Switching bank accounts to avoid overdraft charge help please!

Red82

Good evening,

My husband and I currently bank with Barclays and hold 3 accounts with them. A single account each and a joint account.
After a light bulb moment I have been doing an excellent job of reducing down my account and our joint account overdrafts. Joint account now always in credit but my account has just under £1000 worth of over draft (was £1320). Last month cost me £36.50 and this month it is £28. I am so sick of Barclays and the fees and was wondering the best way about moving and what to do with the overdraft, dies it come with me or stay there and pay money off every month?
I can currently clear £100 a month from it?
Thank you

grumbler

MSE article: Cut Overdraft Costs

A Spending 0% Card is worth considering too if you can get it as the 'saved' cash goes towards repaying the overdraft.

ChaddyBouy

Red82 wrote: »

Good evening,

My husband and I currently bank with Barclays and hold 3 accounts with them. A single account each and a joint account.
After a light bulb moment I have been doing an excellent job of reducing down my account and our joint account overdrafts. Joint account now always in credit but my account has just under £1000 worth of over draft (was £1320). Last month cost me £36.50 and this month it is £28. I am so sick of Barclays and the fees and was wondering the best way about moving and what to do with the overdraft, dies it come with me or stay there and pay money off every month?
I can currently clear £100 a month from it?
Thank you

I transferred mine to Nationwide FlexDirect last year when I had £1000 overdraft from my student days. It's 0% for 12 months, have since cleared it and resulted in no charges.

eskbanker

Red82 wrote: »

what to do with the overdraft, dies it come with me or stay there and pay money off every month?

Overdrafts don't transfer with a switch, the bank you're switching from will typically demand full repayment of the debt so you need to ensure that you have an equivalent overdraft facility with the new account so that you can make the one-off repayment funded by the new bank.

cheexy

ChaddyBouy wrote: »

I transferred mine to Nationwide FlexDirect last year when I had £1000 overdraft from my student days. It's 0% for 12 months, have since cleared it and resulted in no charges.

Did the same when I moved my overdraft from Nationwide to Halifax (under a switching offer which gave me 6 months interest free). I made sure the new account (Halifax) had a limit high enough to cover my balance from Nationwide.

Red82

Many thanks for the recommendation's guys. I think I will go for the Nationwide flex account as my overdraft will be paid off within the 12 months. Fingers crossed I will get an overdraft that covers it!

grumbler

Don't miss TCB's £84 for switching to FlexDirect.

Red82

Thank you grumbler! I would have missed it too :beer: