It is giving pounds 100 in the form of an M&
Customers can bank online and over the phone via a
The account comes with an automatic pounds 500 overdraft, the first pounds 100 of which is interest-free. For overdrafts above pounds 100, the interest rate is 15.9% EAR, and there are no overdraft fees.
The annual cost of going overdrawn to the tune of pounds 600, seven days per month, would be pounds 18 compared to an average of pounds 56 across the market.
Account holders can earn loyalty points on their debit card spending: they earn one for every pounds 1 spent in-store and online. For every 100 points, customers receive pounds 1 in M&
This isn't M&
The new account is available now.
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