Current Accounts with Overdraft Facility | moneyfacts.co.uk

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What is an overdraft? 

An overdraft is the debt you go into if you spend more than you have in your current account. The moment your account goes into the red, you step into your overdraft - unless your bank account does not allow any overdraft, in which case your payment will fail. 

Select from the filters to refine your results and find what you are looking for Show
Select from the filters to refine your results and find what you are looking for:

Royal Bank of Scotland Logo
Royal Bank of Scotland Select Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
39.49%
Interest Rate (AER)
0.00%
Account Fee
N/A
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
No monthly funding requirement
No interest paid on credit balances
Switch Service Guarantee member
Go To Provider's Site
Representative Example:Based on an overdraft limit of £1200 charged at 39.49% EAR Variable. Representative 39.5% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Offset Option
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
0.00% / 0.00%
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
0.00% / 0.00%

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 0% 1 day 1 day
Get a debit card 0% 3 days 4 days
Get internet banking 0% 8 days 8 days
Get an overdraft 100% 0 days 0 days
Replace a lost debit card 0% 3 days 4 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.81% - Per Month
39.49%
Grace period
14:30 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.81% - Per Month
39.49%
Refused Payment Fee
Up to £2.15
Grace Period
14:30 same day
Monthly Maximum Charge
19.40
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
39.49%
39.49%
£2.15
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
39.5%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£3.24
£13.87
£28.13

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Emergency Cash Service
- Free 24/7 Emergency Cash Service to withdraw up to £300 for online and telephone banking customers or £60 if not.
Royal Bank of Scotland Logo
Royal Bank of Scotland Reward FSCS logo
FSCS logo
Overdraft Rate (EAR)
39.49%
Interest Rate (AER)
0.00%
Account Fee
£2.00 pm
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Earn Rewards on direct debits and purchases at selected retailers
£2pm account fee
Switch Service Guarantee member
Go To Provider's Site
Representative Example:Based on an overdraft limit of £1200 charged at 39.49% EAR Variable. Representative 39.5% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
Regular Funding/Income: Min £1250.00 Per Month
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
£2.00 Per Month
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Offset Option
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£300

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
0.00% / 0.00%
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
0.00% / 0.00%

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 0% 1 day 1 day
Get a debit card 0% 3 days 4 days
Get internet banking 0% 8 days 8 days
Get an overdraft 100% 0 days 0 days
Replace a lost debit card 0% 3 days 4 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.81% - Per Month
39.49%
Grace period
14:30 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.81% - Per Month
39.49%
Refused Payment Fee
Up to £2.15
Grace Period
14:30 same day
Monthly Maximum Charge
19.40
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
39.49%
0.00%
£2.15
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
39.5%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£3.24
£13.87
£28.13

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Exclusive offers with this account
- Earn £9 back in Rewards per month by making at a minimum of 2 direct debit payments of at least £4.50 each. Earn an additional £1 back in Rewards by logging into mobile banking app every month. Earn at least 1% Rewards on qualifying purchases at selected retailers. Once £5 in Rewards are available they can be exchanged and banked into a Reward current account or credit card, traded up for for e-gift codes at selected retailers or donated to a participating charity.
Credit cards - preferential terms
- Existing Reward, Reward Silver or Reward Platinum customers taking out a Reward Credit Card will receive a 100% annual fee refund, for each year they hold both products simultaneously.
Emergency Cash Service
- Free 24/7 Emergency Cash Service to withdraw up to £300 for online and telephone banking customers or £60 if not.
first direct Logo
first direct 1st Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
39.90%
Interest Rate (AER)
0.00%
Account Fee
N/A
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
No account fee
No interest paid on credit balances
Switch Service Guarantee member
Go To Provider's Site
Representative Example:Based on an overdraft limit of £1200. Up to £250.00 charged at 0.00% EAR Variable. Over £250.00 charged at 39.90% EAR Variable. Representative 30.5% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Offset Option
Standing Orders
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
2.00% (Min £1.75, max £5.00) / 2.00% (Min £1.75, max £5.00)

