An overdraft can be a great way to borrow money on your bank account in the short term, giving a handy safety net for those unexpected bills and payments, forgotten direct debits, or when you just need a bit more to last you until payday.
Overdrafts are offered subject to status, and are repayable on demand including any fees.
Overdrafts are intended for short term borrowing on your bank account. For longer term borrowing, other borrowing options may be more suitable.
You’ll only pay a daily fee if you borrow over your fee-free amount (if your account has one). The daily arranged overdraft fee is 1p for every full £6 you borrow up to £1,250, 1p for every further full £7 you borrow between £1,250 and £2,500, and then a further 1p for every full £8 you borrow over £2,500. If you go overdrawn by less than £6, there’s no fee to pay.
If you miss a payment or go over your limit, we will not charge any additional fees on top of the daily fee.
If you reach your agreed overdraft limit you may not be able to make any more payments, and you may be charged by the intended recipient.
Our mobile alert service lets you know when you get close to using your overdraft, and near your agreed overdraft limit.
An account overdrawn by £500 over the fee-free amount (or with no fee-free amount) would pay a fee of 83p per day. Calculated at 500 divided by 6 = 83, equal to 83p per day..
Our Ultimate Reward Current Account includes a £300 fee-free limit, allowing you to go overdrawn up to that limit without having to pay any daily fees.
Representative example – For Ultimate Reward Current Accounts – if you use an arranged overdraft of £1,200, then we’ll charge you a daily arranged overdraft fee of £1.50. For Ultimate Reward Current Accounts, the daily arranged overdraft fee on the first £300 is 0p.
If you have an Ultimate Reward Current Account and use your overdraft you will pay the £17 monthly maintaining the account fee. If you stay in credit, pay at least £750 into your account each month and make two direct debits, you will receive a discount of £2, reducing your monthly maintaining the account fee to £15.
Our Student Current Account comes with a fee-free overdraft limit of up to £1,500.