Nationwide overdraft: the real cost
Right in the middle of the board.
Nationwide pays £175 to switch to it right now: enough to cover about 31 months of its overdraft interest at £250.
What 30 days overdrawn costs
| Amount overdrawn | Cost over 30 days |
|---|---|
| £100 | −£1.40 |
| £250 | −£5.60 |
| £500 | −£12.59 |
39.9% EAR · First £50 interest-free
How the £250 figure is worked out
- Amount charged interest (£250 − £50 interest-free)
- £200
- Daily rate from 39.9% EAR
- 0.0920%
- Cost over 30 days
- −£5.60
Cheapest right now: First Direct →
Common questions
How much does the Nationwide overdraft cost?
At £250 overdrawn for 30 days, Nationwide charges −£5.60 at its advertised 39.9% EAR, after the first £50 interest-free. At £100 it’s −£1.40; at £500, −£12.59.
Does Nationwide have an interest-free buffer?
Yes. The first £50 of an arranged overdraft is interest-free, and interest applies only above that.
Is Nationwide the cheapest overdraft?
Not at £250 overdrawn. The cheapest right now is First Direct. The full leaderboard has every bank, cheapest first.