Business World (web) – 29th September 2008
UK SAVERS MOVE MONEY TO IRISH BANKS
British savers are rushing to put their money into Irish banks.
Last week
Andrew Hagger, of Moneynet.co.uk, a British financial services comparison site, has joined a chorus of voices calling for the Chancellor of the Exchequer to at least match Ireland’s deposit guarantee limit.
Press & Journal (Aberdeen) (Main) - 28th September 2008
FALLING INTO TRAP OF ‘FIVE FINANCIAL FOLLIES’ COULD PROVE DISASTROUS
That was the warning from Andrew Hagger at online personal-finance research and data analyst Moneynet.co.uk.
He has identified five options to be avoided at all costs: pay-day loans; log-book loans; credit card cheques; credit card cash advances and unauthorised overdrafts.
Sunday Times (Money) - 28th September 2008
SWITCH YOUR SAVINGS TO THE IRISH
Savers looking for better security for their cash deposits are being advised to switch to Ireland.
Andrew Hagger, of Moneynet.co.uk, a comparison site, said: “Unless Alistair Darling moves swiftly to increase the depositor protection available in the UK, then many savers will seek security for their nest eggs by switching to some of the very competitive Irish banks.”
Press & Journal (Aberdeen) (Main) - 28th September 2008
FALLING INTO TRAP OF ‘FIVE FINANCIAL FOLLIES’ COULD PROVE DISASTROUS
That was the warning from Andrew Hagger at online personal-finance research and data analyst Moneynet.co.uk.
He has identified five options to be avoided at all costs: pay-day loans; log-book loans; credit card cheques; credit card cash advances and unauthorised overdrafts.
Sunday Times (Money) - 28th September 2008
SWITCH YOUR SAVINGS TO THE IRISH
Savers looking for better security for their cash deposits are being advised to switch to Ireland.
Andrew Hagger, of Moneynet.co.uk, a comparison site, said: “Unless Alistair Darling moves swiftly to increase the depositor protection available in the UK, then many savers will seek security for their nest eggs by switching to some of the very competitive Irish banks.”
Sunday Mirror (Main) – 28th September 2008
SO WHERE IS SAFE?
The global banking crisis has left many of us wondering if the safest place for our savings is under the mattress.
Andrew Hagger, spokesman for Moneynet.co.uk, said: “The turmoil of the last weeks has increased speculation of an interest rate cut sooner rather than later.
“The number of these 7 per cent plus deals is now starting to diminish quite rapidly, so if you want to lock into one of these deals, don’t put it off for too long or you could miss the boat.”
Observer (Business and Media) – 28th September 2008
BALANCE DEALS THE BATTLEGROUND AS CREDIT CARD FIRMS FIGHT TO ATTRACT NEW CUSTOMERS
Unlikely as it may seem in the middle of a crunch, credit card providers look poised to start a ‘price war’ by offering new incentives – such as reduced balance-transfer fees – to draw customers in.
And if you have no chance of clearing your balance before interest-free periods ends, says Andrew Hagger from comparison website Moneynet.co.uk, then the length of the interest ‘holiday’ is much more important than the size of the transfer fee. ‘You’ll save more money by opting for a longer interest free period than by going for a lower fee. Essentially, you’ll be making a bigger saving in interest than you would from the one-off saving on the fee.’
The Observer (Business and Media) - 28th September 2008
SAVERS FEARFUL OF BANKING COLLAPSE RACE TO FIND SAFE PLACE FOR NEST EGG
Savers have been rushing to move money between accounts in the last week, fearing that their nest egg might not be protected if their bank or building society were to collapse.
Andrew Hagger, from price comparison website Moneynet.co.uk, says: “The more you have in savings, the more interest you will earn. Those people with savings nearer to the FSCS amount of £35,000 might be the ones who consider transferring savings between providers rather than keeping it in one place.”
Daily Telegraph (Your Money) - 27th September 2008
MANCHESTER’S ACCOUNT A ‘STEP IN THE RIGHT DIRECTION’
The roller-coaster ride of the financial markets continues, but for those wanting to keep their money in cash, there was some positive news this week following the launch of several high-interest paying accounts.
Andrew Hagger, spokesman for Moneynet.co.uk, said: “Offering premium rates for large balances could well be part of a strategy to boost retail funds during a period where the more traditional method of borrowing from the money markets is not an option. For those with large ISA balances accumulated over previous tax years, even a small increase in interest rates can make a substantial difference when it comes down to cash earned as a result.”
