Wanting to switch

[Deleted User]

We have banked with Lloyds for almost 20 years now. Our account is a packaged one, but because my husband is an ex employee of scottish widows we get a 50% discount plus a £500 OD fee free. In the past the OD has been a lifeline. The account can run in OD until the 14th - 15th of the month.

We are pensioners and as such our income does not come in once a month, our DWP pensions are paid weekly, we both have employers pensions which are paid monthly. Our DD's mostly go out at the beginning of the month, Rent, council tax etc, so from time to time we need the overdraft especially as we are paying back a CC we had to use when we moved 2 years ago. It will be paid off in August. I prefer that the payments go out at the beginning of the month, then I know there are no surprises in the middle of the month.

Should I switch banks now or wait until the CC is paid back, its at 0%.

bigadaj

If you are looking to switch for incentives then it's normally better to set up a separate spare account and use that. So open a second account with lloyds, set up a couple of direct debits if necessary, suggestions on other threads and standing orders and then switch that.

YorkshireBoy

bigadaj wrote: »

If you are looking to switch for incentives

OP, perhaps you could clarify if this is the sole reason? It may not be.

There is one account you could switch to which will* give you a fee-free overdraft facility for the first 12 months...if that appeals?


* Subject to status of course!