Santander, HSBC, Lloyds, Halifax, Nationwide, NatWest, Barclays customers have been warned, on average, a fifth of UK current account holders are £697 overdrawn every day, paying £278 per year in interest fees.

Nationwide has pushed up rates putting an end to its sub 4% products, and HSBC has now hiked rates twice within as many weeks.

The BBC Sounds and ITV regular Mr Lewis' team has spoken out over the base rate cut, from the Bank of England, which took place last week.

Research by TotallyMoney found that one in five people are overdrawn by £697 each day and many high street banks charge daily interest rates of between 35% and 49.9%.

Reimbursement is now mandatory up to the value of £85,000 under the rules set by the Payment Systems Regulator (PSR) and firms can also opt to apply an excess of up to £100.