This year the banks were made to bring in a simplified single interest rate charge for overdrafts. The hope was this would make it easier for people to work out how the cost the existing mix of daily fees, interest and other charges.

Well, it's certainly a lot clearer - but sadly it's not necessarily going to be any cheaper to go overdrawn. The banks pretty much all decided to charge around 40%. For those that only rarely use an overdraft, it'll actually be cheaper. But for people who "live in their overdraft" it'll probably cost a lot more.

Either way, at 40%, an overdraft is now one of the most expensive ways to borrow money! So if you regularly use one the best way to beat these costs is to clear the overdraft and get your bank balance back in the black.

So here's what you can do to bring down the cost and then start clearing it.

#Overdraft #BeatDebt #SaveMoney

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How to cut the cost of your overdraft
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Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, presents Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.

Andy's YouTube channel won Best Money Vlogger at the 2017 SHOMO awards.

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DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

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