Petition Cap arranged bank overdraft fees at 10%

Currently the UK does not have a cap on the interest rate charged on arranged overdrafts. My own bank charges a rate of 49.9% EAR (Effective Annual Rate). Interest applied daily.

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We think a cap of 10% (still well above the current inflation rate) is fair and should be imposed by statute.

These interest rates disproportionately effect the poorest in society. Are higher than most credit cards. If Labour wants to truly help the more vulnerable, we believe this would be a significant achievement

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27 signatures

Progress of the petition towards its next target: 27 of 10,000 signatures required to get a government response

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Created by Philip Emery
Deadline 9 December 2025 All petitions run for 6 months
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