Nationwide sets overdraft rate

www.moneynews.co.uk > Banking > Nationwide sets overdraft rate

Nationwide sets overdraft rate

Mon 13th Aug 2007

Nationwide Building Society has set the authorised rate on all of its overdrafts at 9.9 per cent AER.

The rate compares favourably with others offered by high street competitors and is available without having to pay an arrangement fee from November 1st.

Earlier this month, the building society revealed that it is to increase the cash advance interest rate on all of its credit cards to 22.9 per cent, with a cash advance fee of 2.5 per cent.

Nationwide claims the rate remains one of lowest in the industry, while its "positive order" of payments ensuring cash withdrawals are repaid before other advances.

The rate will apply to the four credit cards are offered by Nationwide - Classic, Gold, Comic Relief and Cash Reward - from October 17th.

At the start of the month, Nationwide introduced changes to some of the rates on its fixed-rate and tracker mortgages.

The rate on its two-year tracker is now available at 5.48 per cent, while those on its fee-free two-year tracker and lifetime tracker offerings are 5.88 per cent and 5.99 per cent respectively.

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'

Related News : Nationwide
	Nationwide launches new credit card reward scheme
	ICB report recommends easier current account switching
	Mortgages are cheaper than two years ago, claims study
	Students fail to take out insurance 'due to apathy'
	Demand for fixed rate mortgages 'increases in economic uncertainty'
	Nationwide reduces rates on five-year fixed mortgages
	Intermediary mortgage lending 'increases for second quarter'
	Nationwide improves mortgage products for intermediaries
	Nationwide reduces fixed mortgage rates
	NLA survey reveals landlords jittery over possible rate increases