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 51% 3 days 27 days
Get a debit card 0% 5 days 6 days
Get internet banking 75% 1 day 7 days
Get an overdraft 98% 1 day 27 days
Replace a lost debit card 0% 3 days 6 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£250.01
2.84% - Per Month
39.90%
£0.01
0.00% - Per Month
0.00%
Grace period
23:45 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.84% - Per Month
39.90%
Refused Payment Fee
£0.00
Grace Period
23:45 same day
Monthly Maximum Charge
20.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
34.05%
34.05%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
30.5%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£1.63
£7.00
£13.99

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on operating account
- Receive £20 when opening a 1st Account and logging in to the mobile app or digital banking.
Cashback on switching account
- £150 for accounts switched using Current Account Switching Service and at least £1K credited within 3 months.
Savings - preferential terms
- Comes with linked Regular Saver Account paying 3.5% AER fixed for 12 months.
Barclays Bank Logo
Barclays Bank Premier Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Interest Rate (AER)
0.00%
Account Fee
N/A
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Selection of benefits available
High minimum income required
Overdrafts are subject to application, financial circumstances & borrowing history
Representative Example:Based on an overdraft limit of £1200. Up to £500.00 charged at 0.00% EAR Variable. Over £500.00 charged at 35.00% EAR Variable. Representative 19.5% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income: Min £75000.00 Per Annum (Paid into account each year). Investable Assets: Min £100000.00 (Held with institution). Savings: Min £100000.00 (Held with institution)
Account Fee
None
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Tied/Linked Accounts
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£1000

Credit Interest Rates

Balance
Gross Rate %
AER %
£1.00+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.99% / 2.99%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 92% 1 day 12 days
Get a debit card 0% 7 days 10 days
Get internet banking 0% 4 days 7 days
Get an overdraft 100% 0 days 0 days
Replace a lost debit card 0% 5 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£500.01
2.53% - Per Month
35.00%
£0.01
0.00% - Per Month
0.00%
Grace period
15:00 same day
Unarranged Overdraft
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
35.00%
0.00%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
19.5%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£0.00
£0.00
£0.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Exclusive offers with this account
- Free personalised debit card. You can upload own pictures or choose from extensive online gallery.
Rewards website exclusive to account holders
- Exclusive access to Premier Rewards website.
Adviser offering financial services
- Relationship management team available.
Loans - preferential terms
- Preferential rates on loans.
Mortgages - preferential terms
- Exclusive access to mortgage products.
Savings - preferential terms
- Exclusive access to savings products.
Danske Bank Logo
Danske Bank Danske Freedom FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Interest Rate (AER)
0.00%
Account Fee
N/A
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Interest free arranged overdraft
No interest if account is in credit
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £1200 charged at 0.00% per annum Variable. Representative 0.0% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years / Max 27 Years
Eligibility
None
Account Fee
None
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Packaged Account
Restrictions on Free Transactions
Standing Orders
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£350

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 11% 8 days 10 days
Get a debit card 2% 5 days 34 days
Get internet banking 5% 5 days 32 days
Get an overdraft 40% 6 days 11 days
Replace a lost debit card 0% 5 days 56 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Grace period
15:30 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
Up to £7.50
Grace Period
15:30 same day
Monthly Maximum Charge
22.50
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
0.00%
0.00%
£7.50
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
0.0%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£0.00
£0.00
£0.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Loans - preferential terms
- Discounted rates on fixed rate personal loans.
Mortgages - preferential terms
- Discounted arrangement fee on residential home loans.
Preferential terms for currency, travellers cheques or other travel money
- Commission free currency.
HSBC Logo
HSBC Premier Bank Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Interest Rate (AER)
0.00%
Account Fee
N/A
Account Management
Not Available At Branch Available By Mail Available At Post Office Not Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Dedicated Premier Relationship Manager
High net worth existing customers
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £1200. Up to £500.00 charged at 0.00% EAR Variable. Over £500.00 charged at 39.90% EAR Variable. Representative 21.8% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income Single: Min £75000.00 (Must hold HSBC mtge or investment, life ins or protect prod). Investable Assets: Min £50000.00 (Held with institution). Qualify for HSBC Premier in another country: Min £0.01. Savings: Min £50000.00 (Held with institution)
Account Fee
None
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Packaged Account
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£1000

