Bank Accounts Money Saving Expert – Overdrafts for many UK bank accounts have changed, and people have been warned to be careful
The founder of Money Saving Expert explained that when the UK starts to come out of the coronavirus lockdown, many bank accounts are subject to changes and people need to be aware.
Bank Accounts Money Saving Expert
He explained the changes and issued his warning during an appearance on Good Morning Britain, reports the Manchester Evening News.
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Martin said: “In April, following a regulatory change, almost all banks’ overdraft rates were set to rise to 40 per cent APR – doubling a high-street credit card, making overdrafts – new loans from threat”.
Martin Lewis has issued a warning about upcoming changes to many UK bank accounts (Image: ITV)
“Since the beginning of the pandemic, the Financial Conduct Authority (FCA) has put a temporary moratorium on these changes in costs and said that no one will pay more than before under the new system of 40 percent for three months , when the discovery aid was extended, that “no one should pay more” became “no one fighting the pandemic should pay more”.
According to Coventry Live, TSB, Halifax, Lloyd’s and Bank of Scotland have already done this and Santander and Nationwide will complete it in the coming weeks.
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Martin said: “And as many banks have restarted their 40 per cent overdrafts, if that means you’re paying more, and you’re struggling with the financial impact of the coronavirus, then you’ve got to do your best to reduce it “. Talk to the lender.
“We see that the banks are now offering those 40 percent bursts, so if you pay more than before April, because of the 40 percent bursts and you are affected by the pandemic, ask the Contact of your bank.
“Say ‘No, you can’t do it.’ I don’t want to pay more than I was.”
“This general aid has come to an end and is aimed at people who are now affected by the pandemic. Look urgently.”
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The FCA recently announced that it will not require lenders to continue with lower overdraft rates, except in the case of those who are financially affected by COVID-19.
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In Martin’s newsletter he wrote: “Thomas Cook collapsed this week – sad for employees and worried for customers.
“During the Q&A interview, when I was asked about those without ATOL or ABTA cover, I was able to explain the protections for those who pay with debit and credit cards, but I had to say something such as: “If you have no money. cash, check or paid by BACS, so unfortunately it is unlikely to get any money back. Cash is not a secure method of payment.
“This is not an extremist call to give up paper and coins. Cash can be convenient, help control impulses and serve as a budget aid. And it is an endorsement to help many elderly people.” Requirements that cannot/cannot be changed.
In relation to Thomas Cook, Martin explained that the Civil Aviation Authority (CAA) and ATOL will cover your hotel from Monday until Thomas Cook goes into administration up to your point of departure.
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However, for the first period, the hotel company will have to ask the administrator, “which will probably be a few pence in the pound”, said Martin.
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All you have to do to receive the bonus is visit the Nationwide website, or use their app, and switch from a non-Nation checking account to a FlexDirect account.
You also need to make sure they have two active direct debits within 60 days to get the free cash.
FlexDirect customers nationwide will also receive 5% interest for a year on balances up to £1,500 and 0% overdrafts based on their credit score.
However, to qualify for the 5% interest rate, customers must pay £1,000 per month into their FlexDirect account.
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To be eligible for free money from Nationwide, customers must switch using the Current Account Switching Service (CASS).
You should transfer your account as their offer suits your needs and is a good deal.
You don’t need to remember to transfer direct debit when you move as it does it for you.
All you have to do is apply for the new account you want and the new bank will inform your existing provider that you are transferring.
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However, there are a few steps you can take before switching, including choosing a date to switch, or transferring your old bank statements to your new account.
You need to transfer £1,000 when you open an account, but you are not required to pay a minimum monthly amount to receive money.
But always remember, an interest-free overdraft should only be used in case of emergency
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