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What does your overdraft cost?
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Your usual negative balance. If it moves around, use a typical figure.
Find the exact rate in your bank app or statement, under your overdraft or credit line. Some banks lower it if you ask.
A fixed amount on top of your usual spending.
Your overdraft costs you about
₪80 a month
- Per day
- ₪2.63
- Per year
- ₪960
- To be out in 12 months
- ₪711 a month
Your way out
Paying ₪1,000 a month, you are out in 9 months and pay ₪381 in interest on the way.
A loan at 7% over the same 9 months would save about ₪170 in interest (before any loan fees).
How this is worked out
- The overdraft stays the same size all year.
- The yearly rate is spread evenly over the months. Banks work it out daily, so real numbers differ slightly.
- Fees (such as a credit line allocation fee) are not included.
- In the payoff plan, the monthly payment is fixed and each month’s interest is added before the payment.
Want this number every day, without the math?
Balance’s cash-flow forecast shows the date your balance could dip below zero, and a daily safe-to-spend number helps you avoid it. Start with the safe-to-spend calculator.
Free. No card, no bank login.