Coronavirus support for personal current account customers with an arranged overdraft
From 4 April 2020, the annual interest rate applied to all arranged or unarranged overdrafts is 35.9%. However, in order to support our customers during this period of uncertainty, we have decided, between 4 April and 4 August 2020, to waive our right to:
- charge any interest on the first £500 of any arranged overdraft; and
- charge interest above an annual rate of interest on any additional arranged or unarranged overdraft of:
- 18.9% for Current Account, Current Account Plus, Everyday Extra & smile Current account
- 15.9% for Privilege, Privilege Premier & smilemore
- 9.9% for Student Account
From the 5 August 2020, the annual rate of interest applicable to any arranged/unarranged overdraft is 35.9%.
Further support for customers who have or may have temporary difficulties with their finances due to the impact of coronavirus
If you require further support because of temporary financial difficulties caused by the impacts of coronavirus, you can now request an interest waiver on the first £500 of an arranged overdraft.
You can also ask for additional support if your overdraft is above £500 through a reduced interest rate. This support is available for either an extra two months or for three months if you haven’t automatically had an interest waiver. You can ask for this at any time up until 31 October 2020.
This interest free overdraft is not suitable for long-term borrowing and you should always think carefully about how you will be able to repay before using your overdraft.
If you’re needing to use an overdraft over a longer term, or you are becoming reliant on it, you may wish to look at other types of borrowing that might better meet your need.
How to request additional support from 5 August 2020
Eligibility, please ensure:
- You have a current account with an existing arranged overdraft (excluding Cashminder and Pathfinder accounts)
- You only use this form if you are experiencing temporary financial difficulties due to the impact of the Coronavirus
Ready to request?
You can request additional support on your arranged overdraft by filling out the editable form.
- Please save the form in a PDF format before completing to ensure you do not lose any changes.
- We recommend completing this form using a desktop.
- If you are accessing the form from a mobile device you will need to follow the instructions below.
(!) Please complete one form for each eligible account you require the additional support for.
Additional overdraft support request form
Instructions for requesting additional support via your mobile device
- For Android users, please download 'Adobe Acrobat Reader: PDF Viewer, Editor and Creator' from the Play Store.
- For Apple users, please click and hold the link to the PDF, then select 'Download linked file'. Once downloaded, click the download icon at the top of the page (it's a blue circle with a down arrow). You will now be able to complete the PDF.
If you are using Chrome please save the form in a PDF format to ensure that you do not lose any changes.
Next steps:
- Once completed, please email the form to the email address at the top of the form.
- Please carefully check the email address before sending.
- We can only accept online requests via a completed form.
- We'll let you know we've received your request and provide any updates via the email address you provide to us on the form.
When the interest waiver starts and ends
The buffer will start from 5 August 2020 or from when we process your request. It will run for 2 months, or 3 months if you have not automatically had a waiver. Following your request, we will confirm via email the dates your interest waiver will run from and to.
Additional overdraft support request form
If you have not requested a waiver, from the 5 August 2020, you will be charged an Annual Interest Rate of 35.9% on any overdrawn balance.
If you have a current account which offers an interest-free overdraft limit, such as a Privilege, Privilege Premier, Student, or smilemore account, this limit will remain interest free.
If you don't have an arranged overdraft
If you don't have an arranged overdraft and want to apply, you can learn more about how our overdrafts work. Find out more about overdrafts.
Financial support available to you
You can use our overdraft calculator to find out how much your interest charges will be. More information on our overdraft charges
If you’re still in financial hardship, or think that you will be, please get in touch to speak to our dedicated advisors who can talk through your situation and look at different options to help and support you.
More information on the financial support we can offer
There is free, independent and impartial debt advice available if you are dealing with financial difficulties during the coronavirus pandemic.
Financial Conduct Authority coronavirus support
Contact us
If you'd like more help & information, you can:
