Which?: Barclays increases overdraft interest rates

www.moneynews.co.uk > Banking > Which?: Barclays increases overdraft interest rates

Which?: Barclays increases overdraft interest rates

Fri 19th Feb 2010

Consumers who bank with Barclays and are unhappy with the announced rise in overdraft interest rates should vote with their feet, it has been asserted.

According to Which?, Barclays is to increase how much interest is charged on overdrafts, but the financial watchdog has stated that customers that dislike this development should look for a different bank.

Peter Vicary-Smith, chief executive at Which?, said that many current account holders will be unhappy with this news, especially as the bank has just announced bumper profits and the Bank of England base rate has not changed.

He advised customers to look around for a better deal at a different institution and switch instead to an account that better suits their circumstances.

To assess how consumers feel about banks, Which? held the Big Banking Debate and found that 81 per cent of people do not think that banks are changing for the better.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'