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Everything you need to know about changes to overdraft interest rates
Will changes to overdrafts mean you end up paying more? Martin Lewis has the details.
From April 2020, bank overdraft fees are undergoing a major shake-up.
The new rules, which come into force in April, require providers to charge a simple annual interest rate on all overdrafts and to get rid of fixed fees.
However, most have set the annual interest rate at 40% which is double the cost of a typical credit card.
So what can you do to avoid paying extra fees?
The Ask Martin Lewis Podcast is originally from The Emma Barnett Show on Monday 20 January 2020.
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Ask Martin Lewis Podcast: Is it OK to use a voucher on a date?
Duration: 03:35
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The Martin Lewis Podcast
Martin Lewis answers your financial questions, offering valuable money-saving tips.