Guardian Unlimited (web) - 24th September 2008
TEN OF THE BEST…SAVINGS ACCOUNTS
Along with short sellers, savers have been among the few people to benefit from the credit crunch.
If you are drawing income from your savings you might want an account paying monthly interest. Interest rates seem slightly lower than if you take it annually, but it evens out over the year, says Andrew Hagger of Moneynet.co.uk. ‘Monthly interest accounts appear to pay lower rates, but you will earn interest on that interest in future months. It all evens out over 12 months.’
Daily Mirror (Main) - 24th September 2008
ACT TO BAG BEST DEALS
HBOS – owner of Britain’s biggest mortgage lender the Halifax – was the most startling of last week’s momentous events. Lloyds’ decision to ride to the rescue of HBOS was a huge relief to ministers who, after the collapse of Northern Rock, were anxious to avoid taxpayers being saddled with the colossal cost of another bail-out.
Andrew Hagger of Moneynet.co.uk, said: “We are kissing goodbye to an element of competition.
Lancashire Evening Post (Preston) (Main) – 24th September 2008
FIRST CHOICE
Coventry First, the combined current and savings account from Coventry BS promises a competitive 5.60% (AER) on entire balances from £1 to £250,000.
The rate includes a bonus of 0.85% (AER) and is guaranteed to be 0.60% (AER) above Bank of England base rate for the first year from opening. In the second year, it promises a minimum 4.75% (AER) (variable). Andrew Hagger at www.moneynet.co.uk says: “It’s pretty much in a league of its own.”
Sunday Telegraph (Money and Jobs) - 21st September 2008
ROCK-SOLID WAYS TO GET THE MOST FROM YOUR CASH
Cash is king in times of turmoil and the good news for nervous savers is that interest rates are close to seven-year highs.
Recent research from Moneynet.co.uk reveals that three out of four savings accounts on the market, with many one year deals now paying in excess of 7 per cent gross, the overall picture for savers is pretty abysmal. For higher rate taxpayer, the situation us even grimmer with a gross rate of 8 per cent needed if you are to keep pace with the current RPI figure of 4.8 per cent.”
Sunday Telegraph (Money and Jobs) - 21st September 2008
HOW THE MEGABANK CHANGED THE LANDSCAPE
This week’s Lloyds TSB/HBOS merger has produced a giant in retail banking. The superbank will have 40 per cent of the UK’s households among its customers. But how will savers, investors and borrowers are affected?
Andrew Hagger, at Moneynet.co.uk, aggress the merger means “waving goodbye to an element of competition” and that “consumers will be faced with a far more limited choice of products on the back of this merger and the previously announced Abbey takeover of A & L”.
Sunday Mirror (Main) - 21st September 2008
CALLS FOR ‘OFBANK’
Consumer groups are demanding a powerful new watchdog to keep Britain’s “superbanks” in check.
Andrew Hagger of Moneynet.co.uk said: “This would give consumers more confidence in banks. Things need to be monitored more closely and regularly.”
The Observer (Business and Media) – 21st September 2008
DON’T PANIC! WE HAVE THE ANSWERS TO YOUR QUESTIONS HERE
Q Will there be some killer interest rates for savers?
A ‘Wait and see’, says Andrew Hagger from Moneynet.co.uk. ‘It’s too early to say at the moment, but last time there was a major crisis, we saw banks raising saving rates as a way to get money in. It could potentially happen again. But rates are already over 7 per cent, and I’m not sure how much higher banks will be prepared to go.’
The Times (web) - 20th September 2008
Sunday Times (Money) - 21st September 2008
CRISIS ADDS £600 TO CIST OF A MORTAGE
Borrowers who are coming up to remortgage were last week warned that the cost of a typical £200,000 home loan could rise by as much as £600 a year following a week of turmoil among Britain’s banks. The merger between HBOS, which owns Halifax, previously Britain’s biggest mortgage lender, and the more conservative Lloyds TSB, which owns Cheltenham & Gloucester (C&G), may make it tougher for borrowers to secure home loans.
Andrew Hagger of Moneynet.co.uk, the comparison site, said: ‘We are waving goodbye to an element of competition in the personal-finance market. Consumers will face a far more limited choice on the back of this merger and the previously announced Abbey takeover of Alliance & Leicester. We ask what the deal between HBOS and Lloyds TSB means for consumers.’
