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Martin Lewis issues urgent warning for millions of Lloyds, Halifax, Bank of Scotland customers [Video]

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Nova Scotia News

MARTIN LEWIS has issued an urgent warning to millions of Lloyds Banking Group customers over a major change to its accounts.

The consumer champion said Lloyds, including subsidiaries Halifax and the Bank of Scotland, are shaking up the way they charge interest on overdrafts.

Martin Lewis has issued an urgent warning to Lloyds Banking Group customersCredit: Alamy

The banking group has brought in a new tiered system, meaning a number of customers will see the interest rates on their arranged overdrafts go up or down.

Previously, customers were on a rate of 27.5%, 39.9% or 49.9%, but this has now been increased to five tiers in total.

All Lloyds, Bank of Scotland and Halifax customers with an overdraft will now be on, or moved to, a 19.9%, 29.9%, 34.9% (for six months), 39.9% or 49.9% rate.

In a post on X, formerly Twitter, Martin said: “Lloyds, Halifax, Bank of Scotland …

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