Money

Lloyds Bank brings in single overdraft rate in radical shake-up

All existing charges on 20m accounts to finish in November and be replaced by flat fee of 1p for every £7 overdrawn

Lloyds Bank is to radically change the way it charges for overdrafts on its 20m accounts, including those at Halifax and Bank of Scotland, in a move it claims will leave most customers better off – although one in 10 could pay significantly more.

All existing charges for overdrafts will be abandoned in November and replaced with a single fee of 1p every day for every £7 of overdraft used.

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