The bank would prefer everyone goes for this deal. People seemed to have ignored the fact that the bank will not give these clients interest on their fixed deposits. Losing 80 pounds in potential overdraft fees is nothing compared to not having to pay customers interest on their deposits.
Eighty pounds a month is a lot of interest in the current environment, but for people to benefit from this account regularly they have to overdraw their account fairly often.
I wonder at what point do they simply close an account rather than have it regularly run in the red.
But they also could not charge interest on loans to Muslims or “Muslims”...that would be a lot of money lost to the bank.
One could imagine all sorts of deals being made with interest free loans, too. All of which could make money for the borrower, but not for the bank.