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Other options. Close drawer menu Financial Times International Edition. Search the FT Search. You can understand more and change your cookies preferences here. Nationwide is scrapping its unarranged overdrafts from November , in line with new rules from the city watchdog. At the same time, however, two thirds of customers may end up paying more, as the costs of arranged borrowing go up.
The Nationwide changes will make overdrafts simpler to understand, with all accounts charging the same percentage rate, instead of the current day-by-day fee structure. However, if you have an arranged overdraft, you could find yourself paying more for borrowing overall. From November , none of the accounts will offer unarranged overdrafts. The building society has introduced a single overdraft rate of September house price growth still in double digits Students vulnerable to money mule scams.
By Emma Lunn. There are 0 Comment s. What will happen if rates change How your finances will be impacted by a rise in interest rates. Regular Savings Calculator Small regular contributions can build up nicely over time. Online Savings Calculator Work out how your online savings can build over time. Like many current account providers, Nationwide currently offers customers two kinds of overdrafts: arranged and unarranged. Account holders reach an unarranged overdraft by spending past their agreed overdraft limit.
At the moment, these are far more expensive than arranged overdrafts. Indeed, Which? To help customers avoid these sky-high fees, the regulator requires banks to send customers a text before issuing a charge.
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