Petition · past parliament
Make banks reduce the 39.9% interest rates on overdrafts during this crisis
Rejected
10 signatures
What the petition asks
Most banks increased their interest rate charged on overdrafts to 39.9% in February this year. The government should compel banks to reduce these excessive rates during this period of national crisis, closer to 0.1% (The Bank of England base rate) for a period of 6 months.
The people of this country are facing an unprecedented challenge, when the banks needed our support in 2008 it was given to them, it is now their turn to help the public cope with this challenge. At a time when the Bank of England's base rate is 0.1% it is inappropriate that such punitive interest rates should be passed on to those who are struggling to make ends meet.
Why it was rejected
There was already a petition about this issue. Duplicates are rejected so signatures collect in one place.
You may wish to sign this petition calling for the same action.
Encourage lenders to suspend interest, fees and repayments during COVID-19: Encourage lenders to suspend interest, fees and repayments during COVID-19
Since starting this petition, many UK banks have announced measures to help people who are experiencing financial difficulties due to coronavirus. You should look at your bank's website or contact them directly to find out more.
You can read the Financial Conduct Authority's announcement on the temporary financial relief that banks can offer customers here: https://www.fca.org.uk/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus
You can find out more about coronavirus and how you can protect yourself and others here:
NHS website: https://www.nhs.uk/conditions/coronavirus-covid-19/
UK Government website: https://www.gov.uk/coronavirus
You can read NHS tips to help if you are worried about coronavirus here: https://www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips
You may also be interested to know that because of the large number of petitions that have been started in relation to coronavirus, the Petitions Committee has been questioning the Government about its response to the coronavirus outbreak.
Find out more and watch the Committee put questions suggested by petitioners to Government Ministers and the Deputy Chief Medical Officer: https://committees.parliament.uk/committee/326/petitions-committee/news/145767/committee-question-deputy-chief-medical-officer-and-ministers-on-coronavirus-response/
Read correspondence with Government Ministers asking further questions: https://committees.parliament.uk/committee/326/petitions-committee/publications/3/correspondence/
Encourage lenders to suspend interest, fees and repayments during COVID-19: Encourage lenders to suspend interest, fees and repayments during COVID-19
Since starting this petition, many UK banks have announced measures to help people who are experiencing financial difficulties due to coronavirus. You should look at your bank's website or contact them directly to find out more.
You can read the Financial Conduct Authority's announcement on the temporary financial relief that banks can offer customers here: https://www.fca.org.uk/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus
You can find out more about coronavirus and how you can protect yourself and others here:
NHS website: https://www.nhs.uk/conditions/coronavirus-covid-19/
UK Government website: https://www.gov.uk/coronavirus
You can read NHS tips to help if you are worried about coronavirus here: https://www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips
You may also be interested to know that because of the large number of petitions that have been started in relation to coronavirus, the Petitions Committee has been questioning the Government about its response to the coronavirus outbreak.
Find out more and watch the Committee put questions suggested by petitioners to Government Ministers and the Deputy Chief Medical Officer: https://committees.parliament.uk/committee/326/petitions-committee/news/145767/committee-question-deputy-chief-medical-officer-and-ministers-on-coronavirus-response/
Read correspondence with Government Ministers asking further questions: https://committees.parliament.uk/committee/326/petitions-committee/publications/3/correspondence/
Timeline
| 19 Mar 2020 | Petition opened for signatures |
| 15 Apr 2020 | Rejected by the Petitions Committee |
Key facts
Signatures
10
Status
Rejected
Rejected
15 Apr 2020
Follow this petition
Sign in to get an email when the government responds, a debate is scheduled or held, or the petition closes.
Source: the official petition page. Last checked 15 Jul 2026.