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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