We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Overdraft explained with hsbc
Porkiepvfc
Posts: 2 Newbie
hi im planning on taking an overdraft out with hsbc for £500 and it says i will pay 18.9% interest on this, I plan to only use £300 of it and pay it back within the first month. I dont quite understand how much id be paying to them for using the overdraft. Can someone explain?
Cheers
Cheers
0
Comments
-
18.9% is for the whole year.
So borrowing £300 would cost £56.70 a year in interest. Using it for a month would therefore cost £4.720
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards