Arranged overdraft interest going up to 39.5% in March

If you’re on the arse end of a 2 grand overdraft like me, you won’t be paying less.

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Currently:

New:

(Barclays)

Cant find the equivalent for Natwest. Will have a look tomorrow. FAAAAAAACKKKK

I think the language is scary but the increase is to offset the fact that daily fees are no longer allowed; but a 35%-39% interest rate on overdrafts over a year is still cheaper than what daily fees add up to, in most cases?

My interest charges were 100 pound more than the fees last year, which is why I am sceptical that I’ll be saving money.

This might be completely useless/obvious information but last year I setup a new bank accounts for my wages to go into/DDs to come out of and then hacked away at my overdraft debt separately. I told my old bank I was going through some financial hardship and they were pretty helpful, refunded any unauthorised overdraft fees and I’m paying it off gradually, no interest either which I’m surprised/happy about.

If I’m genuinely saving money then it’s really a sharp wake up call of how extortionate daily fees are and why they were always posited as £1.50/3 a day which always seems like it’s not the end of the world until you do some quick maths

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I have to beg my bank to refund me overdraft charges as it is fwiw. Sometimes they say no.

Ohhh, this. This x a million. If I was single and had no dependents I would be in the cabin next door

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I’m with natwest. I don’t think they have a calculator yet, but I got this email last week.

Arranged

Unarranged

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Well that confirms my suspicions then

That is infuriating. I’m sorry dude, that’s really not okay.

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I’m always £3000 over drawn with NatWest and have never been out of it so that’s gonna be like £80-£100 per month in order to actually have my salary available in my overdraft. Will never ever be out of it and this just makes it even harder to attempt getting out of it.

Fucking load of shite.

Oh yeah for some people it’ll okay, will it, NatWest??? Yeah the people who are only overdrawn £100 which is like erm people who can escape overdrafts a lil bit easier than people like me.

Ranting in to the air sorry not replying directly to you

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Yeah sorry it sucks, its clear the charges will ramp up above their examples. Probably why the don’t have a calculator yet.

Sorry if my post upset you. I was just passing on the email I got to @profk.

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I’ve been aware of it for a while. The post didn’t upset me just the wanker bankers :upside_down_face::upside_down_face:

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I’ve been out of the money advice game for a while but fuck, those figures are eye-watering. That’s like, the cost of a sub-prime credit card for having a mainstream overdraft :grimacing::grimacing:

To people who have several thousand pound overdrafts you should cobsider opening a new bank account and try and get a loan with a lower interest rate to pay off your overdraft. Providing you can afford to forfeit a portion of your wage every month. Having an overdraft and getting your wages paid into it is just go to ensure you’re paying 40% interest every year rather than paying off a loan in 18months at a lower rate. Dont get an overdraft on your new account

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this thread has made me realise how lucky i am

to be honest I’d forgotten quite how much it took over my thoughts in the time between finishing uni and finally paying it off. which was actually only a couple of years, blimey.

i was very very lucky, the only reason i got it paid off was being able to get night time call centre shifts at £15 an hour - before then it really did mess with my head.

hope everyone’s ok

I’ve been worrying about this. got a £1250 overdraft with Natwest, and I’ve only ever been out of it for the four months I had full-time work before I got too ill and had to leave.

would have been nice if they’d properly warned me as a kid about this sort of thing instead of, y’know, using the massive overdraft as a selling point for their student account.

so like… would you be able to provide an example of the maths for this (please if possible)?

I’m really bad with financial stuff :confused: