Banking

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.

Barclays will be replacing its daily overdraft fees with a single interest rate of 35% from March – we've full info on whether you'll pay more or less after the changes.

TSB has increased the cash reward it pays customers for referring a friend who switches to its Classic or Classic Plus account to £100 – making it the joint-biggest 'refer a friend' bank-switch incentive out there.

NatWest and RBS have become the latest banks to announce a steep hike in the interest charged on overdrafts, with some customers set to pay 39.49% from late March or early April. But the banks are also scrapping daily and monthly fees currently charged for overdrafts, meaning many will end up paying less overall to use them.

Yorkshire Bank and Clydesdale Bank say they are "investigating" after customers complained they had not received wages this morning.