Current Account Switching – Overdraft Comparison

	Interest rate and or fees for authorised overdrafts	ANNUAL COST of being overdrawn by £300 for 3 days every month	ANNUAL COST of being overdrawn by £500 for 7 days every month	ANNUAL 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
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 TSB (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

** monthly charge of £2 for this account (but cashback paid on some direct debits)

Research via provider websites by Moneycomms 29.07.2013