We wrote to customers with an existing overdraft on their Personal Current Account back in January, letting them know that they would be moving to risk based pricing at 15%, 25% and 35% EAR (variable) on 1st April. Although these changes are now contractually in force, we know this is a difficult time and coronavirus may be affecting your finances. So, until 1st July 2020 we’re making sure that customers are only charged the rate they were on before 1st April 2020. This means if your interest rate was 15% before 1st April, you will only be charged 15% until 1st July 2020. After the 1st July 2020, you’ll revert back to your risk based pricing interest rate.
We’ve also introduced the Starling Coronavirus Support Scheme to help customers with arranged overdrafts who are struggling financially because of the pandemic.