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.75% / 2.75%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 31% 1 day 24 days
Get a debit card 0% 6 days 18 days
Get internet banking 0% 5 days 7 days
Get an overdraft 99% 0 days 0 days
Replace a lost debit card 0% 3 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
£500.01
2.84% - Per Month
39.90%
Grace period
23:45 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
2.84% - Per Month
39.90%
Refused Payment Fee
£0.00
Grace Period
23:45 same day
Monthly Maximum Charge
20.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
34.05%
34.05%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
21.8%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£0.00
£0.00
£0.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on switching account
- £170 for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening and at least £1,500 is credited within 60 days of account opening.
Adviser offering financial services
- Free dedicated Premier Relationship Manager to help get the most out of your money and HSBC Premier. Branch Relationship Managers will support customers banking and wealth management needs.
Adviser offering financial services
- Free Independent Financial Advice to help you with planning, investing and protecting your future.
Credit cards - preferential terms
- Eligible for a HSBC Premier Credit Card and HSBC Premier World Elite with reward points and range of travel & leisure benefits at home and abroad.
Credit cards - preferential terms
- Eligible for preferential card terms when switching.
Emergency Cash Service
- Cash in the local currency up to the value of USD $2,000 (if your debit card is lost or stolen).
Loans - preferential terms
- Eligible for preferential rates and higher borrowing amounts on unsecured loans.
Mortgages - preferential terms
- Eligible for preferential mortgage terms.
Mortgages - preferential terms
- Preferential mortgage terms on selected mortgage products, available to children and grandchildren under HSBC Premier Family Mortgages.
Savings - preferential terms
- Eligible for Premier Savings and Regular Saver accounts and Loyalty Cash ISA.
Cards - Overseas use
- Free overseas ATM cash withdrawals when using HSBC ATMs worldwide.
Worldwide insurance
- Free. Covers account holder and family. Max cover age 69 years old. Available trips up to 31 days (183 days pa). Includes winter sports cover (limit 31 days). Includes baggage, delay and cancellation cover.
Santander Logo
Santander Select Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Interest Rate (AER)
0.50%
Account Fee
£4.00 pm
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable up to £20,000
£4 per month account fee
Switch Service Guarantee member
Representative Example:Based on an overdraft limit of £1200. Up to £500.00 charged at 0.00% EAR Variable. Over £500.00 charged at 39.94% EAR Variable. Representative 27.1% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income: Min £5000.00 Per Month. Investable Assets: Min £75000.00. Savings: Min £75000.00
Account Fee
£4.00 Per Month
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£1000

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £20000.00
0.50%
0.50%
£20000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 72% 0 days 4 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 99% 0 days 0 days
Replace a lost debit card 0% 4 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
0.00% for 4 months
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
£500.01
2.84% - Per Month
39.94%
Grace period
16:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
£0.00
Grace Period
16:00 same day
Monthly Maximum Charge
0.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
39.94%
0.00%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
27.1%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£0.00
£0.00
£0.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on debit card purchases
- Eligible for Retailer Offers, customers must use online or mobile banking to qualify. Earn up to 15% cashback from selected retailers when using a Santander debit card or credit card
Cashback on operating account
- Cashback of 1% on water & council tax bills and Santander mortgage payments up to maximum £1K per month capped at £5, 2% on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account capped at £5, 3% on water bills. All subject to minimum 2 DDs of household bills paid from account capped at £5 and £500 credited each month.
Exclusive offers with this account
- Free access to preferential rates, exclusive offers and discounts at 123 World.
Adviser offering financial services
- Free relationship manager
Emergency Cash Service
- Emergency cash service Worldwide.
Cards - Overseas use
- Foreign exchange fee as well as cash handling fee will be waived if a Santander branded cash machine is used in selected countries.
Santander Logo
Santander Private Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
0.00%
Interest Rate (AER)
0.50%
Account Fee
£4.00 pm
Account Management
Available At Branch Not Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Credit interest payable up to £20,000
Minimum funding required
ATM limit of £1,500
Representative Example:Based on an overdraft limit of £1200. Up to £500.00 charged at 0.00% EAR Variable. Over £500.00 charged at 39.94% EAR Variable. Representative 27.1% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income: Min £250000.00 Per Annum. Investable Assets: Min £500000.00. Savings: Min £500000.00
Account Fee
£4.00 Per Month
Introductory Account Fee
None

