Overdraft rates on way down

MIDLAND BANK is cutting a range of borrowing rates, including overdrafts on its Orchard account which move from 20.2 per cent APR to 19.5 per cent.

Midland Access and Visa card rates come down from 26.8 per cent APR to 25.3 per cent.

TSB is also reducing borrowing rates on credit cards, personal loans and overdrafts. Personal loans will now cost between 19.9 per cent APR and 24.9 per cent. Trustcard Visa and MasterCard rates come down from 27.5 per cent (APR) to 25.1 per cent from 1 December.

Leeds Building Society is reducing its Visa card rate from 28.36 per cent APR to 26.1 per cent, including the pounds 12 annual fee.

Cardholders who elect not to pay the fee pay a higher rate of interest.