A little breathing space when you need it
Open to UK residents aged 18 or over with an eligible Ulster Bank current account. Lending is subject to credit review and approval.
How could an overdraft help?
An overdraft provides you with breathing space when you need it. It can also help if an unexpected bill comes out of your account.
Borrow up to a maximum of one month’s salary, subject to approval. For limits higher than £15k or temporary limits please contact your branch.
There are no set up or renewal fees, and as long as you stay within your agreed limit, you only pay monthly interest on what you borrow.
Remove your overdraft, or change your limit whenever you want. There’s no set amount to pay back each month, although interest charges will apply.
Fees and charges
The need to knows
There's no charge for setting up an overdraft, you only pay interest when you use your overdraft.
If you spend more money than you have in your account, or go over your overdraft limit, this is called an unarranged overdraft. This could work out to be more expensive than using an arranged overdraft because of the charges involved. Please speak to us if this is the case so that we can help organise an arranged overdraft.
For full details of the interest and charges please read A guide to personal accounts fees and interest.
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How much interest will I be charged?
Your actual monthly interest rate charges will depend on how much of your overdraft you use and how often you use it, as you are only charged arranged overdraft interest when you use an arranged overdraft.
If your overdraft has a rate of 14.88% and a limit of £1000 and you go overdrawn by £150 for 10 days in the month, your will incur 61p in interest for that month, calculated as follows:
Daily Rate x Amount Overdrawn x Number of Days = Interest Charged
(14.88% ÷ 365 days a year) x (£150 Overdrawn) x (10 days Overdrawn) = £0.61
For more details on our rates and charges please see A guide to personal accounts fees and interest.
Is the rate always better on arranged overdrafts than on unarranged overdrafts?
Yes, the arranged overdraft interest rate is always lower than the unarranged overdraft interest rate. These are detailed in A guide to personal account fees and interest.
An overdraft is repayable on demand. Overdrafts may not be exceeded without prior permission. If you exceed your limit, we will charge interest at the rate stated in A guide to personal accounts fees and interest. A Maintenance Charge and other charges may also apply.
Ulster Bank subscribes to the lending code. The Code can be found here.