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Barclays overdraft rate increase - 80%

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Latest post Mon, Dec 1 2008 8:58 AM by rossitron. 1 replies.

  • Fri, Nov 21 2008 9:35 AM

    • Graeme
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    • Joined on Tue, Oct 21 2008
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    Barclays overdraft rate increase - 80%

    Reply

    Comments received from a Moneyfacts.co.uk user:

    Ref comments in press. Barclays advised me two weeks ago that my overdraft rate has increased from 5 to 9%. An increase of 80%. This really should be illegal.

     

  • Mon, Dec 1 2008 8:58 AM In reply to

    Re: Barclays overdraft rate increase - 80%

    Reply

    I am not sure you have all your facts correct. Barclays haven't ever done an overdraft at 5%. The lowest I have seen them do is a Barclays Bank base rate linked overdraft for Premier clients and this rate is BBBR plus a margin.... certainly higher than the 5% you are quoting. If you have a fee-paying account then you may get some interest free portion, then on the remainder it will be 9.9% apr. If you have a standard account, it will be 17.9% apr.
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