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    Not good with money need help

    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

    5 Comments

    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.

    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.

    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.

    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.

    saffynabster;6738638

    they normally charge the intrest on a set day of the month for example … 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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