Financial Times (Money) - 20th September 2008
ENLARGED LLOYDS MAY CUT MOST COMPETITIVE RATES
Some of the highest savings rates in the market are likely to disappear as a result of the takeover of HBOS by Lloyds TSB.
“If the new combined superbank has less of a requirement for retail deposits than HBOS, then you may well see the likes of Birmingham Midshires products playing a less prominent role in best-buy charts,” said Andrew Hagger at Moneynet.co.uk.
Financial Times (Main) - 20th September 2008
HBOS DEAL RAISES FEARS OVER CHOICE
The Takeover of HBOS by Lloyds TSB this week has changed the UK banking landscape for ever by taking out a key competitor.
Andrew Hagger, of Moneynet.co.uk, said: “It is a concern that consumers will be faced with a far more limited choice of products on the back of this merger and the previously announced Abbey takeover of A & L.
“No matter what the terms of the merger and the size of the new beast, we are waving goodbye to an element of competition in the personal finance market.”
Daily Telegraph (Your Money) – 20th September 2008
SAVINGS MARKET UNEASE AS MARRIAGE CREATES A CONCENTRATION OF POWER
Controlling al most a third of the savings market, the merger of Lloyds TSB and HBOS has ignited fears of the combined company’s virtual monopoly. Lloyds TSB has £65bn of savers’ money and Halifax has nearly “260bn with 39m customer accounts.
Kevin Mountford, banking head at moneysupermarket.com, said: This opportunistic high-brow marriage of HBOS and Lloyds TSB that has been waved through by the government will lose us valuable choice and competition on the high street and consumers will be the poorer for it.”
Andrew Hagger, of Moneynet.co.uk, agreed that this is a major concern for consumers. He said: “No matter what the terms of the merger and the size of the new beast, we are waving goodbye to an element of competition in the personal finance market.”
Eastern Daily Press (Main) – 20th September 2008
EDP24 (web) - 25th September 2008
IT’S A GOOD DEAL FOR THE BANKS BUT WHAT’S IN IT FOR US?
A week ago there were five big banks in the UK. Today, after a remarkable week in the global economy, there are effectively four, following the rescue of HBOS by Lloyds TSB.
Andrew Hagger, an analyst, said it would be interesting to see which direction the enlarged organisation would take.
“Whilst the new combined megabank will reportedly have retail savings balances in excess of £200bn, potentially making it a force to be reckoned with, it will be interesting to see the consumers acquisition strategy it adopts,” said Mr Hagger, of Moneynet.co.uk.
Financial Times (Main) – 19th September 2008
CONSUMER BODIES WARN TIE-UPS MIGHT LEAD TO LESS CHOICE
The sudden takeover of HBOS – the self-styled people’s champion that promised to “eat the lunch” of its pricier rivals – is a potentially severe blow to both consumers and the competition watchdogs charged with protecting them.
Andrew Hagger of Moneynet.co.uk, a personal finance consumer group, said he was concerned by the shrinking choices that would be available after the Lloyds-HBOS tie-up and the previously announced Abbey National takeover of Alliance & Leicester.
Eastern Daily Press (Main) – 20th September 2008
EDP24 (web) - 25th September 2008
IT’S A GOOD DEAL FOR THE BANKS BUT WHAT’S IN IT FOR US?
The pervasive effects of the credit crunch are leading an alarming number of people into concealing their financial woes from their loved ones, a Moneynet.co.uk survey has revealed.
Andrew Hagger, an analyst, said it would be interesting to see which direction the enlarged organisation would take.
Financial Times (Main) – 19th September 2008
CONSUMER BODIES WARN TIE-UPS MIGHT LEAD TO LESS CHOICE
The sudden takeover of HBOS – the self-styled people’s champion that promised to “eat the lunch” of its pricier rivals – is a potentially severe blow to both consumers and the competition watchdogs charged with protecting them.
Andrew Hagger of Moneynet.co.uk, a personal finance consumer group, said he was concerned by the shrinking choices that would be available after the Lloyds-HBOS tie-up and the previously announced Abbey National takeover of Alliance & Leicester.
PA News Wire – 18th September 2008
MORTAGE RATES MAY RISE AGAIN
Mortgage rates could begin rising again following another significant jump in the cost of wholesale funding today.
