If you’ve been made redundant your debt problems could be set to grow, as banks levy charges on accounts for failing to deposit minimum amounts.

The penalty fees are charged on some “best-buy” accounts, if you fail to pay in the minimum amount each month.

These accounts typically offer a favourable rate of interest if customers pay their salary (or minimum amount – of approx £1,000) into them each month.

But those customers who join the list of unemployed – which is rapidly approaching 3m – may find that the bank adds to their debt management issues by charging a fee for falling short of the minimum monthly amount paid in.

This will only add to the debt problems of those customers who are already affected by the reduced wages, increased living costs and lack of re-employment opportunities.

Ivan Cooper, Chairman of leading debt management company Chiltern, said: “Some customers are being charged up to £10 per month for experiencing debt management issues following redundancy.

“With some accounts, if you can’t afford to deposit the minimum amount the interest rate on your overdraft will rise by around 4% – so it will take even longer to get out of debt.”

Redundancy could also affect personal finances further when it comes to renewing car insurance. Comparison website uSwitch estimates that a change in “occupational status” will typically bump up insurance premiums by around 20%.