Banking

First Direct has pipped Metro Bank to the post to top the latest official banking service league table, while RBS took the wooden spoon for the fourth time. 

Metro Bank has announced it will be more than doubling the interest rate it charges on overdrafts from April, with customers set to pay 34%. But as the bank also scrapped its £10 flat fee for unarranged overdrafts back in December, many unarranged overdraft users will pay less than they did previously. 

App-based bank N26 has announced it will stop operating in the UK, with its accounts to close on 15 April 2020.

Nationwide customers are to be refunded £900,000 after a review ordered by the competition watchdog found the building society failed to properly warn them they were about to be charged for using an unarranged overdraft.

UK interest rates will remain at 0.75%, the Bank of England has announced – despite speculation that there could be a cut. 

The financial regulator has warned that banks must act to help consumers hurt by its overhaul of overdraft costs, after several announced they will bring in interest rates of 40%.

Santander will slash the interest paid on its popular 123 current account to just 1% and cut the cashback it offers, MoneySavingExpert.com can reveal. It's also bringing in a single overdraft interest rate of 39.9% across most accounts. We've full details and analysis below, along with answers to some of the questions you've sent us since we first published this article.

TSB Classic and Classic Plus customers will be charged an interest rate of 39.9% EAR on arranged and unarranged overdrafts from 2 April 2020, the bank has announced.

Hundreds of Nationwide customers have had their monthly credit card repayment taken twice, with one family overcharged by up to £2,500, MoneySavingExpert.com can reveal. 

Banks will have to set their own single interest rate across all their easy-access accounts that have been open for longer than a year, under proposals unveiled by the financial watchdog today.