Real time overdraft charges


I am a bit boring about working out my finances and interest charges and such, and I was thinking about the “fairer overdraft page” and the slider on how much an overdraft of 30 days of £5k would cost, and the fact is, no one has ever had an overdraft of a set amount for a full month, like you would a loan or credit card.
I’d like to now whether an overdraft of £5k would be cheaper than a loan, which could be half the interest. The reason being, if someone gets paid say £2k at the beginning of the month then has payments going out amounting to say £1k at the same time, then over the course of the month, the other £1k slowly dwindles to about £100. Then they have not borrowed £5k at 15% EAR for a month.
I know I’m a bit pedantic and boring but someone somewhere must have written a formulae or worksheet to work this out.


There are lots of online calculators that can tell you exactly how much your overdraft charge will be based on the actual number of days.

You would obviously have to compare based on the individual loan site, as there isn’t any decent ones that compare lots of loans and overdraft. I suppose probably because rates can change.


Those just work out the charge based on being overdrawn for a set amount over a set time. Real overdrafts don’t work like that. you’re overdraft starts low and finishes high at the end of the month, before pay day. I want to know what my projected charge would be, from say figures supplied from an old statement, at the end of the month. Basically worked out a daily basis


It’s OK now I found a spreadsheet that works it out Thanks :+1:


I’d be interested to hear what you discover.