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<\/p>\nBANKS are quick to issue charges if you overdraw your account – but some are beginning to pay you to get out of the debt.<\/p>\n
Martin Lewis has revealed which banks are offering credit to clear your overdraft.<\/p>\n
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Eligibility to have your overdraft cleared and have your credit improved does depend from person to person, however.<\/p>\n
But some banks, which we've outlined below, are taking the initiative to help those who have outstanding overdrafts.<\/p>\n
This online bank is offering \u00a3175 in credit if you switch over to its account.<\/p>\n
New customers must credit their account with \u00a31,000 within three months.<\/p>\n
As a bonus, you'll also get a \u00a3250 interest-free overdraft – if you meet certain criteria.<\/p>\n But the \u00a3250 interest-free overdraft has a 0% EAR, with a 39.9% AER after you cross over the \u00a3250 limit.<\/p>\n Martin explained: "So if you've an overdraft of \u00a3425 or less, the free \u00a3175 clears some and the rest is interest-free."<\/p>\n If you switch to Nationwide FlexDirect, you'll get a whopping \u00a3200 with a 0% overdraft fee for an entire year.<\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n You must be able to put a minimum of \u00a31,000 into this account on a monthly basis.<\/p>\n To qualify for the cashback you must switch at least two direct debits across to this account using the CASS.<\/p>\n Martin explained: "The side of it depends on your creditworthiness, so some get more, some less. <\/p>\n "Ensure you clear it within the year or you're back at 40%."<\/p>\n You can switch current accounts in just a few steps via the Current Account Switching Service (CASS).<\/p>\n You just have to contact the new bank to apply for one of its accounts.<\/p>\n If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.<\/p>\n Your new bank should then talk to your old one and everything will be switched across, including your balance, direct debits and salary.<\/p>\n After this, you will receive your new cards, log-in details and any PINS.<\/p>\n If you don't match criteria for the above or aren't looking to switch banks, don't fret – Martin has additional advice.<\/p>\n He suggests switching to a 0% credit card, or for larger overdrafts, shift it to a specialist 0% money<\/span> transfer card.<\/p>\n Martin continued: "Treat overdraft borrowing like a debt.\u00a0Try to repay a set amount each month, eg, \u00a350.<\/p>\n "For example, you should start the next<\/span> month with a \u00a350 smaller overdraft than the one before."<\/p>\n Many banks are beginning to offer incentives which could boost your balance as Christmas is quickly approaching.<\/p>\n Rachel Springall has revealed how you could get as much as \u00a3200 in\u00a0free cash\u00a0to help with your\u00a0festive\u00a0finances.<\/p>\n Several\u00a0banks and building societies\u00a0have launched switching offers in recent weeks with as much as \u00a3200 free cash up for grabs.<\/p>\n But if you are thinking about\u00a0switching\u00a0and giving your\u00a0bank balance\u00a0a boost bear in mind these offers won't be around forever.<\/p>\n All you have to do to take advantage of one of these offers is switch a\u00a0current account\u00a0across from your existing bank account to a new one.<\/p>\n There are usually conditions attached to the new current account that must be met before the cash is paid, so do check the details of the new account carefully.<\/p>\n Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: "Current account providers have launched some enticing perks for customers looking for a new bank account.<\/p>\n![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/10\/crop-24254185.jpg\")
<\/picture>BIG SPEND <\/span><\/p>\nMartin Lewis reveals bank account with best rate & you don't have to lock up cash<\/h3>\n
![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/09\/newspress-collage-24196561-1695944984638.jpg\")
<\/picture>TASTY DEAL <\/span><\/p>\nMartin Lewis' MSE reveals how to get FREE meal at Greggs – but you must be quick<\/h3>\n
Nationwide FlexDirect<\/h2>\n
Most read in Money<\/h2>\n
![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/10\/photograph-shows-front-door-letter-801603671-1.jpg\")
<\/picture>CASH BACK <\/span><\/p>\nThousands of letters about benefit errors hitting doormats – are you owed \u00a35,000?<\/h3>\n
![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/09\/dwtn57-quality-street-chocolates-770980222-3.jpg\")
<\/picture>XMAS CHOC SHOCK <\/span><\/p>\nQuality Street is making a change to two iconic flavours – will you notice?<\/h3>\n
![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/10\/cxm3er-home-bargains-store-848760345.jpg\")
<\/picture>CLOSING TIME <\/span><\/p>\nDiscount brand set to disappear from high street after Home Bargains takeover<\/h3>\n
![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/10\/newspress-collage-24256150-1696376954725.jpg\")
<\/picture>AISLE SAY! <\/span><\/p>\nThousands of households can apply for free \u00a3150 supermarket vouchers within DAYS<\/h3>\n
How do I switch my current account?<\/h2>\n
Other options<\/h2>\n
Boosting your balance<\/h2>\n
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