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Easiest bank for overdraft
What banks offer an overdraft with easy eligibility? Thanks
Comments
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Overdrafts depend on your credit report information, as well as the bank’s policy at the time. First Direct have a £250 free O/D for many.
Are you aware that overdrafts are one of the most expensive ways of borrowing money?0 -
most banks if you have a clear credit record
or none of it shows missed payments, defaults or a ccj.
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https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#overdrawn summarises best options for overdrafts, but in general you may find it a struggle to open a new account and be immediately offered an overdraft from day one.
Chances are that it'll be worth stepping back and looking at why you're asking the question, as an overdraft may not be the most appropriate answer to whatever your financial situation is…
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I've opened a few new accounts in the past year, everyone that offers an overdraft offer me one, the only bank that is refusing an OD is RBS that I've have for 2 1/2 years.
Let's Be Careful Out There1 -
Fair enough, it was perhaps too broad a generalisation but I remain convinced that such offers will depend on credit status and the fact that OP is looking for an easy way to an overdraft might imply stretched finances (but I accept that this isn't actually stated).
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I've found the FD £250 fee-free overdraft a useful buffer - only utilised it on a handful of occasions, but more broadly have just found it a reassurance to have in the back of my mind.
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Many (most?) banks offer notifications that payments will take you overdrawn and the ability to pay money in before a certain time (like 2pm) to avoid being charged overdraft fees. As such I find an actual overdraft of limited use. I can understand if you don't have the funds then it would still be needed.
Remember the saying: if it looks too good to be true it almost certainly is.0 -
They do depend on your credit record, it's like people who ask what offers you get on balance transfer cards or whatever - what another person gets is entirely irrelevant as your own circumstances are different. HillStreetBlues might be a famous musician bringing in 6 figures sums from gigs for example, so gets better offers. OP's question is essentially pointless as what person A gets overdraft wise, won't be what person B gets
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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If you asked 10 people and all 10 said bank A gave an overdraft and all 10 said bank B refused an overdraft, what bank would be the first option?
Let's Be Careful Out There0 -
For years I had only had one bank account. I've since opened and switched numerous accounts, but I've never requested an overdraft facility. The only bank that offered an overdraft without my requesting one was TSB. I don't use the account, other than to fund the regular saver, otherwise it remains dormant, with a £650 overdraft.
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