The Cost of using an agreed overdraft – how does your bank stack up?

Authorised overdraft cost comparison

 Interest rate and or fees for authorised overdraftsANNUAL COST of being overdrawn by £300 for 3 days every monthANNUAL COST of being overdrawn by £500 for 7 days every monthANNUAL COST of being overdrawn by £1200 for 10 days every month
First Direct
(1st account)
Interest 15.9% EAR (First £250 interest free)£0.78 £9.15£49.66
Post Office (Standard Account)Interest 14.9% EAR per annum£4.41 £17.15£58.78
Metro Bank (Personal Current account)Interest 15.0% EAR£4.44 £17.26£59.18
Nationwide BS (FlexAccount)Interest 18.9% EAR£5.59 £21.75£74.56
Barclays (Bank Account)Interest 19.3% per annum£5.71 £22.21£76.14
HSBC (Bank Account)Interest 19.9% EAR


£5.89 £22.90£78.51
The Co-operative Bank (Current Account Plus)Interest 18.9% EAR per month plus £20 per annum renewal charge£25.59 £41.75£94.56
Barclays NEW TARIFF
June 2014
Fee 75 pence per day up to £1k Fee £1.50 per day to £2k and £3 per day over £2k£27.00£63.00£180.00
Halifax (Reward)Daily Fee £1 for overdrafts up to £1,999 - £2 per day £2000 to £2,999 and £3 for £3,000 plus£36.00 £84.00£120.00
Santander (123 Current Account)**Fee of £1 per day (max £20 per month)£36.00 £84.00£120.00
Norwich & Peterborough BS (Gold Classic)Interest 17.9% EAR plus £5 fee per month£65.30 £80.60£130.62
Bank of Scotland (Classic)Interest 19.94% EAR plus £6 fee per month. (First £25 int free subject to application)£77.41 £93.80£149.03
Lloyds Bank(Classic)Interest 19.94% EAR plus £6 fee per month. (First £25 int free subject to application)£77.41£93.80£149.03
NatWest (Select Account)Interest 19.89% EAR plus £6 fee per month.£77.89 £94.89£150.47
Royal Bank of Scotland (Select)Interest 19.89% EAR plus £6 fee per month.£77.89£94.89£150.47

Be the first to comment

Leave a Reply

Your email address will not be published.


*


%d bloggers like this: