switching bank accounts

W3Schools

terryb61

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#1
Hi, just looking for some advice. Made it my aim this year to clear my overdraft, so looking to switch bank accounts as I'm currently paying a daily fee of around £2-3
wondering if anybody knows if switching bank account will help get the cost down, over draft currently sits at about 1700 right up until i get paid and thats around 2500

thanks
 

The Reverend

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#4
I'd suggest clearing your OD before you switch - you might find any new bank can't match your current OD facility. Also you'll be much more appealing to banks with a positive balance :)
 

TCA

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#6
I'd suggest clearing your OD before you switch - you might find any new bank can't match your current OD facility. Also you'll be much more appealing to banks with a positive balance :)
I'd agree with the above. Also have a look around for current account switching offers to earn some extra cash. Some banks will require you to pay in x amount every month to satisfy the requirement for the switching bonus (i.e. your salary), but there are sometimes others, like recently Clydesdale/Yorkshire, who only required the pay-in for 2 months in addition to 2 direct debits being switched (or set up) and paid out within 2 months of account opening. They were offering £250 to switch which was great.

Edited to say I missed Jon's link above to Glenn's blog post, but that's what I was talking about, so I second that as well.
 

Knopfler

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#7
For anyone thinking of switching bank accounts and looking to set up extra direct debits, DO NOT use the Tesco Internet Saver and Tesco Instant Access accounts for your direct debits anymore - Tesco are cancelling this and you will no longer be able to pay any direct debits into either of these accounts from April 2018.

This applies to everyone, so if you currently have direct debits set up in these accounts, they will all be cancelled from April onwards. You need to arrange alternative direct debit accounts NOW!
 

NRS

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#8
For anyone thinking of switching bank accounts and looking to set up extra direct debits, DO NOT use the Tesco Internet Saver and Tesco Instant Access accounts for your direct debits anymore - Tesco are cancelling this and you will no longer be able to pay any direct debits into either of these accounts from April 2018.

This applies to everyone, so if you currently have direct debits set up in these accounts, they will all be cancelled from April onwards. You need to arrange alternative direct debit accounts NOW!
Thanks for the heads up on this one. I currently have a DD set up for the internet saver precisely so that it counts as one of my two DDs. I didn't realise that it was changing.
 

Knopfler

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#9
Thanks for the heads up on this one. I currently have a DD set up for the internet saver precisely so that it counts as one of my two DDs. I didn't realise that it was changing.
You're welcome :) @NRS , though you should have had a letter or email about it from Tesco a few weeks ago to let you know if you have these accounts?
 

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