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 Read More
The Bank of England has surprised the markets this morning by announcing a reduction in base rate from 0.75% down to 0.25%. The question is – will this 0.5% reduction really help consumers? – many are on fixed rate mortgages so won’t feel any financial Read More
You’ll have probably seen the recent outcry in the papers and online, following the decision by the main UK banks to radically increase the cost of borrowing for customers with an agreed overdraft facility. These rate hikes follow an overhaul imposed by the city regulator Read More
Following recent intervention from the Financial Conduct Authority to stamp out excessive unauthorised bank charges, the banks have responded by hiking their overdraft rates for customers with agreed or authorised overdrafts – many lenders will now be charging between 35% EAR and 49.9%EAR – the Read More
From November this year Nationwide Building Society will be charging customers 39.9% EAR – yes that’s right 39.9% EAR for agreed overdrafts on its current accounts. At the moment Flex Direct Customers pay 50p per day and FlexAccount customers pay an interest rate of 18.9% Read More
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