Virgin Money Business overdraft: the real cost
Right in the middle of the board.
What 30 days overdrawn costs
| Amount overdrawn | Interest over 30 days |
|---|---|
| £10,000 | −£100.96 |
| £25,000 | −£252.40 |
| £50,000 | −£504.80 |
13% EAR (representative) · No arrangement fee published
How the £25,000 figure is worked out
- Amount charged interest
- £25,000
- Daily rate from 13% EAR
- 0.0335%
- Interest over 30 days
- −£252.40
The table ranks interest only. Virgin Money Business publishes no arrangement fee for this overdraft.
#4 of 7 cheapest at £25,000 · cheapest right now: NatWest Business →
Common questions
How much does the Virgin Money Business overdraft cost?
At £25,000 overdrawn for 30 days, Virgin Money Business charges −£252.40 in interest at its representative 13% EAR. At £10,000 it’s −£100.96; at £50,000, −£504.80. No arrangement fee is published.
Is the Virgin Money Business business overdraft the cheapest?
Not at £25,000 overdrawn: it ranks #4 of 7 on interest. The cheapest right now is NatWest Business. Compare arrangement fees too; they sit outside the ranked figure.
Why is the rate called representative?
Business overdrafts are priced to the applicant. The representative EAR is the rate the bank expects at least 51% of accepted customers to get, and it is the figure the bank itself publishes. Your offer can differ.