Martin Lewis appeared at Good Morning Britain to explain a problem that several people may be having with his bank. Those who bank with HSBC, First Direct, M&S Bank, Santander, Halifax, Lloyds, Metro and TSB should pay attention.
Martin explained: “Currently, many banks include their guaranteed overdraft allowance when showing their available balance. – so if you have £ 100 in your account but also have an overdraft facility arranged for £ 500, your available balance will appear at £ 600.
“But starting Wednesday, December 18, new rules from the financial conduct regulator will ban banks from doing so.
“So in this example above, your available balance will appear as $ 100. If you overdraft you will see a negative number.
"This is to help people understand and get more involved with their discoveries by making it clear that the discoveries are a debt – not a bad thing in my opinion."
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On some accounts there will be a £ 25 buffer with no fee but if you go over it will get worse.
So if that's what you see, you can switch from current account to one that charges less.
Another expert, James Herbert, CEO of Hastee, said: “While these changes will have a positive impact on people who join overdrafts, many who rely on it to pay for an unexpected account will actually get worse, making things worse. financial stress and general well-being. "
Martin also sensitized a new deal with Mastercard.
He said: “If you have a Mastercard, you can access Priceless.com online from 10am tomorrow (Friday, December 6th) and get priority booking of cheap theater tickets that cost between 10 and £ 40 for 50 shows, including The Lion, The Witch And The Wardrobe, Matilda, The Snowman and The Lion King from Disney, for performances from January 1, 2020 to February 13, 2020. ”
You will need to pay for tickets using your Mastercard.
Martin Lewis advised his energy bill to keep costs down.
Keeping a property warm is a problem that is on everyone's mind right now, as the weather gets colder and the nights colder. What is the best way to heat your home and save money on it?
He discussed the old debate about how long you should be warming up.