Money saving tips: expert advice on banking and debt arrangements

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Money saving tips: expert advice on banking and debt arrangements"


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SHOULD I GET AN OVERDRAFT? “Overdrafts can be a useful tool to manage your cashflow problems, but it is essential you make sure you have the right one to avoid sky-high interest rates. “This


week has seen a change in rules regarding overdraft fees after the FCA (Financial Conduct Authority) instructed lenders to simplify charges. “Banks must now advertise only an interest rate,


without daily fees. It was hoped this would make the cost of borrowing through an overdraft easier to understand and compare with other types of borrowing, but in response many banks have


raised overdraft interest rates to as much as 40 percent. After pressure from the FCA, banks including Lloyds, TSB, Bank of Scotland, Halifax, Santander and HSBC are now automatically


providing temporary interest-free overdraft buffers of up to £500 for three months to help customers struggling during the pandemic. “These changes are time-limited, so expect overdraft


interest rates to rise once again this summer.”


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