Overview

• Millions of Lloyds, Halifax and Bank of Scotland customers will have their overdraft rates set at 29.9%.
• Existing customers paying 39.9% or 49.9% will see their rates cut to 29.9%, saving up to £299 on a £1,000 overdraft over 12 months.
• All new overdraft applications will carry the same 29.9% representative rate, down from a previous 39.9% standard offer.
• Lloyds Banking Group will inform affected customers in the coming days and provide seven days’ notice before changes take effect.
• The move positions the group’s overdraft rate among the lowest on the UK market as part of efforts to ease borrowing costs.