Overdraft help

kpo88

Hi all, I have an overdraft of £700. I had a Nationwide FlexDirect account for 1 year with an overdraft which was interest free but have been unable to clear the overdraft before the interest charges start up again later this month (which will be 50p per day)

I have been thinking of switching to First Direct which has an interest free for £250 (and £100 free cash) and should hopefully be able to clear my debt over the next couple of months so I will not have to pay any charges. This account is 15.9% EAR on additional overdraft charges.

I wonder if it would be better to remain with Nationwide and pay 50p per day, or switch to First Direct and pay 15.9% on £700 overdraft? Any help would be greatly appreciated.

Thanks

molerat

FD will be cheaper, £450 at 15.9% will be around £6 per month against £15 for NW.

kpo88

Thank you!