Overdraft high interest rate

[filthiestfis]

I used to have a Student Account with Natwest which became a Graduate account when I graduated but now that the 3 years have passed my account has been converted to a Current Plus account. The problem is that I have an overdraft of �2000 which is now attracting a very high annual rate of 29.9% which means that I end up paying �30 a month. Is there anything that I can do to reduce this debit interest rate?
Is it possible to switch my overdraft to another bank which will offer me a lower interest rate?

[stuart100]

Switch your account to Alliance & Leicester Direct account, 0% interest for a year and then 5.9% thereafter.....they may not give you a �2K overdraft limit though but you could transfer some of it

[johnny37]

Perhaps someone knows of a bank that will give you a �2000 overdraft. As a graduate it might be possble, especially if you are earning a good salary. Most offer to start with a �500 overdraft facility. What you could do is pay the overdraft using you credit card and then switch the card to one that is offering 0% for switchers and take it from there (ie switch again when the offer runs out). You do need a bit of discipline to make sure that the debt reduces.

[cruella]

Hi filthiestfis
I think that is a very high rate you are paying for your overdraft. Nat West have a reputation of charging high rates.
I would certainly be shopping around other banks to get the best deal which would include your overdraft. Ther are other banks that will be glad of your account. Nat West seems to charge a customer if they sneeze.
Good luck anyway!

[filthiestfis]

Thanks Cruella. You are right about the high rate. I will have to shop around the high street although will there be a bank that gives me the same overdraft limit or perhaps loan? I would like to start payig it back monthly.