A helping hand with the rising cost of living
With prices continuing to rise sharply, our focus is on offering support wherever we can. That's why we're bringing in temporary measures to help those most in need to pay less for their arranged overdraft borrowing on our Bank Account, Advance Account, Bank Account Pay Monthly and Current Account1.
We won't charge you interest on your arranged overdraft up to and including £500 for 6 months. Please note that customers who requested support before 27 October 2023 will have 12 months of temporary arranged overdraft support.
| Bank Account, Advance Bank Account, Bank Account Pay Monthly and Current Account1 | Interest free amount | Interest rate above the interest-free amount |
|---|---|---|
| Overdraft pricing during temporary support period | £500 | 39.9% EAR variable |
| Overdraft pricing after temporary support period | £25 | 39.9% EAR variable |
| Bank Account, Advance Bank Account, Bank Account Pay Monthly and Current Account1 | Overdraft pricing during temporary support period |
|---|---|
| Interest free amount | £500 |
| Interest rate above the interest-free amount | 39.9% EAR variable |
| Bank Account, Advance Bank Account, Bank Account Pay Monthly and Current Account1 | Overdraft pricing after temporary support period |
| Interest free amount | £25 |
| Interest rate above the interest-free amount | 39.9% EAR variable |
Representative example: 0% EAR (variable) on the first £500, 39.9% EAR2 (variable) on anything above that, giving a representative annual percentage rate (APR) of 21.8% APR3 (variable). Based on an arranged overdraft of £1,200.
How does our overdraft compare? The representative APR shows the cost of borrowing over a year, so you can use it to compare the cost of our overdraft against other overdrafts and ways of borrowing.
These rates won’t apply if you have an account with a negotiated rate (where we’ve separately agreed a non-standard rate for your overdraft).
This support is designed to help those who are having financial difficulties because of the rising cost of living. We encourage you to ask for this extra support only if you need it.
Please note: we won't automatically increase existing overdraft limits or add a limit if you do not already have an arranged overdraft on your account. If you want to add an arranged overdraft to your account or increase your existing limit, you can apply for this online through our Manage Overdraft Service.
Requesting this temporary arranged overdraft support will not affect your credit file.
How do I ask for the temporary support?
Just fill out our short online form. You’ll need your:
- account sort code
- account number
You can find these details on your debit card, statements or the account summary screen in online and mobile banking.
If your overdraft is on a joint account, only one account holder needs to complete the form. However, you should agree with the other account holder that you will apply for both of you before submitting the form.
Once we’ve processed your request, we’ll be in touch as soon as possible. This could take up to 7 working days as we’re expecting a high number of requests, so please bear with us.
We'll contact you by email or send you a letter with an update. We won’t be able to tell you over the phone. If your mailing preference is set to paper correspondence, it could take up to 3 weeks to receive your decision letter.
If you need help with this form, please contact us and we’ll be happy to help.
Applying for the first time?
It can take up to 7 days to process your overdraft support request, and we'll be in touch as soon as possible.
Had support before?
You can only apply for additional overdraft support when your current support ends. It can take up to 7 days for the new support to be added.
How does it work?
If your request is accepted, we’ll apply the support to all eligible current accounts with us. The support will be applied to your account(s) from the date detailed in the confirmation email or letter you will receive.
If joint account details are entered, support will be added to ALL eligible accounts for both parties.
If sole account details are entered, support will be added to ALL eligible accounts for that party only. This will also apply to any joint accounts held.
Before the end of your temporary arranged overdraft support, we’ll remind you that your support is coming to an end and let you know about any further support you might need. At the end of this, your overdraft charges will revert to our standard pricing.
These are temporary measures and not a change to your current terms, which remain the same. If you wish to apply for a new or a higher arranged overdraft limit, please visit our Overdrafts page on how to apply. Once you've been approved for an arranged overdraft limit, you'll need to come back to this page and complete the online form to request the support.
Will this affect my credit rating?
Your credit file will not be affected if you ask for temporary arranged overdraft support.
If you go into an unarranged overdraft, this may adversely affect your credit file. An unarranged overdraft is when your account goes overdrawn and you don’t have an arranged overdraft, or you go over your arranged overdraft limit. We will report to credit reference agencies, accounts that have been in a continuous unarranged overdraft for 30 or more days. This could negatively affect your credit file and your ability to get credit in the future.
What happens when my overdraft support comes to an end?
You’ll receive a letter or email notifying you when your overdraft support is coming to an end. You can use our overdraft calculator to help you calculate the cost of borrowing once the support has ended.
If you’re worried about your overdraft, visit our money worries page for more information and helpful resources. If you’d prefer to speak to our friendly team, give us a call or get in touch using Chat.
Other help or advice available
Keep visiting our cost of living hub to stay up to date.
You can also get free independent advice from:
- StepChange Debt Charity: visit its website or call 0800 138 1111
- MoneyHelper: visit its website or call 0300 500 5000
- National Debtline: visit its website or call 0808 808 4000
- Citizens Advice: visit its website or call 03 444 111 444
Frequently asked questions
The small print
- We're no longer opening new accounts of this type.
- EAR means effective annual rate. This is how all UK banks must show interest rates on their overdrafts, to make it easier for you to compare one bank’s overdraft with another. Please note that it doesn’t include any fees you might be charged in addition to interest.
- APR (Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. It takes into account not just the interest, but also any other charges that may have to be paid and any interest-free amount.