Best Intelligent Finance alternative

[Deleted User]

Going overdrawn occasionally by a couple of grand isn't something I would laugh off

johnjamesmarsh

!!! wrote: »

Going overdrawn occasionally by a couple of grand isn't something I would laugh off

Even if you had £500K sat in another account that is just waiting to be transferred? It's really, really not a problem. I just don't leave that sort of money sat in my 0% interest current account.

My IF account used to be my mortgage so I left all of the "spare" cash sat there reducing my balance. Unfortunately IF stopped that account so now my "spare" cash sits in my YBS offset reducing that balance.

If I buy said car at auction for £13k I have to pay for it on the day. I only tend to keep £10K in my current account. The auction house don't take credit cards. I'm not sure what other solution you have to allow me to go to auctions and purchase cars with a £4K buffer in case I get "carried away"!

johnjamesmarsh

ok, I seem to have found a solution. Listening to Radio 4 Today the chief exec of Starling bank was on. They sounded like a pretty good forward thinking bank so I thought I would give them a try. After a few minutes I have an account and have been approved for a good overdraft, much better than Lloyds or Barclays seem to offer. Fee free too, just interest on the balance. I'm going to give them a go to see how they shape up.

jimjames

johnjamesmarsh wrote: »

If I buy said car at auction for £13k I have to pay for it on the day. I only tend to keep £10K in my current account. The auction house don't take credit cards. I'm not sure what other solution you have to allow me to go to auctions and purchase cars with a £4K buffer in case I get "carried away"!

Use online banking/apps? If I do similar I can transfer money to my current account there and then, no overdraft needed. Last time I bought a car for £10k I only had a few hundred in my account, transferred over the remainder before the payment went out to the seller. It's really not very hard to move money around in a few clicks.

johnjamesmarsh

jimjames wrote: »

Use online banking/apps? If I do similar I can transfer money to my current account there and then, no overdraft needed. Last time I bought a car for £10k I only had a few hundred in my account, transferred over the remainder before the payment went out to the seller. It's really not very hard to move money around in a few clicks.

I do use the online access (web not app) for YBS but it still takes 24 hours to hit your current account!