Tweet
Recent research by Moneymail has revealed that interest and charges levied on unauthorised overdrafts can be equivalent to an APR of more than 46 million per cent!
Yes, you read that correctly. Your high street bank could charge you millions of per cent interest for exceeding your overdraft limit for a few days.
Here's how the charges break down if you borrow £200 for 10 days:
Bank Charges APR (%) Lloyds TSB £85.95 46,460869 Santander £60.68 1,586,122 Halifax £50 344,521 RBS/Natwest £35 36,007 Nationwide £35 36,007 HSBC £26 8,657 Barclays £8 419 So what should you do if you need some cash quickly? First of all, let's look at some deals that lovemoney.com definitely wouldn't recommend!
The high street bank charging 46% million interest - Yahoo! UK & Ireland Finance
Yes, you read that correctly. Your high street bank could charge you millions of per cent interest for exceeding your overdraft limit for a few days.
Here's how the charges break down if you borrow £200 for 10 days:
Bank Charges APR (%) Lloyds TSB £85.95 46,460869 Santander £60.68 1,586,122 Halifax £50 344,521 RBS/Natwest £35 36,007 Nationwide £35 36,007 HSBC £26 8,657 Barclays £8 419 So what should you do if you need some cash quickly? First of all, let's look at some deals that lovemoney.com definitely wouldn't recommend!
The high street bank charging 46% million interest - Yahoo! UK & Ireland Finance
Comment