MSE News

Overdrafts

Martin: 'FCA subtly slaps banks' wrists – and provides some relief for overdraft prisoners'

The financial regulator has written to major banks asking them how they decided on their overdraft prices, after several providers announced rates to 40% - and it's warned that banks must act to help consumers hurt by the changes

28 January 2020

Lloyds, Halifax and Bank of Scotland to charge up to 49.9% interest on overdrafts from April

Lloyds, Halifax and Bank of Scotland will scrap daily fees for arranged overdrafts from April and instead charge an interest rate based on customers' credit history

22 January 2020

Martin Lewis says Santander 123 is now a dead duck current account as it cuts interest and cashback

Santander will be slashing current account interest to 1% on its popular 123 account this spring, and introducing a single overdraft interest rate of 39.9%

21 January 2020

Barclays announces overdraft shake-up with interest rates of 35%

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

8 January 2020

NatWest and RBS to hike overdraft interest rates – but many will actually pay less as fees are scrapped

RBS and NatWest have become the latest banks to announce a steep hike in the interest charged on overdrafts, with some set to pay 39.49%. But the banks are also scrapping daily and monthly fees currently charged for overdrafts, meaning many will end up paying less overall to use them

6 January 2020

NatWest and RBS breaking new overdraft rules

RBS and NatWest are still including overdrafts when telling customers their 'available balance', despite new rules banning this

19 December 2019

First Direct and M&S Bank follow HSBC in hiking overdraft fees from March

First Direct and M&S Bank customers have been told their arranged overdraft interest rates will be more than doubled to 39.9% from next year

5 December 2019

Your bank could be about to tell you that you've less cash available – here's what you need to know

Three banks have changed the way they show customers' 'available balances' this week, and at least seven more will by mid-December, as the financial regulator brings in new rules on how overdrafts are displayed to customers. But some HSBC and First Direct customers have been left confused by the new changes and worried they've lost cash - so here's a rundown of what's changing and what to look out for

29 November 2019

Nationwide to cut interest and overhaul overdraft fees on FlexPlus account – is it still worth it?

Nationwide has started telling customers about changes it's making to its FlexPlus packaged bank account in November, which include slashing in-credit interest and raising overdraft fees for many. We've full details of the changes below, plus our analysis of whether the account will still be worth it

27 August 2019

320,000 Nationwide customers owed average £19 refund for overdraft charges

Nationwide will refund £6 million to current account customers, after failing to send customers the correct alerts warning them about unarranged overdraft fees

8 August 2019

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