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Loan claim: Banks stop current account interest

Two of the UK's biggest banks have announced they will no longer pay interest to accounts with a positive balance.

Natwest and Santander will no longer be rewarding customers for keeping their account in credit, reports the Mirror.

From September 22nd, Natwest current account holders will stop accruing interest, while Santander will stop awarding 0.1 per cent interest from October 5th.

James Daley, from Which? claimed it was another blow for UK consumers.

He told the news provider: "This is a bitter pill to swallow for current accounts holders in credit.

"Not content with hammering people who use their overdrafts, banks seem intent on spreading the misery around by taking away the paltry interest they had been paying to those in the black."

Lloyds Banking Group made a similar announcement recently.

Other banks to stop paying interest on current accounts include Barclays, First Direct, HSBC, Nationwide and The Co-operative Bank

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800000337-ADNFCR

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