Lloyds TSB’s takeover of Halifax Bank of Scotland is also expected to reduce competition in the mortgage market over the long term.
Halifax is understood to be planning to pull some of its mortgage products at the end of this week, and it is not expected to relaunch deals to replace them until the end of next week.
Andrew Hagger, of Moneynet.co.uk, said: “It is a concern that consumers will be faced with a far more limited choice of products on the back of this merger and the previously announced Abbey takeover of Alliance and Leicester.
Daily Echo (Bournemouth) (Main) - 17th September 2008
WHERE NOW FOR THE MARKET?
With sales in July 2008 possibly down by as much as 75 per cent on July last year, the government’s rescue package has been widely criticised for its likely failure to halt a house price slide of at least 25 per cent from its peak in autumn 2007 to December 2009.
As for the HomeBuy Direct, a shared equity scheme enabling first time buyers earning up to £60,000 to borrow up to 30 per cent of the value of the property free of charge for five years.
Andrew Hagger at finance website Moneynet.co.uk says we need to understand details of the scheme, and the fees and costs payable.
Telegraph.co.uk – 17th September 2008
CASH-IN ON THE HIGH INTEREST RATES
Cash is king at times of turmoil and the good news for nervous savers is that interest rates are close to seven-year highs.
Recent research from Moneynet.co.uk reveals that three of four savings on the market at present are paying a gross interest rate of 6.25 per cent or less. Hagger said: ‘While we are seeing some excellent interest rates in the fixed rate savings market, with many one year deals now paying in excess of 7 per cent gross, the overall picture for savers is pretty abysmal.
The Times (web) – 17th September 2008
CRUNCH TAKES THE CREDIT FOR RAISING RATES
Savers are the undoubted winners in the credit crunch, according to research released to coincide with its first anniversary yesterday.
Andrew Hagger of Moneynet.co.uk, the comparison site, said: ‘The battle for retail deposits has led to institutions offering some of the highest interest rates seen for over seven years, particularly on fixed-rate savings.’
Sunday Express (Financial Property) – 14th September 2008
PICK AN ACCOUNT THAT SUITS YOU, WHETHER IN THE BLACK OR THE RED
There have been significant changes recently in the way Britain’s banks run their current accounts. Many now come with a monthly fee as standard, in return for which, customers are given a host of added benefits, such as breakdown cover or commission-free travel money.
Andrew Hagger of financial website Moneynet.co.uk says: “With so many different accounts, people need to look at switching to one that suits their needs.
“It’s rare an account is good all round because they tend to be targeted, though Alliance and Leicester Premier Direct is very competitive.
“With the fee-charging accounts, you need to make sure you’re not lured by the glossy benefits promising to be worth hundreds of pounds: they are worthless unless you plan to use them. Make sure they offer practical benefits.”
Sunday Express (Financial Property) – 14th September 2008
BIG-NAME DEALS FOR CUSTOMERS
Abbey offers a choice of accounts that people can switch between should circumstances change. The Preferred in Credit account is aimed at those people who rarely use an overdraft facility. The rate they are charged on authorised overdrafts is slightly higher but they benefit from a better credit interest rate of 8 per cent. However, this reverts to 2.5 per cent after 12 months.
The Preferred Overdraft account is for people who regularly use their overdraft. The in-credit rate is just 0.1 per cent but it has a competitive authorised overdraft rate of 12.9 per cent. The average authorised overdraft rate is 15.22 per cent, according to financial website Moneynet.co.uk.
The Scotsman (Main) – 13th September 2008
MONEY TALKS
The growing spending squeeze means more people are considering switching to one of the many heavily advertised current accounts offering a tempting rate of interest on credit balances.
Newport Advertiser – 12th September 2008
WHERE NOW AS MARKET REACHES A CROSSROADS
With sales in July 2008 possibly down by as much as 75 per cent on July last year, the Government’s rescue package has been widely criticised for its likely failure to halt a house price slide of at least 25 per cent in autumn 2007 to December 2009.
As for the HomeBuy Direct, a shared equity scheme enabling first time buyers earning up to £60,000 to borrow up to 30 per cent of the value of the property free of charge for five years, Capital Economics says the maximum number helped will be only £10,000.
Builders offer shared equity schemes of their own, so this new one widens the choice.
Andrew Hagger at finance website Moneynet.co.uk says we need to understand details of the scheme, and the fees and costs payable.
