Overdraft charges set to ease |
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Published
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Thu, 10 Mar 2005 01:00
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MoneyExpert, the corporation evaluating financial products, have come out with a way of cutting down overdraft charges by £130 a year (with average overdraft balance above £800) by bank customers changing current accounts i.e. by opting for an account that charges less interest.
Sean Gardner of the company said that only the best deals, which are got by a lucky few, can make overdrafts a reasonable solution for the short-term borrowing problem.
| Further analysis by Money Expert showed that smaller banks were found to offer certified rates for overdrafts between Zero to 8.9 per cent.
Conversely, big firms like the Alliance & Leicester, Nationwide, Yorkshire Bank, Halifax and Abbey were providing the overdraft facility at steep rates of 14.8 per cent to 18.2 per cent.
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