Santander 123 Account

charlottejasmine

Hi everyone,

I used to have a Santander 123 Student account that gave me a free £2000 overdraft. Since leaving university, this has now changed to a Santander 123 Account, whereby I am currently being charged £1 a day on my overdraft (£1950). With the new 39.9% interest coming in, I ideally want to change  bank accounts to somewhere interest free for a number of months to try and pay it off, however I am struggling to find somewhere that will switch with such a large overdraft. Does anyone have any ideas of who I can speak too? 

Thanks

xylophone

https://monzo.com/blog/2018/04/30/switching-bank-accounts-overdraft
https://www.lovemoney.com/bestbuys/5127/cheap-overdrafts-best-current-accounts-for-those-who-go-overdrawn
above might be worth a look.

eskbanker

Have you recently graduated?  My understanding is that Santander will convert 123 Student to 123 Graduate, which keeps the interest-free overdraft facility going for another couple of years.

However, if that isn't applicable for whatever reason then to be honest you'll probably struggle to find another bank who'd be prepared to lend you £2K via an arranged overdraft facility as a new customer.  You might look to obtain a money transfer credit card or a personal loan, or alternatively read through https://www.moneysavingexpert.com/banking/cut-overdraft-costs/ for other ideas.

Ultimately you'll obviously need to find a way of repaying the debt, so if refinancing it isn't an option then it comes down to earning more or spending less, so you may need to consider posting at https://forums.moneysavingexpert.com/categories/debt-free-wannabe for ideas on that front....