overdrafts

Consumers spend £1.4bn on bank overdraft interest each year

12th April 2024 Consumer Lending | #interest rates #overdrafts

New research by TotallyMoney has found that one in five (9.7 million) current account customers are overdrawn by an average of £697, with £1.4 billion spent on bank overdrafts each year. The research showed that on average, one in five people (18.8%) are £697 overdrawn each day that with most high street banks charging customers…

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overdrafts

Consumers spend £1.4bn on bank overdraft interest each year

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