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New Overdraft charges rules
Tinad
Posts: 2 Newbie
I know a rule has changed about banks charging set fees for overdrafts. I used to pay £6 a month. I've just had an email today saying it will now be 19.9%aer. I'm usually overdrawn about £200 for about 14 to 20 days a month. How do I know if I'll be worse off or better off or is it worth switching banks?
0
Comments
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19.9% of £200 is just under £40 if you were overdrawn for the year by that amount, so very roughly £3+ per month and nearer £2 for less than a full month.
A win! :T0 -
If you are overdrawn by £200 for between 14 and 20 days every month, you interest amount will be between £1.53 and £2.18 per month. So as above, a win for you.0
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...and not a bad rate considering for example Nationwide is charging nearly 40%0
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Ah I see how it works now. Thank you0
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