Facilities

Cheque Book
Direct Debits
Standing Orders
Switch Service Guarantee
Debit Card
Visa
Withdrawal Limit
£1500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01 - £20000.00
0.50%
0.50%
£20000.01+
0.00%
0.00%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
2.95% / 2.95%
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 72% 0 days 4 days
Get a debit card 0% 7 days 7 days
Get internet banking 0% 7 days 9 days
Get an overdraft 99% 0 days 0 days
Replace a lost debit card 0% 4 days 5 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
0.00% for 4 months
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
£500.01
2.84% - Per Month
39.94%
Grace period
16:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
0.00% - Per Month
0.00%
Refused Payment Fee
£0.00
Grace Period
16:00 same day
Monthly Maximum Charge
0.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
39.94%
0.00%
£0.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
27.1%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£0.00
£0.00
£0.00

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Cashback on debit card purchases
- Eligible for Retailer Offers, customers must use online or mobile banking to qualify. Earn up to 15% cashback from selected retailers when using a Santander debit card or credit card
Cashback on operating account
- Cashback of 1% on communication & council tax bills and Santander mortgage payments up to maximum £1K per month capped at £5, 2% on gas & electricity bills and Santander home insurance and life protection premiums paid by DD from this account capped at £5, 3% on water bills. All subject to minimum 2 DDs of household bills paid from account capped at £5.
Exclusive offers with this account
- Access to Santander 123 World Offers.
Adviser offering financial services
- Free relationship manager
Emergency Cash Service
- Emergency cash service Worldwide.
Cards - Overseas use
- Foreign exchange fee as well as cash handling fee will be waived if a Santander branded cash machine is used in selected countries.
Virgin Money Logo
Virgin Money Private Current Account FSCS logo
FSCS logo
Overdraft Rate (EAR)
14.90%
Interest Rate (AER)
0.20%
Account Fee
£25.00 pm
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Free worldwide travel insurance
High net worth customers
Interest paid on credit balances
Representative Example:Based on an overdraft limit of £1200 charged at 14.90% EAR Variable. Representative 41.6% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income Joint: Min £100000.00 Per Annum. Income Single: Min £75000.00 Per Annum. Investable Assets: Min £100000.00 Per Annum
Account Fee
£25.00 Per Month
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Offset Option
Standing Orders
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
0.20%
0.20%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 83% 1 day 18 days
Get a debit card 0% 4 days 7 days
Get internet banking 100% 0 days 0 days
Get an overdraft 0% 5 days 11 days
Replace a lost debit card 0% 4 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.16% - Per Month
14.90%
Grace period
15:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.16% - Per Month
14.90%
Refused Payment Fee
Up to £4.00
Grace Period
15:00 same day
Monthly Maximum Charge
40.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
13.97%
13.97%
£4.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
41.6%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£1.75
£7.51
£15.13

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Adviser offering financial services
- Free advice from dedicated IFA Partner available.
Mortgages - preferential terms
- Eligible for range of residential mortgages if borrowing is over £200,000, only available to private customers.
Savings - preferential terms
- Eligible for linked Savings Accounts.
Airport lounge facilities/access
- Eligible for DragonPass Premier+, receive six free visits to airport lounges worldwide and discounts at selected airport restaurants. Additional visits can be booked via the app at a discounted rate.
Worldwide insurance
- Free worldwide family multi-trip travel insurance. The multi-trip travel insurance policy provides up to 31 days cover per trip and there's no annual limit on the number of times travel can be made. It includes up to 17 days winter sports, business and golf cover. The account holder and partner are covered, provided they live together and are under 75 years old, plus up to four dependant children under the age of 18. Includes cancellation, travel delay and lost/delayed baggage.
Virgin Money Logo
Virgin Money Current Account Tracker FSCS logo
FSCS logo
Overdraft Rate (EAR)
14.90%
Interest Rate (AER)
0.20%
Account Fee
£25.00 pm
Account Management
Available At Branch Available By Mail Available At Post Office Available By Telephone Available Online Available By Mobile Text Alerts Available
Additional Information
Interest paid on credit balances
High net worth customers
Monthly fee payable
Representative Example:Based on an overdraft limit of £1200 charged at 14.90% EAR Variable. Representative 41.6% APR variable.
General
Credit Interest Rates
Foreign Usage
Service Performance
Overdrafts
Benefits

