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arranged overdrafts

An arranged overdraft allows you to go overdrawn up to an agreed limit. This type of borrowing can help if pay-day is a long way off or you're a bit short of cash.

An Arranged Overdraft is a form of debt and is repayable on demand. Always make sure you have enough money in your current account, or a suitable Arranged Overdraft limit in place before any payments are due to come out of your account.

An Unarranged Overdraft is when you spend more money than you have in your account and you haven’t previously arranged an overdraft limit with us, or have gone over your existing limit. 

If this happens, you'll be charged interest on the extra amount you go overdrawn. We won’t charge you more than £20 in a monthly charging period for an Unarranged Overdraft or any unpaid transactions.

Choose your overdraft type from the choices above (e.g. New, Student or Graduate Overdraft) and you’ll find the details of the costs on that page.  

You can choose from an example of what the interest charge for a £500 overdraft would cost in Pounds and Pence or you can use our handy Overdraft Cost Calculator to see how much interest you'd pay on your own circumstances and borrowing amount.

An Unpaid Transaction Fee of £2.75 is charged for a transaction that we return unpaid. A transaction (e.g. a Direct Debit) will be returned if the payment cannot be met from funds in your account or any unused arranged overdraft facility and we decide in our discretion not to make the payment. 

We won’t charge you more than £20 in a monthly charging period for an unarranged overdraft interest or any unpaid transaction.

We won't charge more than £20 in a charging period for an Unarranged Overdraft or Unpaid Transaction.

Monthly cap on unarranged overdraft charges

1. Each current account will set a monthly maximum charge for:

• going overdrawn when you have not arranged an overdraft; or
• going over/past your arranged overdraft limit (if you have one).

2. This cap covers any:

• interest for going over/past your arranged overdraft limit;
• fees for each payment your bank allows despite lack of funds; and fees for each payment your bank refuses due to lack of funds. 

Charges are accrued during a charging period. At the end of the charging period you will be notified of the total amount owed and when it will be taken from your account - this will be 16 days after the end of the charging period.

The charging period start date is always the day after the account statement is produced, i.e. if statements are set to be produced on the 1st of the month, the charging period will start on the 2nd and finish on the 1st of the next month.

If your overdraft is approved, it'll normally be available the next working day. 

If approved Mon – Thur before 5.30pm, it will be available the next working day. Anytime after this - up to 2 working days.