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Current accounts and overdrafts to experience hike in fees and rates

Customers of Lloyds TSB and Bank of Scotland (BoS) will experience rises in overdraft rates and current account fees from the 2nd October.

The two banks, which are part of Lloyds Banking Group, will follow in the footsteps of Natwest, part of the same group, in raising the costs of banking with them.

This will mean increases in overdraft rates which will rise by as much as 5%, and in some cases a £24 per annum increase on current account fees. The Premier account from BoS will hit customers the hardest, forcing them to pay interest of 15.4% on overdrafts, up from 10.43%. Both Lloyds TSB and BoS will also raise rates on their fee free current accounts, from their current rate of 19.28% to 19.94%.

All other accounts with a monthly charge will experience an increase in interest rates, with customers who have a BoS Silver account experiencing a monthly fee rise of £2, up to £9.95.

Also on the agenda for the banks is increasing, or in some cases introducing, interest and fee free overdraft amounts for current account customers. Included is a £25 buffer for Classic customers and a more generous £50 buffer for those will a Silver account.

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