Changing banks and keeping current overdraft facilities (or better)?

Watson

I have two current accounts with the Bank of Scotland. Two, because I set up an extra one when I was actively self-employed, but only in a small way which didn't seem to justify a full-blown business account. I still am self-employed but work has diminished to a trickle, if that, and I've fallen out of the habit of using the second account exclusively for work-related transactions - mainly, recently, because of the overdraft facility.

The quasi-business account has an overdaft facility of £1450. My "proper" current account has £900. At the moment, both overdrafts are almost at maximum, which means I'm incurring the Bank of Scotland's hefty daily charges.

Apart from very infrequent self-employed income my only income is from pensions, both private and state: a monthly total of some £820. I'm sixty-seven.

Obviously this isn't a very desirable position and I'd be grateful for any thoughts about possible options.

I should be able, over time, to reduce or even eliminate the overdrafts, but those charges certainly aren't helping. I haven't yet looked into it, but do all banks make those sort of charges? But if I changed banks, would I be offered the same sort of overdraft facilities (perhaps on a single account, since there seems little point in retaining two)?

Or should I be considering something else? Many thanks.

eskbanker

Watson wrote: »

I haven't yet looked into it, but do all banks make those sort of charges?

All banks charge for overdrafts, although some may offer a small element as interest-free, but the Lloyds group model (of 1p/£7/day) differs from most.

Watson wrote: »

But if I changed banks, would I be offered the same sort of overdraft facilities

Unlikely IMHO if you have a very low income - your debt currently stands at nearly three months' income.

Watson wrote: »

Or should I be considering something else?

I'd suggest starting at https://www.moneysavingexpert.com/banking/cut-overdraft-costs/ which summarises the options open to you....

Watson

Eskbanker, many thanks for your reply and the link: I'll take a look.

Edited to add:

That's a very useful article, thanks. A money transfer card seems as if it could be a way to go, and an eligibility search gave guaranteed acceptance of one (Virgin) and 90% chance on another (Tesco) but no indication of what credit limit I'd be likely to get, which is somewhat frustrating. I'm reluctant to apply for a card unless I could be sure it would give me the means to clear both overdrafts completely. I'll keep investigating.
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