Overdraft

Overdrafts made clear and simple

If you need to borrow a little extra money for a short while, having an arranged overdraft on your business account could work for you.

For overdraft requirements above £250,000, please refer to our Commercial Lending Products

Check eligibility and apply

Product features

Apply to borrow up to £250,000
Overdrafts may be offered on an unsecured or secured basis. Please note that there will be additional fees where security is required.
Arranged overdraft interest rates are variable and are calculated using the Bank of England Base Rate plus the appropriate interest margin

- In some cases this will be determined by the financial status of your business

For borrowing up to £25,000 the representative Effective Annual Rate of interest (EAR*) below will help you to compare our Overdraft rate with those of other lenders:

Representative example (for borrowing up to £25,000)

Overdraft type	Representative EAR*
Arranged overdraft	6.28% (Variable)
Unarranged overdraft	25.59%

Lending decisions are based on individual circumstances, so the rates we offer may vary between customers. When we advertise our products, we use representative rates to show what the majority of customers may be offered. Interest is calculated daily and will be charged on a monthly basis. Interest rates for overdrafts above £25,000 are discussed upon application.

*EAR stands for Effective Annual Rate. This is a representative interest rate showing the rate you would pay if you remained overdrawn for a year.

The representative example provided does not include any future changes to the Bank of England Base Rate.

Arrangement fees

There will be a 1.5% overdraft arrangement fee (minimum fee of £50.00 - whichever is greater). There is no fee for FSB account holders.
Where security is required, details of fees will be discussed upon application.

To apply, you and the key parties must meet the following criteria

Be 18 years or over
Be a UK resident
Have authority to borrow on behalf of the business / charity
Hold a business current account with The Co-operative Bank
Require the lending for business use

Your application is subject to status and based on an assessment of your financial circumstances.

We aim to give you a decision within 10 working days of the information being received. Occasionally, we may require additional information depending upon your circumstances.

Ready to apply?

Please read the important documents below, and save copies of them for future reference.

Download the overdraft request form (including pre-contractual information)

Overdraft request form

Download PDF

Once you have completed all sections of the request form please email to: lsunder@co-operativebank.co.uk

This email address is to pick up overdraft requests only. Any emails received that do not contain an overdraft request form, we will unfortunately be unable to respond to.

If you would prefer not to send your personal information by email, you have the option to post your application to us at:

Lending Services

The Co-operative Bank p.l.c

P.O. Box 200

Skelmersdale

WN8 6YL

If you do post your application, we’ll process it within 10 days of it reaching us.