

My bank who i am with now is reducing their free overdraft facility i have from £100 before charges to just £10 before charges,bit of a drop dont you think.

At present i have a overdraft facility of £300,£100 was free so i always tried to stay within that £100, so no charges ever happend or just coppers if i went slightly over,IE £2-5 over, so if i now have a overdraft of just £10 before charges, i will always have that charge.of £6

So i am trying to find another bank or another way of not getting a £6 charge for being overdrawn, as my income going into the bank in approx £280 per month

I am unemployed at present, so i am always going to be overdrawn mainly because i use my benefit to pay bills and basically to live.

Any Ideas please.

i do hope you can understand what i am trying to say

guesswho2000

neil150 wrote: »

Hi

My bank who i am with now is reducing their free overdraft facility i have from £100 before charges to just £10 before charges,bit of a drop dont you think.

At present i have a overdraft facility of £300,£100 was free so i always tried to stay within that £100, so no charges ever happend or just coppers if i went slightly over,IE £2-5 over, so if i now have a overdraft of just £10 before charges, i will always have that charge.of £6

So i am trying to find another bank or another way of not getting a £6 charge for being overdrawn, as my income going into the bank in approx £280 per month

I am unemployed at present, so i am always going to be overdrawn mainly because i use my benefit to pay bills and basically to live.

Any Ideas please.

i do hope you can understand what i am trying to say

So you're with NatWest/RBS then?

Interest free thresholds on ODs are becoming rarer, I used to do the same with my NatWest accounts, removing all cash and spending on CCs, using my OD if I needed to draw cash for something.

As for others, Nationwide offer a free overdraft for 3 months (Flexaccount) or 12 months (Flexdirect) (these are waiving of charges for these periods, rather than a long term deal, and are only for those transferring to NW), First Direct have £200 or £250 interest free threshold (can't remember which), Halifax Reward £50. There may be others, but I can't recall them.

Being unemployed is likely to be an issue here. I'd almost certainly discount FD as they are picky.

Nationwide have funding requirements as follows: Flexaccount - £750 per month to qualify for Flexclusive offers; Flexdirect - £1k per month to qualify for interest on credit balances;

Halifax - £750 per month for the £5 cash reward (which you won't get if you're overdrawn at all during the month anyway);

First direct - £1,500 per month unless you hold another FD product (such as £1 in an e-savings account).

neil150

Hi

Thnx for your reply,im still a bit confused,must be my age,lol,still not sure then to move banks or just try and stay with nw, and budget tightly.

Thnx again

innovate

A couple of small corrections, if I may

guesswho2000 wrote: »

....Nationwide offer a free overdraft for 3 months (Flexaccount) or 12 months (Flexdirect) (these are waiving of charges for these periods, rather than a long term deal, and are only for those transferring to NW)....

Only the FlexAccount requires the transfer/switch from another current account. FlexDirect has the theoretical overdraft facility for all. But there is no guarantee that you will get an overdraft on either account.

guesswho2000 wrote: »

Halifax - £750 per month for the £5 cash reward (which you won't get if you're overdrawn at all during the month anyway);

You must also have 2 monthly DDs to two different organisations to get the fiver.

innovate

neil150 wrote: »

Hi

Thnx for your reply,im still a bit confused,must be my age,lol,still not sure then to move banks or just try and stay with nw, and budget tightly.

Thnx again

The latter might be most sensible.

Check out the Debt Free Wannabee board - - there are lots of people with great ideas on how to manage during tough times. Good luck, hope you find a job again before long.

bengal-stripe

neil150 wrote: »

So i am trying to find another bank or another way of not getting a £6 charge for being overdrawn, as my income going into the bank in approx £280 per month

I am unemployed at present, so i am always going to be overdrawn mainly because i use my benefit to pay bills and basically to live.

If you try to open a new account elsewhere, due to the fact that you are unemployed, there is a distinct possibility that the new bank will not give you any overdraft at all (let alone a free one). The bank could even refuse to open a full account and restrict you to a basic one.

You might want to stay where you are. "The devil you know......"

guesswho2000

innovate wrote: »

A couple of small corrections, if I may


Only the FlexAccount requires the transfer/switch from another current account. FlexDirect has the theoretical overdraft facility for all. But there is no guarantee that you will get an overdraft on either account.

Indeed, my mistake

innovate wrote: »

You must also have 2 monthly DDs to two different organisations to get the fiver.

Deliberate omission as I didn't think it was relevant to OPs position, but quite right again!

neil150

Hi guyz

Thnx alot for all your suggestions/help,i dont think ill be getting a job,in the near future of the rest of my working age, im 59 this year so pushing it,lol.

Thnx anyway

innovate

cmon, 59 is no age these days! For example, in my local B&Q, many of the staff look way over 60, so there are jobs out there for the older generation.

neil150

Thnx for that vote of confidence,pmsl,i bet those 60+ppl in b and q are qualified,im into computers mainly, but no such proper jobs around my area only the likes of london etc.

Still thnx anyway

System

Work can be positive for your health so worth trying.

You are unlikely to get new credit so worth sticking with NatWest if you have no other complaints. You can add overdraft control if you worry about going over your limit.

neil150 wrote: »

Hi guyz

Thnx alot for all your suggestions/help,i dont think ill be getting a job,in the near future of the rest of my working age, im 59 this year so pushing it,lol.

Thnx anyway