Overdraft interest rates are set to increase! How will this affect you? and what can you do to prepare?

If you are worried your overdraft interest rate is skyrocketing! You might be right to worry as many people will see their overdraft interest rates skyrocket from April this year.

It started when the financial regulator, the FCA, found that banks were profiting from overdrafts to the tune of £2.4Bn a year!

The regulator thought these fees were too high, and so they banned the monthly or daily fees, and they have been replaced with eye watering interest rates of around 40% for most high street banks. If you have poor credit, you may be charged more.