Martin Can Save You Money

MoneySavingExpert.com’s Martin Lewis is fighting to save you £££s

If you bank with Lloyds, Bank of Scotland or Halifax, you’re one of more than 20 million in the UK who have had their overdraft charges changed. For some, it can mean paying hundreds more a year. Yet the market’s never been  more competitive, with three  banks offering 0% options.

The changes to the Lloyds Banking group charges hit a few weeks ago and many are shocked by the cost.

This has been a root-and branch (sorry!) reform. Before, some Lloyds brands charged a flat daily fee; others a monthly charge and daily interest. Now it’ll charge 1p per day for each £7 you’re overdrawn, which works out around £1 a day per £700 of overdraft (so £30 a month if you’re that far into it continually). It’s also got rid of charges for busting your limit.

There are more winners than losers, but the gains are smaller than the losses for those who do lose out.

Top 0% overdrafts

Paying too much? Ditch and switch. When you apply to a new bank you will be credit scored – it’s often not harsh, but you can be rejected or given a low overdraft. See my guide at mse.me/cutoverdrafts but here are the top deals: