An overdraft is a way to borrow money short-term with your current account and can be useful for covering unexpected costs or emergency spending. They can help you avoid or minimise fees for missing payments or make sure you aren't cut off from services.
Overdrafts are not suitable for long-term borrowing. If you're using your overdraft in this way or becoming reliant on it, you may wish to look at other types of borrowing that might better meet your needs.
You can check if you have an existing overdraft on your account in online banking, the mobile app or on your statement. Overdrafts are not available on Cashminder accounts.
There are two kinds of overdraft. Arranged and unarranged.
An arranged overdraft is a set amount you can borrow, that you’ve agreed with us in advance. We charge interest on your overdraft, using an interest rate we agree on, before you start using it.
If you have a Current Account Plus, Privilege Premier Account or a Privilege Account and you want to reduce your overdraft, you can't reduce it below your automatic limit.
If you go over your arranged overdraft limit, you’ll enter an unarranged overdraft. You’ll also enter an unarranged overdraft if your account balance falls below £0, before you’ve set up an arranged overdraft.
Your payments may be refused if you go over your overdraft limit or try to go overdrawn without an arranged overdraft in place.
When you use an arranged and/or unarranged overdraft, you will be charged debit interest at an annual interest rate of 35.9% on the amount you are overdrawn by, unless you have an account with an interest free overdraft. You can find more information about charges in our important documents.
Any type of borrowing shows up on your credit file. However, an unarranged overdraft shows as arrears - this can negatively impact your credit file and may make it harder for you to obtain credit in the future.
We won't charge you more than £60 for any type of overdraft charge (including debit interest) in one charging period. The limit means whatever type of overdraft you use - arranged, unarranged or both - the maximum you'll pay in any charging period will be £60.
To help you manage your money and limit any charges, we now send overdraft text alerts.
We'll send you alerts to notify you before you go into, or when you've entered an overdraft. This will happen for both arranged and unarranged overdrafts.
We'll also send an alert if you don't have enough money in your account to cover the payments scheduled to come out that day.
If we have your mobile number you'll be automatically signed up for overdraft text alerts. You can opt out at any time by contacting us.
If you've got an account with us, the below will give you the information you need to request a new overdraft or change your existing overdraft limit.
£1200 credit limit
35.9% annual interest rate
43.9% representative APR variable
How does our overdraft compare?
The APR includes the monthly fee of £11 for maintaining the account, and an interest free limit of £200. The representative APR provided can enable you to compare the costs across difference products and providers.
£1200 credit limit
35.9% annual interest rate
46.5% representative APR variable
How does out overdraft compare?
The APR includes the monthly fee of £15.50 for maintaining the account, and an interest free limit of £300. The representative APR provided can enable you to compare the costs across different products and providers.
As an example, the interest cost of borrowing £500 is:
The example is based on borrowing £500 on the first day of our charging period. It assumes you are overdrawn by this amount for 7, 30 or 60 days, and then the balance is repaid. The example doesn't take into account any interest-free amounts provided on some accounts.
Use our overdraft calculator to see the cost of an overdraft over different periods of time.
If you’re experiencing financial difficulties and find that you are unable to keep up with bill payments, or you are in, or about to enter into, an unarranged overdraft on your account, please get in touch with us as early as possible.
We will be happy to discuss your needs and help you understand which options are available to you.
You can call us on:
03457 212 212
Lines open 8am - 6pm, Monday to Friday and 9am to 5pm on Saturdays and Sundays.
Calling from outside of the UK
00 44 3457 212 212
Alternatively, visit us in branch:
There is free, independent and impartial debt advice available if you are dealing with financial difficulties during the Coronavirus pandemic.
Aged 18 years or over.
A UK resident.
Employed, self-employed or medically retired*.
*You can still apply if you get one or more of the following:
Disability benefit (Disability Living Allowance, Incapacity Benefit or Personal Independence Payment).
Child tax credits (or Universal Credit equivalent).
Working tax credits (or Universal Credit equivalent).
Statutory maternity, paternity or shared parental pay.
Employer-paid maternity or paternity allowance.
You must not:
Be a Cashminder customer.
Have had any County Court Judgements or defaulted on any credit agreements in the last 2 years.
Currently be 2 or more payments in arrears on any credit agreement.
Have had any Individual Voluntary Agreements, trust Deeds or been declared bankrupt in the last 6 years.
Overdrafts are offered subject to status and are not available on Cashminder accounts.
Complete the editable PDF application form.
Email a copy to the address given at the top of the form.
Please save the form in a PDF format before completing to ensure you do not lose any changes.
Complete the form on a desktop or laptop if you can. Get help if you're applying on a mobile device.
Please carefully check the email address before sending.
We can only accept online requests via a completed form.
If you want to discuss your Student Account overdraft, contact us.
If you don't have a current account with us you'll need to open one before you can apply for an overdraft. You can request an arranged overdraft as part of your current account application.
We aim to respond within 3 business days, although this may occasionally take a little longer.
We'll let you know we've received your request and provide any updates by email.
You must read the important documents relevant to your account and save a copy for future reference.
You must read these important documents and save a copy for future reference.
If you're using Android, download 'Adobe Acrobat Reader: PDF Viewer, Editor and Creator' from the Play Store before downloading the form.
If you're using Apple, click and hold 'Open application form', then download the form. Click the download icon at the top right of the page (it's a down arrow in a blue circle).
It's important to consider other borrowing options depending on how much you want to borrow and how long for. We have other borrowing options that might better meet your needs. Whether or not these borrowing options are available to you will depend on your circumstances.
We have three different credit cards available to apply for online that may meet your borrowing needs.
We have teamed up with Freedom Finance to help you find the right loan with one quick application.
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).
Your eligible deposits held by a UK establishment of The Co-operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
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