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Not good with money need help

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I have a Lloyds current account and has a £50 overdraft limit. However I am thinking about increasing it to £200. Say I have £1 in my account and have a £200 overdraft and need to pay for somethin… Read More
Civic EG6 Avatar
7y, 5m agoPosted 7 years, 5 months ago
I have a Lloyds current account and has a £50 overdraft limit. However I am thinking about increasing it to £200.

Say I have £1 in my account and have a £200 overdraft and need to pay for something that is £201 will I be charged interest? Or will I only be charged if I go beyond the overdraft limit.

Thanks
Civic EG6 Avatar
7y, 5m agoPosted 7 years, 5 months ago
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#1
It depends on the terms and conditons of your overdraft. Suggest you read them very carefully, as if you go over and above your overdraft limit, it can get very expensive.
#2
depends on the type of lloyds account you have-some of them have a 100 pound overdraft interest free and they charge interest on any amount over that.
#3
it is normal to get a charge if you exceed the agreed overdraft, so £201 would be okay but £201.01 would incur a charge.
#4
they normally charge the intrest on a set day of the month for example mine is last day ov month so in theory as long as u put some money back in before they charge it you will be okay.thats how mine works anyway.

the intest is usually a percentage ov what your overdrawn my intrest is 1.45% so on a 100quid overdraft they charge me about £1.50ish a month.
#5
saffynabster
they normally charge the intrest on a set day of the month for example mine is last day ov month so in theory as long as u put some money back in before they charge it you will be okay.thats how mine works anyway.

the intest is usually a percentage ov what your overdrawn my intrest is 1.45% so on a 100quid overdraft they charge me about £1.50ish a month.


Thats okay but the OP was concerned about going over, this would cause a charge to be put on the account as soon as that occurs, interest will be paid on any overdraft for as long as it is overdrawn and usually on a day by day basis

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