Free money health check tool could help Britons save thousands to ease the cost of living | Personal Finance | Finance

Going overdrawn can be costly, especially as some accounts charge up to 39.9 percent EAR (effective annual rate).

If your bank charges a high rate of interest, it could be worth checking to see if you can switch to an account that offers a lower one – particularly if you use an overdraft regularly.

Nationwide currently offers a free authorised overdraft on its FlexDirect account (subject to status) – but this only lasts for the first year.

It’s also worth keeping an eye on the best current account switching offers. Many accounts offer switching bonuses – for example, First Direct is offering £175 to new customers and Nationwide is offering £200.