Take a look at our Overdraft options
Open to UK residents aged 18 or over with an eligible Ulster Bank current account. Lending is subject to credit review and approval.
There's two ways we're helping our customers using an Overdraft through the Coronavirus pandemic.
Overdraft interest staying at current rates
From Monday 30th March until 14th July, all of our Personal Banking customers using their overdraft will pay less as we’re keeping overdraft interest at their current rates.
Most customers will pay Representative 19.89% APR (variable) for that period, rather than our standard rate of Representative 39.49% APR (variable). uFirst Private customers will remain at Representative 14.89% APR (variable), rather than moving to Representative 19.49% APR (variable). Please note, this isn’t a change to your overdraft terms & conditions.
There also won’t be any other fees or charges in addition to the above interest rates.
To find out more about our Overdraft charges after 14th July, please use our Overdraft Cost Calculator.
Request £500 interest-free on your overdraft
If you are financially impacted by coronavirus, we are here to help. You can request £500 interest free on your existing arranged overdraft (or up to your existing arranged overdraft limit if lower than £500).
This is a temporary measure and will be interest free from application date for three months. Take a look at our helpful FAQs for more information.
Please remember that after the three months ends, we will start to charge interest on the full balance.
Icon expand Arranged overdraft
An arranged overdraft allows you to go overdrawn up to an agreed limit. This type of borrowing can help if pay-day is a long way off or you're a bit short of cash.
Sometimes it’s just the general cost of living, sometimes it’s an unexpected bill or expense. Whatever the reason, an Arranged Overdraft is a convenient type of short-term borrowing that can provide a short-term safety net on your current account.
What you should know
An Arranged Overdraft is a form of debt and is repayable on demand. Always make sure you have enough money in your current account, or a suitable Arranged Overdraft limit in place before any payments are due to come out of your account.
Icon expand Unarranged overdraft
An unarranged overdraft is when you spend more money than you have in your account without already having an arranged overdraft in place, or when you exceed your current arranged overdraft limit you do have in place.
Both arranged and unarranged overdrafts costs money. If you enter an unarranged overdraft you will be charged unarranged overdraft interest depending on the type of current account you have for how long you remain in that position.
An arranged overdraft allows you to borrow money up to an agreed limit on your bank account. So if things are a little bit tight and pay day feels a long way off, it could be a good way to bridge the gap for a short-term.
No usage fees or other charges. You only pay interest if and when you use the overdraft.
Bank with us online? We can pre-fill your application, saving you time. It only takes around 5 minutes to apply through Anytime Banking
If your application is successful, you'll normally have the funds the next working day (sometimes, it's within 2 working days)
We'll send you text messages when you use your overdraft (or an unarranged overdraft) to help keep an eye on your balance and keep you on the straight and narrow.
Representative 39.49% APR (variable)
There are no set up fees for an arranged overdraft, but you would be charged arranged overdraft interest depending on what curent account you have, how much of the limit you've used and how long you use it for.
If you go into Unarranged Overdraft, we’ll charge you interest on the amount you go overdrawn. This interest charge can vary by type of current account. You can use our handy Overdraft Cost Calculator which can give you an idea of the cost of using an unarranged overdraft.
Each current account has a monthly maximum charge for going into Unarranged Overdraft or going over your Arranged Overdraft limit, which is £20.
Unpaid transaction fee is £2.75, with a maximum of 1 per charging period
So, we won’t charge you more than £20 in a monthly charging period for an Unarranged Overdraft or any unpaid transactions. For full details of the interest and charges please read Your Overdraft Charges.