Overdraft interest rates set to rise?

Mischa8

Saw something in news the other day about overdraft interest rates set to rise as of this month, how much of this is true, by how much etc?

Got a small overdraft which I really want to clear and try not to go into whenever possible but sometimes it can't be helped.

Just don't want to find myself hammered with hefty interest rates.

It's a classic bank account with Lloyds TSB.

fischer79

No rate rises on LTSb. The new rules mean you have to be given 30 days written notice before any rate change.

however from 2nd December if you use an overdraft outside an interest fee portion + £10 buffer you wll pay a £5 usage fee per month. this was mailed to everyone in August

Mischa8

fischer79 wrote: »

No rate rises on LTSb. The new rules mean you have to be given 30 days written notice before any rate change.

however from 2nd December if you use an overdraft outside an interest fee portion + £10 buffer you wll pay a £5 usage fee per month. this was mailed to everyone in August

Yes - I did think you needed to be given 30 days written notice - and not got anything through in post - panicking that any day now the Lloyds TSB minions will write to me but maybe not.

Thanks for the other info though very useful.