Bank Account

[cwhayman]

I am looking for the best current account to suit my needs. I have a �1500 overdraft limit, a loan of �3500 and a mortgage of �110000. What is the best bank account for me?

[Postdog]

I'd go for an account like intelligent finance (part of the halifax) or virgin money, that's assuming of course you want to move the mortgage as well. Both accounts are offset, which means spare money in the account will reduce interest on the mortgage and maybe - just maybe because I'm not sure it;s still done - with the IF account the amount you can borrow on the mortgage has a reserve limit. Put another way, say your mortgage is 100,000 but the value of your property is 150,000, - and depending what you earn too of course - they will apply a limit on the mortgage which exceeds the balance now, so in theory, you could wip out that loan.

[Oneeyedvic]

Current Account How often do you go into your overdraft and what is your average balance during the month. How much do you earn and is this paid directly into your bank? Are you employed or self employed?

Loan How much longer left, when did you take it out and what are the monthly repayments?

Mortgage How long left, what is your current house value, how much do you currently pay and how much can you afford to pay a month. Is there a redemption penalty on your current mortgage.

Do you have clear credit searches (ie do you have or have you had any late payments, defaults or county court judgements?