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An arranged overdraft can act as a short term buffer. You can use it to borrow money up to an agreed limit through your bank account.
- You can apply to add an arranged overdraft to your account and you’ll only pay daily arranged overdraft interest if you use it.
- If you use your arranged overdraft but pay it back before the end of the day, then you won’t pay any arranged overdraft interest for that day.
Helpful tools - You can use our eligibility checker and cost calculator to check your eligibility and calculate the cost of an arranged overdraft.
Applying for an arranged overdraft - When you have applied for this account, at the end of the application you can apply for an arranged overdraft which you can add right away. You can also apply for one later.
Amending an arranged overdraft - You can reduce or remove your arranged overdraft at any time through Mobile Banking, Online Banking or Telephone Banking or by visiting your branch. But you must repay anything you owe if you want to remove an arranged overdraft or anything over the new reduced limit you want. You can also apply to increase it. Using an arranged overdraft increases your overall borrowing and may affect your credit score.
If you don't have enough money in your account or available arranged overdraft to make a payment, we may either let you borrow through an unarranged overdraft or refuse to make the payment. Missing payments and using an unarranged overdraft can damage your credit score, please get in touch with us as we may be able to help you.All overdrafts are subject to application and repayable on demand. You must be 18 or over to apply.
Arranged overdraft details
- £0 interest free amount
- 29.9% EAR (variable) representative
- Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you
- No unarranged overdraft interest, fees or charges
Representative example
Representative Example A variable representative rate of
A variable interest rate of
Based on borrowing
A variable representative rate of
29.9% APR
A variable interest rate of
29.9% EAR*
Based on borrowing
£1,200
How does our overdraft compare?
You can use the representative APR to compare with other products or credit providers, this can help you make sure that you choose the right type of borrowing for you.
How much does my overdraft cost in pounds and pence?
As an example, the interest cost of borrowing £500 is:
As an example, the interest cost of borrowing £500 is: £2.45 for 7 days
£10.73 for 30 days
£21.68 for 60 days
*EAR is the Equivalent Annual Rate. This is the annual interest rate of an overdraft. This means you are charged over the year based on how often and how much you are overdrawn by, and the effect of compounding it – charging interest on interest already charged. This interest rate does not include any other fees and charges.
Find out more about arranged overdrafts
If you already have a current account with us and would like an arranged overdraft, you can apply for one through Online Banking or Mobile Banking. You can also apply to increase your existing arranged overdraft too.
Apply for an arranged overdraft
Let’s take a closer look
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Switch to us in seven working days
Switching to us is quick and easy. Just fill in our simple online form and let us take care of the rest.
With the Current Account Switch Service, we'll switch your accounts within seven working days. And we handle all the admin - we'll set up your new account, transfer your Direct Debits, and close down your old account for you.
How does the Current Account Switch Service work?
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We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.
- The service is free to use and you can choose and agree your switch date with us.
- We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
- If you have money in your old account, we will transfer it to your new account on your switch date.
- We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
- If there are any issues in making the switch, we will contact you before your switch date.
- If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
For more information and FAQs, please read the Account Switching Guide (PDF 1.7MB).
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Save the Change®
Struggling to save? We’ve come up with a simple way to turn your pennies into pounds
Switch on Save the Change® and when you buy something with your Halifax debit card, we’ll round up the amount to the nearest pound. At the start of the next working day, we’ll transfer the difference into your nominated Halifax savings account.
For example, if your coffee costs £2.20, we’ll transfer 80p from your current account into your savings account.
It’s a clever feature that takes your leftover change and builds it into bigger savings.
Cashback extras
Whether it's the weekly shop, popping out for lunch or hitting the high street, Cashback Extras makes it easy to earn up to 15% cashback. Visit Cashback Extras for more information.
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For more information and terms and conditions for this Current Account, read the Bank Account Getting Started Guide (PDF, 1.1MB)
Explore your options
We want to make sure you know about our other bank account options. Here are some that might suit you.
Halifax current accounts and services are offered subject to status. Available only to personal customers aged 18 or over who are resident in the UK.
Whether you can have an arranged overdraft and the amount will depend upon your personal circumstances at the time you apply for one. Any overdraft we agree is repayable on demand.
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