General Account Details

Funding Required
None
Minimum / Maximum Age
Min 18 Years
Eligibility
Income Joint: Min £100000.00 Per Annum. Income Single: Min £75000.00 Per Annum. Investable Assets: Min £100000.00 Per Annum
Account Fee
£25.00 Per Month
Introductory Account Fee
None

Facilities

Account Sweeping
Cheque Book
Direct Debits
Offset Option
Standing Orders
Switch Service Guarantee
Debit Card
Mastercard
Withdrawal Limit
£500

Credit Interest Rates

Balance
Gross Rate %
AER %
£0.01+
0.20%
0.20%

Foreign Usage Charges

Debit card payment in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00
Cash withdrawal in a foreign currency in Europe / Worldwide
Currency Conversion Charge
£0.00 / £0.00
Transaction Charge
£0.00 / £0.00

Service Performance

The table below shows the provider's current account service performance.
The information shown covers all of their main current accounts, not just specific to this account.
Service Completed
Same day Average 99%
Open a current account* 83% 1 day 18 days
Get a debit card 0% 4 days 7 days
Get internet banking 100% 0 days 0 days
Get an overdraft 0% 5 days 11 days
Replace a lost debit card 0% 4 days 9 days
* Once all requested documents and information have been received.

Overdrafts

Introductory Arranged Overdraft
Introductory Arranged on
Switched Current Accounts
N/A
N/A
Arranged Overdraft
Arranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.16% - Per Month
14.90%
Grace period
15:00 same day
Unarranged Overdraft
Unarranged Overdraft Available
Min. Balance
Rate %
EAR %
£0.01
1.16% - Per Month
14.90%
Refused Payment Fee
Up to £4.00
Grace Period
15:00 same day
Monthly Maximum Charge
40.00
Range of annual interest rates payable for overdraft
Arranged Unarranged Refused payment fee
13.97%
13.97%
£4.00
Data as of: 31 March 2022
Overdraft Pricing in the previous calendar quarter
Range of Advertised APRs during the period
41.6%
Cost of holding a £500 overdraft
For 7 days
For 30 days
For 60 days
£1.75
£7.51
£15.13

Benefits

Other benefits, as well as those shown, might be available on this account. A full list of benefits will be included in the terms and conditions of the account.
Adviser offering financial services
- Free advice from dedicated IFA Partner available.
Mortgages - preferential terms
- Eligible for range of residential mortgages if borrowing is over £200,000, only available to private customers.
Savings - preferential terms
- Eligible for linked Savings Account.
Airport lounge facilities/access
- Eligible for DragonPass Premier+, receive six free visits to airport lounges worldwide and discounts at selected airport restaurants. Additional visits can be booked via the app at a discounted rate.
Note

Moneyfacts.co.uk Limited is an independent credit broker not a lender. We will receive a payment from credit providers where customers link to them from Moneyfacts.co.uk. None of these arrangements affects our independence.

Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme up to a maximum level of protection of £85,000 per person per institution.

Disclaimer

All overdrafts are subject to the applicant’s status. You may not be offered credit. All rates and fees are subject to change without notice. Please check all rates and terms before borrowing.

Quick Links

Quick links are where we have an arrangement with a provider so you can move directly from our site to theirs to view more information and apply for a product. We also use quick links where we have an arrangement with a preferred broker to move you directly to their site. Depending on the arrangement we may receive a modest commission either when you press a 'Go to Provider' or 'Speak to a Broker' button, when you call an advertised number or when you complete an application.

Bank accounts with overdrafts

Derin Clark

Derin Clark

Online Reporter

At a glance

  • You go into your overdraft if you spend more than you have in your current account.
  • Arranged overdrafts are pre-agreed with your bank
  • Remember to look at the account as a whole, beyond overdraft charges, including any monthly fees and in-credit interest.

