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Co-op Bank/smile overdraft rates to become 35.9%
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Stuart_W
Posts: 1,794 Forumite


Haven't noticed this posted anywhere else yet, but Co-op bank have announced their new overdraft rates.
Broadly in line with everyone else, it's 35.9% for all varieties of current account.
Current account plus will keep a £200 interest free overdraft.
Smilemore will keep a £260 interest free overdraft.
All standard smile current account customers currently have a £500 fee-free overdraft at 18.9% so a big hike for anyone that used to use this regularly and stayed within their limit as they already pay just an interest rate and no fees.
https://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/summary-of-changes-04042020.pdf
Comes into effect 4th April. I haven't been notified as a customer yet, just noticed it on their website.
Broadly in line with everyone else, it's 35.9% for all varieties of current account.
Current account plus will keep a £200 interest free overdraft.
Smilemore will keep a £260 interest free overdraft.
All standard smile current account customers currently have a £500 fee-free overdraft at 18.9% so a big hike for anyone that used to use this regularly and stayed within their limit as they already pay just an interest rate and no fees.
https://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/summary-of-changes-04042020.pdf
Comes into effect 4th April. I haven't been notified as a customer yet, just noticed it on their website.
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Comments
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This is coming at a really bad time, practically doubling the interest rate. I've written to the Co-op to ask them to defer this change, and I'd encourage all other Co-op customers to follow suit.0
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peterowan said:This is coming at a really bad time, practically doubling the interest rate. I've written to the Co-op to ask them to defer this change, and I'd encourage all other Co-op customers to follow suit.0
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Thrugelmir said:peterowan said:This is coming at a really bad time, practically doubling the interest rate. I've written to the Co-op to ask them to defer this change, and I'd encourage all other Co-op customers to follow suit.0
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