Request up to £500 interest free and a lower interest rate
If you’re financially impacted by coronavirus and haven't already had the maximum of two 3 month interest free periods applied to your account, you will have until 31st January 2021 to request £500 interest free on your existing arranged overdraft (or up to your existing arranged overdraft limit if lower than £500) for a 3 month period. We'll also reduce your interest rate on any borrowing above the interest free amount for the same period.
As well as an interest free amount, we'll also reduce your interest rate
If you're eligible and request the interest free amount, we'll also reduce your overdraft interest rate that you'll pay for any borrowing above your interest free amount for the same period. Compare your contractual and temporary reduced rate.
Please note, this isn’t a change to your overdraft terms.
What if I've already requested the interest free amount?
If we've already agreed an interest free period on your overdraft as part of the coronavirus support on or after 2nd July 2020, you may be eligible to reapply. If you have had one interest free period of no more than 3 months and it has either already ended or is due to end on or before 31st January 2021, then you have until then to request a second interest free period for a further 3 months if you remain temporarily financially impacted by coronavirus.
If we've already agreed an interest free period on your overdraft as part of the coronavirus support on or before 1st July 2020, unfortunately you are not eligible to reapply. This is because we automatically extended this support for you for a further 3 months, so you have already had the maximum 6 months of support.
What happens when these temporary measures come to an end?
Once your interest free period comes to an end, interest will go back to being charged on the full overdrawn balance at your contractual rate. We will remind you of the exact date that the period will end, as well as the contractual interest rate which will apply to your arranged overdraft. If you remain financially impacted by coronavirus and your first 3 month interest free period has either already ended or is due to end on or before 31st January 2021, we’ll also remind you that you have until then to request a second interest free period for a further 3 months.
You can use our overdraft cost calculator to check what your interest rate will be and what an overdraft would cost you based on your circumstances when the temporary measures end.
Still worried about the cost of your overdraft after your interest free period ends?
There are a number of ways in which we may be able to support you. Please visit our dedicated overdraft support page where you can access this support.
How do I make the request?
If you have an overdraft with us, just fill in a few details to make the temporary interest free and lower rate request. Have your account number and sort code to hand.