How does our overdraft compare?
Benefits of an arranged overdraft
An arranged overdraft allows you to go overdrawn from £250 up to £5000 with an agreed limit, so it could help cover an unplanned expense. Think of it as a short-term safety net for your current account.
Only pay interest if you use it
Quick access to funds
It takes about 5 minutes to apply in Online Banking or the mobile app (app eligibility applies)
An overdraft is designed as short-term way to borrow money. If you decide to use an overdraft, you're responsible for paying it back. If you're unable to repay, your credit score could be impacted. Most lenders will use your credit score when deciding how much to lend you.
Before you get an overdraft, it's a good idea to think about if you could use any savings instead.
To apply for an overdraft:
- You must be 18+ and live in the UK.
- You must have an eligible Royal Bank of Scotland account which you pay your salary or a regular amount into.
- You, or anyone on your account, must not have been declared bankrupt in the last 6 years.
Please note: if you apply on a joint account, we will only assess the eligibility of the person applying.
Why chance it?
Use our eligibility checker to find out whether you’re likely to be accepted before you apply. It just takes a few minutes and it won't impact your credit score.
How do overdraft costs work?
Overdraft costs OpenClose
Arranged overdraft charges
Further costs details OpenClose
Types of overdrafts OpenClose
What is an arranged overdraft?
What is an unarranged overdraft?
How much does my overdraft cost in pounds and pence?
See how much interest you might pay
Use our overdraft cost calculator to see how much interest you’d pay based on your own circumstances and borrowing amount.
Our Student and Graduate overdrafts
Get an interest free overdraft of up to £2,000 (£500 in first term). Students can apply for up to £3,250 interest free from year 3 onwards.
Handy text alerts to help you manage your borrowing
Graduates can apply for up to £3,250 in the first year after graduation.
Year 1 £3,250 interest-free buffer
Year 2 £2,250 interest-free buffer
Year 3 £1,250 interest-free buffer
Manage your overdraft online or in the mobile app (app criteria apply)
Is an overdraft right for you?
Overdraft? Loan? Credit Card? Figure out what type of borrowing is best for you.