heads-up for UK people with overdrafts 

So, the UK financial regulator tried to simplify the way banks charge people for overdrafts and make it fairer. No more daily fees, no more punitive fees for unarranged overdrafts. Just one clearly advertised interest rate for all overdrafts. The changes happen in April.

BUT, because banks are bastards, they are almost all planning to set that rate at around 40%. If your account spends most of its time overdrawn, this will really affect you.

The Money Saving Expert blog has a guide to who's announced which rate and also info about possible options for switching bank and getting a bit of respite that way. If you're permanently overdrawn, it's really worth doing something before April.


heads-up for UK people with overdrafts 

@griffinkate oh my god why the fuck has nothing been said about this???? i have like 3 bank accounts and they're all overdrawn rn

heads-up for UK people with overdrafts 

@doe Yeah, it's been under-reported considering the impact it will have. Maybe because the actual implementation is a couple of months away?

I hope you manage to switch bank(s) or otherwise sort this. The MoneySavingExpert site seems to think First Direct and Nationwide are the best bets?

heads-up for UK people with overdrafts 

@griffinkate i've just realised i'm in a better position than i thought, one of my accounts is a student account, so interest-free, and another i'm not actually in my overdraft on, the third is the problem... we'll see


heads-up for UK people with overdrafts 

@doe That sounds a lot more manageable.

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