“It is also important purchasers don’t pay over the odds for homes under such a scheme,” he says.
Daily Record (Main) – 11th September 2008
LEARNING A LESSON
Starting college or university is exciting, but also stressful – as young people suddenly find themselves responsible for their own money.
Andrew Hagger, of comparison site Moneynet.co.uk, explains: “Whilst a cash reward for staying in the black may sound like a generous offer, the reality is that unless you’re the kind of student who will maintain a large credit balance on your current account, it’s hardly worth the bother.”
Abbey pays four per cent annual interest. But even if you kept an average credit balance of £300 for a whole year – which is unlikely given the state of most students’ finances – you would earn only £9.60 after basic rate tax.
Huddersfield Daily Examiner – 11th September 2008
MONEY WORRIES CONCEALED
The pervasive effects of the credit crunch are leading an alarming number of people into concealing their financial woes from their loved ones, a Moneynet.co.uk survey has revealed.
Easier.com (web) – 9th September 2008
COVENTRY FIRST IS THE REAL ADVANTAGE
No hidden catches, no complicated tiers paying minimal interest, no unwanted connected accounts – simply a competitive rate on every single pound. That’s what you get here at the Coventry, with Coventry First, a combined current and savings account.
And with a free overdraft £250 overdraft, Coventry First doesn’t penalise the odd overspend. ‘In our experience, September is a time when many people consider switching their current account. With this in mind I would urge everyone to check the small print of what is on offer and move their account to make the very best of their money.’ Further endorsement has recently been provided by Andrew Hagger, Head of PR at Moneynet.co.uk, he says: ‘Coventry’s First account stands out in a very competitive marketplace when it comes to getting a good deal on your current account credit balance. Even when the introductory bonus expires after the first year, it is still one of the top two accounts for balances up to £2,500 and for sums above this all too common threshold, it’s pretty much in a league of its own.
Sunday Express (Financial Property) – 7th September 2008
BE QUICK TO GET IN A FIX
The credit crunch is continuing to prove better news for savers than for borrowers, with a number of banks still paying more than 7 per cent interest on fixed-rate savings bonds.
The trend will accelerate if the Bank of England’s Monetary Policy Committee (MPC) starts slashing its base rate to revive the economy, as most analysts expect later this year, says Andrew Hagger, spokesman for financial website Moneynet.co.uk.
And there is little point waiting for higher deals. “Interest rates are likely to fall further next year. If you put your cash into a fixed-rate bond paying more than 7 per cent and rates do fall, you’ll be laughing,” he says.
The Observer (Business and Media) – 7th September 2008
CRISIS, WHAT CRISIS? MEET THE DEBT FREE
Believe it or not, there is a small minority of ordinary Britons with no fear whatsoever of the credit crunch. The super-rich, of course, have the funds to tide them over, but there is a growing band of more modest consumers who can almost match them for confidence.
Price comparison site Moneynet.co.uk is launching a ‘financial detox’ programme later this year, which will aim to help people organise their money, sending them monthly ‘money action plans’.
Andrew Hagger of Moneynet.co.uk says: ‘A lot of people don’t think they have the time to sort out their finances or that it’s too tricky to get to grips with. But the key is to be organised, to know what’s going in and out of your account when. Ideally, you need to get into the habit of banking online so that you can check your balance two or three times a week and transfer any excess into a savings account.’
Mail on Sunday (Main) – 7th September 2008
MONEY: THE TRICKIEST SUBJECT
Nearly half a million students will take up courses at universities and colleges this autumn. For many it will be the first time they have lived away fro home and managed their finances. One of the most daunting prospects will be dealing with debt.
Andrew Hagger at comparison website Moneynet.co.uk says the student market is a significant one for the banks and many are aggressive with their marketing. But he warns students not to fall for free gifts, such as cinema tickets and iPods, as it is the overdraft facility that will prove the most valuable.
‘While perks may appeal as you arrive on campus for fresher’s’ week, it is the amount of interest free borrowing that will prove the biggest money-saver during your time at university,’ says Hagger. ‘Being able to borrow £3,000 interest free for four years could easily save you £500 compared with an account that offered just £1,250 of borrowing in year one through to say £1,800 in year four – think how many cinema tickets you could buy with that.’
Financial Times (Money) – 6th September 2008
BANKS SPLIT OVER CREDIT INTEREST
A clear division is emerging in the current account services being offered by major banks.
