Current account overdraft rates 'creeping upwards'

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Current account overdraft rates 'creeping upwards'

UK banks have been increasing the interest rates on their current accounts during the current economic downturn, it has been highlighted.

Price comparison website MoneySupermarket.com has compared relevant data and found that the average interest rate on current account overdrafts in the UK has risen by 1.54 per cent since February 2008.

Banks who can be counted among these ranks are Nationwide, which has increased the overdraft interest rate on its FlexAccount by one per cent, and Barclays, which, from June 19th, will increase the overdraft interest rate on its Bank Account from 17.9 to 19.3 per cent following its 12-month introductory period.

Head of banking at moneysupermarket.com Kevin Mountford commented that these moves are likely to "kick-start a series of rate reviews by others, meaning struggling bank customers are going to be stung with a steep rise in the cost of going into the red".

Alliance & Leicester last month attempted to attract more customers by offering those switching from another bank account to its new Premier or Premier 50 Current Account before April 28th a £100 bonus.

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