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Overdraft help

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

Comments

  • molerat
    molerat Posts: 36,593
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    FD will be cheaper, £450 at 15.9% will be around £6 per month against £15 for NW.

    Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.

    Being hated by idiots is the price you pay for not being one of them.

    Jean Cocteau 1889-1963

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