Barclays 'has increased overdraft current account interest rates the most'

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www.moneynews.co.uk > Banking > Barclays 'has increased overdraft current account interest rates the most'

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Barclays 'has increased overdraft current account interest rates the most'

New research shows that Barclays is the banking institution that has raised the interest rates on an overdraft facility the most over the past 18 months.

The report by Moneyfacts showed the organisation has increased the rate charged to its Additions Active customers by 8.4 per cent since March 2009.

Customers can expect to be charged 18.3 per cent for utilising the overdraft on this product, while the firm's Premier Life clients also saw interest rates rise five per cent to 14.9 per cent during the same period.

Moneyfacts spokesperson Michelle Slade said: "The increased risk of customers defaulting is being passed on through higher rates, but if the customer doesn't default the increase just creates further revenue for the bank."

She stressed that the potentially growing level of unemployment in the UK could cause people to use their overdraft more.

Last month, the company revealed the margin between the cost of funding for lenders and the mortgage rates being offered is at an all-time high.

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