account switch and over draft

emzky

YorkshireBoy wrote: »

That doesn't answer my question.


YB's facility is costing you 18.85% EAR


NatWest's facility will cost you 19.89% EAR plus a £6 per month charge for using it.


Looks like you're making a bad move to me!

Oh right, well to be fair I just think NatWest have better online facilities. We aren't intending to use an overdraft again as we don't actually need to. But would you cancel the switch then? I've not actually sent them any OD yet as I only applied on Thursday. Help?

MrJester

emzky wrote: »

Oh right, well to be fair I just think NatWest have better online facilities. We aren't intending to use an overdraft again as we don't actually need to. But would you cancel the switch then? I've not actually sent them any OD yet as I only applied on Thursday. Help?

If you pay off that overdraft, then this is completely irrelevant.
Which bank you go with depends on your particular situation and what you're gonna use it for. So e.g. yes if you plan to use the overdraft facility, you'd go for the best deal bank for that!

But it doesn't sound like you want to use the OD at all anymore. And quite right. So this shouldn't matter. But still you could consider which bank account is the best, for you. Read up on this:
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts?_ga=1.118670797.558352627.1403022822

YorkshireBoy

emzky wrote: »

Oh right, well to be fair I just think NatWest have better online facilities. We aren't intending to use an overdraft again as we don't actually need to. But would you cancel the switch then? I've not actually sent them any OD yet as I only applied on Thursday. Help?

In the 4 months it'll take to clear, you'll have thrown away £25 (possibly £31).


In short, I wouldn't be opening an account to lose money! Unless you think the better "online facilities" are worth £25-31 of course?

emzky

Yeah thanks I take your point on board completely and understand. I may just stick with YB for now then until I do some more research into what we need.

MrJester

emzky wrote: »

Yeah thanks I take your point on board completely and understand. I may just stick with YB for now then until I do some more research into what we need.

Might be a good idea. Concentrate on getting that OD paid off, then you don't need to bother about risking having to pay it immediately, or transferring it onto a new bank account.. when you aren't even going to want it in the end.

This link will help you a lot on deciding what kind of bank account you want, need, and should opt for:
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts?_ga=1.118670797.558352627.1403022822

fivegoldstars

Yorkshire bank are also going to start charging £6 per month for using an arranged overdraft from December. Finally given me the kick I needed to close my account with them and move everything to FD.

YorkshireBoy

fivegoldstars wrote: »

Yorkshire bank are also going to start charging £6 per month for using an arranged overdraft from December. Finally given me the kick I needed to close my account with them and move everything to FD.

If you've held it for a long time, you may be better keeping it open for a while as it could help your credit rating (time with bank is often asked on credit applications).


I've held my YB current account for well over 30 years, and up until converting it to 'Direct' (for 4% AER) last year it had sat with just £1 in it for at least 6 or 7 years!

fivegoldstars

I already have FD accounts - I've just used multiple current accounts previously for budgeting purposes. I've had the YB account since I was a nipper, but the service has got worse year on year. £6pcm for using an arranged overdraft is the final nail for me.

Archi_Bald

Still no reason for just closing the account - it is an asset worth at least £100 if used for switching.