Rachel Springall, Finance Expert at moneyfacts.co.uk, said: “Personal finances could be a sensitive subject for those who have taken a payment holiday in recent months and are debating how they can save money in the months ahead.
“If they are unable to put some spare cash aside, they might be considering other ways to make some savings and they could do just this by switching.
“This year overdraft tariffs changed dramatically, gone are the extortionate daily fees and in is a fairer way of comparing deals, but it is vital borrowers check their new rate and switch if they use their overdraft frequently.
“If consumers have their main current account with a high-street brand, then they could find they are being charged some of the highest rates of interest on the market and switching to a challenger bank could save them over £49 a year.”
Published at Tue, 01 Sep 2020 23:01:00 +0000