Is There A Minimum Balance ?

venomx

Hi guys
got a monzo and barclays current account, money is a bit tight until payday and want to know if i have £0 in either of my accounts is this ok ?

THanks :beer:

J_B

I'ts OK as far as I know - I have several with a zero balance ... and one with a constant 249.99 overdraft (250 free!!)

eschaton

J_B wrote: »

I'ts OK as far as I know - I have several with a zero balance ... and one with a constant 249.99 overdraft (250 free!!)

Why not a £250.00 overdraft?

binaryuniverse

J_B wrote: »

I'ts OK as far as I know - I have several with a zero balance ... and one with a constant 249.99 overdraft (250 free!!)

Being in your overdraft 24/7 isn't a good look to potential lenders. Plus you have to pay it back, at some point. It's certainly not free.

Even if you stuck that £250 in an account earning 3%, it'd take about 23 years before it doubled in size... enough for it to be regarded as 'free'.

seatbeltnoob

I had £1500 overdraft with hsbc several moons ago, interest free and fee free. I stuck the balance into ingdirect who were paying a whopping 5% interest. Good Times.

I stopped when they sent me 2 letters spaced out over 2 months informing me that the overdraft is meant to be used occasionally and not meant to be kept that low in the long term. That if I kept a negative balance in my account for too long they may reconsider my application.

J_B

eschaton wrote: »

Why not a £250.00 overdraft?

I'm a conservative sort of guy - don't like to live too close to the edge.