Nationwide overdraft rate rises

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Nationwide overdraft rate rises

Fri 18th Feb 2005

Nationwide building society has raised the interest rate on its overdrafts.

The lender said that despite the rise, its accounts still carried some of the best overdraft rates on the market.

Nationwide said it also offers easy-to-arrange overdraft facilities with no fees.

Interest on an authorised overdraft will rise from 6.75 per cent to 7.75 per cent; the rate on a preferential overdraft will rise from 6.25 per cent to 7.25 per cent; and the unauthorised overdraft rate will go up from 23.90 per cent to 24.90 per cent.

Nationwide said the decision to increase its rates came in response to the steady rise in the Bank of England base rate.

The bank's monetary policy committee has raised the cost of borrowing five times since Nationwide last reviewed its overdraft rates.

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