Is my overdraft AER permanent or likely to change?


With the cost of living I’ve seen my credit score drop quite a bit, I was looking over how I could sort out my overdraft and noticed that Monzo charges 19/29/39% AER based on credit rating.
I’m currently in 39% but is this likely to change as my credit situation and score gets better? or is this a contract with my Monzo overdraft I signed up to, meaning im on 39%Aer indefinitely?


It’ll remain the same.

Carlo worked there so his answer is right, but just thought I’d add my 2p…

It seems a very primitive system to me. I had an OK credit rating when I got the overdraft years ago due to high debt vs low income. My rating has increased throughout that time as my debt disappeared and my income went up. I can now get pretty much any credit card or any loan I want including 0% deals, but my monzo overdraft is still at 39%. Obviously I never use it.


Can they up the rate if you initially got the 19% one?

Never seen an overdraft rate change in my years in banking, credit cards yes.

Wouldn’t out anything out the picture with banks feeding into shareholders.

Look at the 39% thing, no bank really needed to, but they could cuz the FCA said so.

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