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Overdraft: 85% of high street banks will have raised rates this month – will you pay 40%?

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Additionally, 42 percent of respondents revealed that they did not know how much their providers charged in overdraft fees, despite being on average overdrawn by £377.

John Crossley, the Head of Money at comparethemarket.com provided the following comments along with their findings: “There is no doubt that current account providers offered many households a lifeline by providing interest free overdrafts during the height of the pandemic.

“However, overdraft interest rates have slowly but surely been creeping back up as lockdown continues to ease and the economy struggles to get going again.

“Many households will still be under financial strain and in need of funds to help tide them over.



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