This account offers an overdraft facility (subject to eligibility). You can check if you're likely to be accepted for an overdraft using our eligibility tool.
There are two different types of overdraft:
- An arranged overdraft, which allows you to go overdrawn up to an agreed limit. This is the type of overdraft you could apply for here
- An unarranged overdraft. This is when you spend more money than you have in your current account without already having an arranged overdraft, or when you exceed your current arranged overdraft limit
We charge interest on both types of overdraft. Going in to an unarranged overdraft limit can lead to payments being rejected.
How much does my overdraft cost in pounds and pence?
As an example, the interest cost of using a £500 arranged overdraft is:
Time Period
|
Interest Cost
|
7 days
|
£3.24
|
30 days
|
£13.87
|
60 days
|
£28.13
|
This is a specific illustrative example representing the interest cost of using a £500 arranged overdraft over periods of 7, 30 and 60 days.
Looking to understand the costs of an overdraft of more or less than £500 over different periods of time? Use our handy cost calculator.
How does our overdraft compare?
A good way to compare the costs of an overdraft is by using the APR, which shows the cost of borrowing over a year.
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200.
More about Overdrafts
