NatWest has frozen or removed all fees on its overdrafts for "at least" three months. The bank, along with RBS and Ulster Bank, had planned to increase interest rates to 39.49% - up from around 20% now - following a new set of regulations.
But after Lloyds, HSBC and Barclays all said they were making changes to their overdrafts to help people during the coronaviurs outbreak, NatWest decided it would put the rate hikes on ice.
Les Matheson, NatWest head of personal banking, said: “We have taken the decision to freeze interest rates on our overdrafts in order to help our personal customers during this unpredictable and unprecedented time. "All of our customers, using their overdrafts, will pay less under this single, lower rate of interest,