Overdrafts

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What overdraft options are offered by the main banks?

With a first direct account, the first £250 of your overdraft is interest fee after which time it is charged at a rate of 15.9%. 

Barclays charge 0.75% on overdrafts per day. 

Nationwide don’t charge interest for the first three months on arranged overdrafts after which they charge 18.9%.

With this account, you will pay £1 a day in interest. 

What is the standard overdraft limit

In truth, there is no standard and it will depend on a wide range of factors. This will include your:

  • Age 
  • Earnings 
  • Credit rating 

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