Interest on current accounts has been around since 2000, but has become more of a marketing feature in the last three years, says Andrew Hagger of Moneynet.co.uk.
Hagger has also noticed a trend for banks to offer a broader range of accounts, from standard, no-frill accounts paying minimal interest, to more specialised products, sometimes charging a monthly fee. Lloyds TSB already offers five different sorts of account, ranging from Classic to Premier.
“In the future I expect if you want interest you will need to pay a fee for your account,” says Hagger. “The changes don’t mean the end of free banking, but they could spell the end for free credit interest.”
Daily Telegraph (Your Money) – 6th September 2008
ABBEY AIMS TO GET ‘BACK TO THE BASICS OF SAVINGS’ WITH LAUNCH OF TWO ACCOUNTS
The Bank of England base rate may have been kept on hold at 5pc this week, but banks and building societies continue to launch high interest-paying accounts in a bid to entice savers.
Andrew Hagger, spokesman for Moneynet.co.uk, said: “Bank of Cyprus UK has made a welcome move by increasing the interest rate by a quarter of a point on its latest six month fixed-rate bond. With swap rates falling sharply over the past couple of months, this increased gross rate of 6.75pc from £1 will undoubtedly prove popular with those seeking to lock into a decent rate until next spring. With increased speculation that the next base rate reduction will be downwards and possibly before we reach November, you’ll need to act quickly to secure a tranche of this limited offer.”
Easier.com (web) – 4th September 2008
CYBER CRIME SOARS WITH RISE OF ONLINE BANKING
As the latest banking industry figures report a leap in the number of UK adults banking and using credit cards online, financial data analyst Moneynet.co.uk warns that fraudsters are becoming ever more determined to perpetrate cyberspace raids on personal finances.
According to the Association of Payment Clearing Services (APACS), credit card fraud alone accounted for 535.2 million in 2007 the latest figures available.
Shropshire Star (Last Edition) – 1st September 2008
Shropshire Star (Mid Wales) – 1st September 2008
NEW ACCOUNT IS BID TO WIN CUSTOMERS
Lloyds TSB continued its battle to win current account customers this week with the launch of a new account paying interest of up to five per cent.
Andrew Hagger, of Moneynet.co.uk, said: “The downside of this offer is that the five per cent is only payable once your balance hits the £5,000 mark and then it cuts off at an upper ceiling of £7,000.
“The number of people keeping sums of this magnitude is likely to be quite small, so whilst the headline grabbing five per cent offer may stop a few people in their tracks, the reality is that appeal of this deal is likely to be fairly limited, especially when you compare it to other deals on the high street.”
Daily Express (Main) – 4th September 2008
3.4 NEED 31 YEARS TO REPAY CREDIT CARD DEBT
More than three million Britons will take up to 31 years to pay off their credit card debts, according to shock figures released yesterday.
Meanwhile, as the latest banking industry figures showed a leap in the number of UK adults banking and using credit cards online, financial data analyst Moneynet.co.uk warned that fraudsters were becoming ever more determined to make cyberspace raids on personal finances
Choice Magazine (Main) – 1st September 2008
BRICKBAT OF THE MONTH
Lloyds TSB yet again wins our brickbat, this time as the worst offender for punishing customers who fall briefly into the red.
If you exceed your agreed overdraft by £50 for two weeks then you are likely to be charged £165 compared to just over £25 at HSBC, says finance website Moneynet.co.uk.
Saga (Main) – 1st September 2008
THE COST OF ‘FREE BANKING’
Current accounts are not free to customers and a lack of competition between banks keeps costs high. Those are the key findings of a detailed report into personal current accounts by the Office of Fair Trading (OFT).
The report reveals that current accounts earn the banks a staggering £8.3 billion a year. And far from being “free”, each account costs the average customer £152 a year in charges and lost interest.
Not only the careless and feckless pay these charges. The OFT found that nearly a quarter of all current account holders paid at least one charge during the year and that customers who paid one overdraft fee were likely to end up paying six as they struggled to get back into credit. Research in July by Moneynet.co.uk found that a single overdrawn payment of £50 which could not be repaid within two weeks would incur a charge of between £25.10 (HSBC) and £165.36 (Lloyds TSB Classic Plus). It also found that the average charge by nine High Street banks for a £200 unauthorised overdraft for five days would be £52.15
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