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:
From the 5 August 2020, the annual rate of interest applicable to any arranged/unarranged overdraft is 35.9%.
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.
You can request additional support on your arranged overdraft by filling out the editable form.
If you are using Chrome please save the form in a PDF format to ensure that you do not lose any changes.
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.
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 and want to apply, you can learn more about how our overdrafts work. Find out more about overdrafts.
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.
There is free, independent and impartial debt advice available if you are dealing with financial difficulties during the coronavirus pandemic.