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Barclays announces overdraft shake-up with interest rates of 35% - MSE News
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Former_MSE_Naomi
Posts: 519 Forumite
Barclays will be replacing its daily overdraft fees with a single interest rate of 35% from March - we've full info on whether you'll pay more or less after the changes...
Read the full story:
'Barclays announces overdraft shake-up with interest rates of 35%'
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'Barclays announces overdraft shake-up with interest rates of 35%'
Click reply below to discuss. If you haven’t already, join the forum to reply.
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Comments
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Ive just had the same email off natwest but 39.59% ear.... ill just have to stay out of the overdraft from April. I guess it also means using a credit card will be cheaper than the overdraft.Mortgage started August 2020 £69,700
Mortgage ends Aug 2050 MFW: Aug 2027
Current Balance: £58,678
MFW2020 #156 £723.13
MFW2021 #26 £1184.71
MFW2022 #11 £197.87
MFW2023 £785
MFW 2024 £528.15Determined to make it!0 -
Barclays is also slashing fee-free overdrafts, which currently range from £200 to £1,000, on its premier and packaged accounts, meaning some who currently use their overdrafts for free will pay interest from March. The exception is Barclays' student accounts – these have a £3,000 fee-free buffer, which won't be changing.
Not entirely true... The Barclays Premier Current account will continue to offer £500 fee-free overdraft buffer after 22 March (down from £1,000 currently).0 -
Don't go overdrawn and you will not have to pay!0
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....which is consistent with what's said in the quoted text, i.e. the student account doesn't change but others do, with Premier's fee-free element being slashed from £1,000 down to £500.
Not entirely true... The Barclays Premier Current account will continue to offer £500 fee-free overdraft buffer after 22 March (down from £1,000 currently).Barclays is also slashing fee-free overdrafts, which currently range from £200 to £1,000, on its premier and packaged accounts, meaning some who currently use their overdrafts for free will pay interest from March. The exception is Barclays' student accounts – these have a £3,000 fee-free buffer, which won't be changing.
Admittedly it's an unhelpfully emotive tabloidy term but did you perhaps interpret 'slashed' as meaning 'completely removed' rather than 'significantly reduced'?0 -
Pretty simple change
a simple table of the break even point against daily fee
Looks like Barclays are using a daily rate of 0.000823% for their 35%annual
<=£1,000 £0.75 £911.30
<=£2,000 £1.50 £1,822.60
>>£3,000 £3.00 £3645.200
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