A couple of weeks ago Martin Lewis issued an urgent warning to anybody in their overdraft, as changes to interest rates are set to rise sharply.
The money-saving expert wrote that “overdrafts are the new danger debt and poised to double the interest of high street credit cards,” in an edition of MoneySavingExpert.com's weekly newsletter.
Last year the regulator, the FCA, ruled that from April 6, 2020, all banks must replace daily/monthly fees with a single interest rate to improve transparency, which Martin said are “transparently hideous” as almost every bank will now charge around 40 percent.
Nationwide changed its rate in November and earlier this month HSBC, First Direct and Marks and Spencer implemented theirs - but then coronavirus