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21-12-2012, 08:43 PM
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#1
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Join Date: Mar 2012
I am currently:  
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interest rate
Hi guys,
I hope someone can help.
I've increased my Over draft to £3,000.
Planned Overdraft limit:£3,000.0
Interest and fee free amount: £2,000.00
Interest rate:1.3%/16.77 % EAR (Equivalent Annual Rate)
Monthly overdraft usage fee:£6.00
Can someone shed light on this please?!
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21-12-2012, 10:24 PM
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#2
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Join Date: Feb 2006
Location: Somewhere only we know...
I am currently: 
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your bank should be able to explain it to you :)
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21-12-2012, 10:41 PM
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#3
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tired
Join Date: Feb 2008
I am currently: 
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I think it means you can go to $2,000 without paying interest but for anything over the $2,000 and under your limit of $3,000, you pay interest on it at 1.3% per month. So if you spend $2,340 you pay 1.3% interest on the $340. Not a bad deal actually.
You also pay $6 a month for the pleasure of having an overdraft.
Last edited by effervescence : 21-12-2012 at 11:02 PM.
Reason: Adding a bit
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Even as the stone of the fruit must break that its heart may stand in the sun, so must you know pain.
There are only two ways in which one can live their life. One is as though nothing is a miracle, the other is as though everything is.
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21-12-2012, 10:43 PM
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#4
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Chat Mod
Join Date: Aug 2009
I am currently: 
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Yep, what effervescence said, you can use up to £2000 without any worries. And interest on the amount you go over. Did the person at the bank not explain? Please go back if you're not sure, it's part of their job.
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It doesn't matter where you come from; it matters where you go.
No-one gets remembered for the things they didn't do. We won't all be here this time next year,
so while you can take a picture of us. We're definitely going to hell,
but we'll have all the best stories to tell.
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23-12-2012, 12:49 PM
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#6
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tired
Join Date: Feb 2008
I am currently:
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Change your setup Tony?!
Just get a free or cheap current account with as small an overdraft as possible (or, preferably, none) and a high interest savings account.
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Even as the stone of the fruit must break that its heart may stand in the sun, so must you know pain.
There are only two ways in which one can live their life. One is as though nothing is a miracle, the other is as though everything is.
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24-12-2012, 01:04 AM
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#7
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You are free.
Join Date: Aug 2004
I am currently: 
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Originally Posted by Effervescence
I think it means you can go to $2,000 without paying interest but for anything over the $2,000 and under your limit of $3,000, you pay interest on it at 1.3% per month. So if you spend $2,340 you pay 1.3% interest on the $340. Not a bad deal actually.
You also pay $6 a month for the pleasure of having an overdraft.
+
Originally Posted by Harley's Dad
And the sooner their normal business is separated from their investment business, the better ...
Yes yes yes to both of these.
But also, it'd definitely be worth clarifying with your bank. If you're going to pay a monthly fee etc. it's important for you to understand what you're paying for and how.
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24-12-2012, 10:53 AM
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#8
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tired
Join Date: Feb 2008
I am currently:
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So. Much. Spam.
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Even as the stone of the fruit must break that its heart may stand in the sun, so must you know pain.
There are only two ways in which one can live their life. One is as though nothing is a miracle, the other is as though everything is.
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