Barclays waives overdraft interest – how much will it save you?

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As part of measures to help consumers with their finances during the coronavirus pandemic, Barclays has agreed not to charge overdraft interest for agreed overdrafts on personal current accounts from 27th March to 30th April 2020.

It will be a welcome gesture for borrowers with Barclays, many of who are facing uncertainty with their finances during these unprecedented times.

The bank introduced its revised tariff charging 35% EAR on overdrafts on 23rd March this year.

To give you an idea of how much this move could save you, the list below shows the cost saving, assuming you are overdrawn for the full 35 days from 27/3 to 30/4.

£300 overdrawn = £8.63

£500 overdrawn = £14.38

£750 overdrawn = £21.57

£1000 overdrawn = £28.77

£1500 overdrawn = £43.15

£2000 overdrawn  = £57.53

£2500 overdrawn = £71.92

£3000 overdrawn = £86.30