Just heard this whilst listening to the radio this morning. Tickled me that is is ‘radical’ though
I am not good at maths but even I can tell you this is £365 a year for a constant £700 overdraft. That is almost criminal for a mainstream bank to charge so much. To be fair they’ve been ripping millions of people off for generations but this more transparent version is like taking a microscope to a public toilet seat - you had strong suspicions it was disgusting but now you can be sure of it!
That is a rip off. I pay about a third of that amount for nearly three times as much.
The clarity looks good but the fees still don’t, to me.
Your situation isn’t comparable to standard high street overdraft lending in my opinion though.