The Co-operative Bank is putting interest charges on agreed overdrafts on hold for the next three months in a move designed to shake up competition on the High Street and help customers tackle Christmas debt. Customers will automatically have the interest charges put on hold on overdrafts that qualify from January 5 to April 4. A current account customer with an agreed overdraft of £2,000 could save £75 in fees over the interest free period.

The move could offer welcome relief to customers struggling after Christmas spending. Robin Taylor, head of banking at the Co-operative Bank said: ‘This move again highlights how we are looking to bring some much-needed competition to the High Street, by providing customers with a genuine alternative to the big five banks.’...Read more here--: Co-operative Bank scraps interest charges on overdrafts to help customers struggling with Christmas debt | This is Money