No. If you only go into your overdraft a little way, and for short periods. If this sounds like you, you should benefit financially from the new interest structure.
Furthermore, because of the new FCA guidelines introduced on 9 April 2020, all lenders now have a responsibility to ensure that nobody is worse off due to the new overdraft pricing structure.
Even so, it’s well worth thinking about how you can reduce your overdraft use.
You might consider other forms of credit such as a 0% or low-interest credit card or a personal loan instead.
Whether you’ll be paying less or the same because of these changes depends on how you use your overdraft, and what your bank is currently charging you.