Bank Switch

BarnesSpurs

Good evening,

I'm after some advice if possible please. I have lived in my overdraft for as long as I can remember. I'm now in a financial position where I have been slowly working my way out of it. The total overdraft limit is £2,000, however last month I was only £800 overdrawn by the end of the month. Realistically, I believe I'll be able to be out of my overdraft fully in 2 months.

So, I keep seeing bank switch deals, but my question is, can I take advantage of one of these deals whilst being in my overdraft? Also, in light of my circumstances, which bank switch is the best option for me? 

Any advice/guidance is greatly appreciated 🤝🏽

Middle_of_the_Road

BarnesSpurs said:

Good evening,

I'm after some advice if possible please. I have lived in my overdraft for as long as I can remember. I'm now in a financial position where I have been slowly working my way out of it. The total overdraft limit is £2,000, however last month I was only £800 overdrawn by the end of the month. Realistically, I believe I'll be able to be out of my overdraft fully in 2 months.

So, I keep seeing bank switch deals, but my question is, can I take advantage of one of these deals whilst being in my overdraft? Also, in light of my circumstances, which bank switch is the best option for me? 

Any advice/guidance is greatly appreciated 🤝🏽

You don't have to switch the account with the overdraft at all.
If you open another account elsewhere, or even with your current bank, you can switch that instead.
Infact it's generally advised not to switch your main account, instead using secondary or "burner accounts" to take advantage of switching offers.
If you need direct debits for the switch, there are simple ways to set up small payments to your own accounts. Many use moneybox, plum, and even PayPal.
It is possible to switch whilst having an overdraft, but not something I have done, or know how it works.

Rob5342

I agree, choose one account thst you want for your main banking and keep that and have secondary accounts that you switch around for the bonuses.