advice switching to nationwide

Tryingtomoveout

Hi


I am just looking for some advice on switching my current account from Lloyds to nationwide. I have been angered by Lloyds service and really want to leave this bank, but the sticking point is that I am £2000 into my overdraft. I am completing on a flat purchase next week, so don't have any spare cash and probably wont have for at least 3-4 months, so no hope of really reducing this OD at the moment.


I have seen that the nationwide offer a fee free overdraft for the first 12 months. I'm just wondering if anyone has applied for this bank account and whether they have been offered an overdraft to the value of £2000? If I called them up and mentioned I wanted to switch accounts and mentioned my current overdraft, do you think this would encourage them to offer me the 2000 O/D offer?


Thanks for any advice offered.

YorkshireBoy

I had 3 of these accounts when they launched, and each one came with a £2,500 overdraft facility. But, I was an existing customer of several years standing and have a very good credit history...and several other large overdraft facilities (£10K and £5K are the biggest)...but NOT used at the time.

Best approach would be to apply first and see what overdraft facility they'll offer (you'll find out during the online application) before initiating a switch.

And don't forget that all overdrafts are repayable on demand. Indeed, someone on here reported recently that Nationwide pulled their facility during the first year!

colsten

Switching a current account, and applying for additional credit when you are in the midst of a mortgage application (are you?) seems very high risk. What if you can't get the mortgage you need?

Hoping for a £2,000 overdraft as a new customer is probably overambitious, even if you had a fantastic credit record and no debts to your name.

Tryingtomoveout

Thanks, I didn't realise I would actually find out the OD limit online.

YorkshireBoy

Tryingtomoveout wrote: »

Thanks, I didn't realise I would actually find out the OD limit online.

I should point out that my experience was nearly two years ago. Might have changed now?

Tryingtomoveout

no, not a mortgage. I am buying outright, although I do have one personal loan and one small CC debt