Halifax to introduced 50% (!) overdraft interest.

A_Lert

:eek:
Just had the message from them. Technically 49.9% AER.
They're claiming it's cheaper than their current fees even up to £4000 overdrawn, but that just shows their previous fees were high. I think that makes Halifax by far the most expensive of the big name banks for their overdrafts.
I guess this means never been a better reason to switch away.

eskbanker

Those who really are alert noticed this when announced on here last Wednesday morning: https://forums.moneysavingexpert.com/discussion/6094191/lloyds-halifax-and-bank-of-scotland-to-charge-up-to-49-9-interest-on-overdrafts-from-april-mse

According to the story as reported then, most are to be charged 39.9% rather than 49.9%....

born_again

Wonder just how many more posts there will be about banks increasing interest rates. Despite it being public knowledge since last year