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Our overdrafts

An overdraft is a facility on your current account designed for short term borrowing. If you need to borrow on a longer or ongoing basis, you may wish to consider other borrowing options.

When your balance goes below £0, you enter into an overdraft. You can request an arranged overdraft or your account may enter into an unarranged overdraft when we allow a payment, or take an amount from your account, despite a lack of funds.

  • £20 buffer

    The first £20 of an unarranged overdraft is a buffer zone and means you don’t have to pay any overdraft charges, provided you do not exceed the £20 buffer. You will still need to pay debit interest on the full amount you are overdrawn.
  • Annual waiver

    If you go over your £20 buffer, you’ll have 6 business days to bring your balance back within your arranged overdraft limit or into credit to avoid charges. You’ll still need to pay debit interest on the full amount you are overdrawn. This waiver is available once a year.
  • £60 Overdraft charges cap

    We will not charge you more than £60 for any type of overdraft charge (including debit interest) in one charging period.

Representative example

Assumed credit limit


With debit interest at

18.9% EAR variable

To apply for an overdraft or increase your limit, you need to be:

  • Aged 18 years or over
  • A UK resident
  • Employed*, self-employed, retired or medically retired
  • Overdrafts are offered subject to status and are not available on Cashminder accounts.

*You can still apply if you have never worked or ceased work due to an illness or disability, or if you are a full time carer. If you're in receipt of one of the following, you can continue to apply:

  • Pension income
  • Rental income
  • Disability benefits (Disability Living Allowance, Incapacity Benefit, Personal Independence Payment)
  • Child maintenance
  • Working tax credits (Or Universal Credit equivalent)
  • Child tax credits (Or Universal Credit equivalent)
  • Carer's allowance
  • Statutory maternity / paternity / shared parental pay
  • Employer paid maternity or paternity allowance

Ready to apply?

You can request an arranged overdraft when you're applying for a current account.

If you already have a current account with us:

You can request an overdraft or change your existing overdraft limit by calling us on:

+44(0)3457 212 212

Lines open

8am - 8pm, 7 days a week

Important information about our call charges

Alternatively, visit us in branch

Use our branch locator to find your nearest branch

Important documents

The Co-operative Bank reserves the right to decline any application.

Whether we can offer you credit depends on your circumstances and our lending policy. We may decline your application based on your circumstances or our lending policy. We may be able to offer a product that's different to the one advertised.

smile, The Co-operative Bank and Britannia are trading names of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).

Financial Services Compensation Scheme more information