The two types of overdraft

In simple terms, an overdraft is the debt you go into if you spend more than you have in your current account. The moment your current account goes into the red, you step into your overdraft - unless of course your bank account does not allow any overdraft, in which case your payment will be refused. You may even be charged a fee for the refused payment.

There are two types of bank overdraft. If your current account provider has previously agreed that you can go into an overdraft, you will go into an arranged overdraft. Going over an arranged overdraft, or going into debt where there is no arranged overdraft, on the other hand, is called an unarranged overdraft.

Providers can no longer charge higher rates of interest for unarranged overdrafts than they do for arranged overdrafts. Banks can also no longer charge flat fees for overdrafts, but only a single annual interest rate. This is to make overdrafts fairer for customers.

How to compare overdraft accounts

If you frequently find yourself dipping into the red, an account offering an interest -free overdraft would seem ideal. However, it's important to look at more than just the overdraft charges to find the right account for you.

Some accounts may charge a monthly fee, which could outweigh the benefits of low (or no) overdraft rates, while others may have additional benefits that could make up for having some overdraft costs attached.

What to look out for when comparing current account overdrafts will depend on your specific circumstances - particularly how often and how far you are likely to venture into your overdraft. For some, a small interest-free overdraft feature might be sufficient but for others, who are more likely to go into larger debt, will need to look at the overall interest rate charged on the account.

The EAR could be useful for comparing interest rates. It refers to the Equivalent Annual Rate, which looks at the interest you would be charged if you were to remain overdrawn for an entire year. It also compounds the interest, which is why it can look quite steep. All overdrafts must now also display an Annual Percentage Rate (APR) which has been a feature of credit cards and personal loans for many years. The APR has to take into account other account fees and is designed to allow customers to compare overdraft costs.

Should I get an overdraft account?

If you regularly find yourself in your overdraft and you're tired of paying high interest rates as a result, it may be time to switch to an account that offers a cheaper overdraft option. You will need a decent history of paying off your overdraft and other debts within a reasonable timeframe, however, otherwise providers may be reluctant to let you bank with them and use their credit facilities. If you have a bad credit score, a basic bank account or even a guaranteed account (which does not require a credit check) might be a better fit for you.

For those with a decent credit score who would like to have low or no overdraft charges, even if they never intend to go into the red, there are some advantages and disadvantages to consider.

Pros and cons of bank accounts with overdrafts

  • Overdrafts offer a safety net in case of emergencies and prevent bills and other important payments from falling through due to a lack of funds.
  • As these accounts are specifically focused on offering you a facility to let you slip into the red, they may offer some sort of interest -free overdraft tier, which could save you a lot of money in overdraft charges.
  • You don't want to get too tempted to keep going into your overdraft, as this could have a negative effect on your credit score
  • You may miss out on account interest or other current account benefits that are not offered on overdraft accounts, but are available on high interest current accounts

How to apply for an overdraft account

You can apply for a current account with overdraft as you do for any other current account, by talking to the provider you want to move to. If you're looking to switch your current account over entirely, the Current Account Switch Service should be a great help, as it automatically moves your direct debits and standing orders to your new provider, meaning you don't have to worry about missing payments.

Before you apply for anything, however, remember to check your credit rating. Your credit score at the time of application will greatly affect whether you get the account or not, so if there's anything you can do before applying to improve it, don't hesitate.

Also remember that changing your bank account will likely reduce your credit score slightly, due to the credit check that will be part of the application, so be sure of which account you're after before you apply and don't immediately apply for a different account if you get rejected.

All banks offering overdrafts must now have an online tool on their websites that will allow you to see if you are eligible for their account, before you apply. This allows you to see if it’s worth applying, but without any impact on your credit rating.

Moneyfacts tip

Moneyfacts tip Derin Clark

Remember that different providers will have different overdraft limits, so if you are looking to use an overdraft for a somewhat larger debt, check what limit a provider offers. This may be influenced by your credit score and will likely not be the cheapest way to borrow money, especially as overdraft rates are now often much higher than other forms of debt.

Sending money abroad

Find out how to send money abroad easily, securely and quickly using an international money transfer specialist. Our guide explains how it works and the costs involved.

 

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