| Bank Accounts 09:08 - Dec 2 with 1194 views | wkj |
Currently I am going through a phase of debt restructuring (only on about £1000) and have run into issues with HSBC chipping away at my overdraft limit, to the point it is about to cause problems.
Do any of you fine folks have suggestions on accounts with a fair and flexible overdraft system, easy to access customer support and of course, reliable and secure.
Why I want to switch is the timing of a repayment is coming out before my income which has been delayed a week, and HSBC are not willing to temporarily increase my overdraft for 2 weeks, despite 12 years of good custom.
It seems my payment is going to bounce, which they will love for the unarranged overdraft sting. [Post edited 2 Dec 2020 9:10]
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| Bank Accounts on 09:15 - Dec 2 with 1126 views | Chondzoresk |
Sorry to hear of the situation. I opened a Lloyds Account, just a standard one and was asked upon application if I wanted an overdraft.I didnt want one as I dont need one. Justa thought. You can do it online too and takes 15 mins max. Good Luck! |  | | |
| Bank Accounts on 09:21 - Dec 2 with 1096 views | wkj |
| Bank Accounts on 09:15 - Dec 2 by Chondzoresk |
Sorry to hear of the situation. I opened a Lloyds Account, just a standard one and was asked upon application if I wanted an overdraft.I didnt want one as I dont need one. Justa thought. You can do it online too and takes 15 mins max. Good Luck! |
I will look into this as I wont even need an overdraft come Februray. These are the last steps of a long term process and it is sad to have this hurdle on the last leg. | |
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| Bank Accounts on 09:23 - Dec 2 with 1088 views | Herbivore |
I don't necessarily have any tips, although TSB have generally been pretty good for me, but I would say that HSBC are a bunch of prolapsed anuses so if you can get away from them then you should do so. [Post edited 2 Dec 2020 14:16]
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| Bank Accounts on 10:11 - Dec 2 with 1009 views | EdwardStone |
I have always found NatWest to be surprisingly fair and helpful, esp on the business banking
I fully understand that other people may have had the opposite experience |  | | |
| Bank Accounts on 10:14 - Dec 2 with 999 views | uefacup81 |
| Bank Accounts on 10:11 - Dec 2 by EdwardStone |
I have always found NatWest to be surprisingly fair and helpful, esp on the business banking
I fully understand that other people may have had the opposite experience |
I think NatWest very much depends on what you want out of a banking experience.
I've had no issues with them day-to-day in terms of my account and getting what I need from it. It's a different experience altogether, though, if I ever need to do something in branch (of which there are fewer and fewer...).
If you want to deal in cash, fine. You can queue for a teller and be in and out in five minutes. If you want to do something non-cash then you're forced to sit and wait for an adviser to come free (usually 20mins or more), and then undertake your transaction in one of their booths which now seems to double as a handy opportunity for them to try and sell you insurance or whatever their product of the month is. |  |
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| Bank Accounts on 10:23 - Dec 2 with 982 views | hoppy |
Did you get one of the bounceback loans? (Not sure if they've stopped or still available?) If they are, might be worth you getting one, as the interest rates are so low on it compared with a standard bank overdraft.
Otherwise, have a look at the FSB (Federation of Small Businesses) as they offer to members free banking and have other advice that could be of benefit to you. I believe membership is relatively low cost as well. |  |
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| Bank Accounts on 14:12 - Dec 2 with 893 views | wkj |
| Bank Accounts on 10:23 - Dec 2 by hoppy |
Did you get one of the bounceback loans? (Not sure if they've stopped or still available?) If they are, might be worth you getting one, as the interest rates are so low on it compared with a standard bank overdraft.
Otherwise, have a look at the FSB (Federation of Small Businesses) as they offer to members free banking and have other advice that could be of benefit to you. I believe membership is relatively low cost as well. |
Cheers for that, and the other replies. I haven't changed banks in about 12 years and I am genuinely baffled as to who are good to bank with, or probably, the least difficult. | |
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| Bank Accounts on 15:22 - Dec 2 with 790 views | Kropotkin123 |
I use Monzo. They were really good in handling two issues. One, attempted fraud was blocked. Two, KLM flight chargeback dispute.
Would definitely second this recommendation. |  |
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| Bank Accounts on 16:49 - Dec 2 with 722 views | BlueBoots |
If you're restructuring a debt of about £1,000, unless you have a really bad credit score might be worth looking into a credit card with 0% interest on balance transfers (some being offered at the moment won't charge interest for over 18 months) to move your overdraft and any other debts; easier to manage all in one place, and easier to work out a plan to pay it off. Do whatever you can to avoid overdraft penalty charges or interest!
If you want to go down the route of switching bank accounts, or want a few more ideas. check here...
https://www.moneysavingexpert.com/banking/cut-overdraft-costs/ |  |
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| Bank Accounts on 17:01 - Dec 2 with 698 views | wkj |
| Bank Accounts on 16:49 - Dec 2 by BlueBoots |
If you're restructuring a debt of about £1,000, unless you have a really bad credit score might be worth looking into a credit card with 0% interest on balance transfers (some being offered at the moment won't charge interest for over 18 months) to move your overdraft and any other debts; easier to manage all in one place, and easier to work out a plan to pay it off. Do whatever you can to avoid overdraft penalty charges or interest!
If you want to go down the route of switching bank accounts, or want a few more ideas. check here...
https://www.moneysavingexpert.com/banking/cut-overdraft-costs/ |
Thanks much! The debt is essentially short term debt generated from adding personal funds to the business account whilst I wait for some clients to pay (They have been slow due to covid)
It is guaranteed payment but using my personal overdraft was the worst though out plan of my business life 0 although it kept things ticking. I can pay off that debt by the end of the month which is the good thing- but I am extremely disgusted with HSBC for their inflexibility which will essentially see me breach my unarranged overdraft limit by £50 for 2 days.
They did, however, promise they would waive the overdraft fees for the month if it is reduced down by next friday - still not great, but its something.
The whole experience has lead me to give up on HSBC for my personal account and I do plan on taking the advice of this thread when selecting a new current account for normal banking needs.
Thankfully my business account is not HSBC. | |
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