Commenting on RBS decreasing its overdraft fees, Ian Williams, director of communications at moneysupermarket.com said:
"When we consider that moneysupermarket.com research* shows over half of the UK workforce was overdrawn at least once in the past 12 months, and 17 per cent were continually overdrawn, we can see that a significant proportion of RBS customers could easily rack up a steep bill if they have to regularly pay the daily unauthorised overdraft fee at £15 a pop.
"Our advice is to avoid unauthorised overdrafts whenever possible - for most people this means a simple call to their bank. If you do continually go into the red then consider switching to a more competitive current account, such as one from Alliance & Leicester, which has a zero per cent interest rate for 12 months and will only charge 50 pence per day, maximum £5 per month thereafter on authorised borrowing."
ends
*Opinium Research carried out a poll of 1,994 British adults from March 3 to 5, 2009
Provider
Account
In-Credit Rate (AER)
Authorised Overdraft Rate (TYPICAL EAR)
Unauthorised Overdraft Rate (TYPICAL EAR)
Unauthorised Overdraft Rate Charges
Alliance & Leicester
Premier Direct Current Account
6.00%
0%(Introductory Rate for 12 months, 50p per day, max £5 per month thereafter)
0.00%(£5 per day)
Exceeding overdraft limit fee: £5 per dayPayment review fee: £25 each item
Abbey
Preferred Overdraft Rate Account
0.10%
0%(Introductory Rate for 12 months, 12.9% thereafter)
28.7%
Instant Overdraft Monthly Fee - £25Transaction £0-£9.99 will cost £5£10-£19.99 will cost £15£20-£29.99 will cost £25Over £30 will cost £30
Barclays
Barclays Bank Account
0.00%
0% (Introductory Rate for 12 months*, 19.3% thereafter)
£22 once in Personal Reserve
Returned/Guaranteed Transaction Fee, max of 5 per day(comes into effect once Personal Reserve has expired)
Nationwide BS
FlexAccount
18.9%
Unauthorised Overdraft Charge - £20Unpaid Item Fee - £30Paid Item Fee - £21.50
Lloyds TSB
Classic Plus Account
2.50%
18.90%
Monthly Fee - £15 per monthDaily Fee:- Less than £25 - £6 a day£25 to £100 - £15 a dayMore than £100 - £20 a day
Halifax
Reward Current Account
£5 per month
£1 per day up to £2,500£2 per day over £2,500
Exceeding overdraft limit fee: £5 per day
HSBC
Bank Account
19.90%
1st overdraft in 6 months = freeSubsequent overdrafts = £25Overdraft Fee - Up to £10 = no chargeUp to £25 = £10 per itemAbove £25 = £25 per item
NatWestRBS
Current Plus AccountInterest Paying Current Account
19.24%
29.69%
Maintenance Charge - £28Paid Referral Fee - £30 (max. £90 per month)Guaranteed Card Payment Fee - £35 per transactionUnpaid Item Fee - £38 (max. £114 per day)
NatWest - as from 1st October 2009RBS - as from 1st October 2009
Maintenance Charge - £20Paid Referral Fee - £15 (max. £90 per month)Guaranteed Card Payment Fee - £15 per transaction (max £90 per month)Unpaid Item Fee - £5 (max. £50 per month)
*Introductory rate may be withdrawn at any time
Sourced by www.moneysupermarket.com 11.09.2009
Nicola Parry - PR Officer (Financial Services)078723 7954901244 370318nicola.parry@moneysupermarket.com
Emma Morris - PR Manager (Travel & Shopping)Travelsupermarket.comMoneysupermarket Shopping07775 94168901244 220671emma.morris@moneysupermarket.com
Ian WilliamsDirector of Communications07515 32967101244 665793ian.williams@moneysupermarket.com
Clare FrancisSite Editor07595 06781801244 220650clare.francis@moneysupermarket.com
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