Switching bank accounts with an overdraft

carolinosourus

Hi all, I've been wondering this and I can't seem to find the answer. I have a current account with HSBC and am constantly in my overdraft. I'd like to switch to First Direct, however I've got no way of reducing my overdraft to zero to switch. Can I switch banks with an overdraft of about £600 or will that be an automatic refusal?

Hope this makes sense!

Thanks!

DCFC79

You can try applying for 1, id be working on getting out of the overdraft than looking at account switching.

carolinosourus

Thanks for your response, however the £125 switching bonus and 0% interest on the first £250 of overdraft would help towards reducing my overdraft.

I was wondering if anyone had actually achieved it?

MattTheMoneyGuru

It would involve the new provider (First Direct) assessing you for and approving the facility to cover your existing overdrawn amount. If you have a good credit history and not been over your overdraft with your current bank you should be OK.

pinkdalek

If the new bank are able to "match" the limit then you can switch and then be overdrawn with the new bank.