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.
Support with coronavirus
We're helping our overdraft customers through the coronavirus pandemic
Request up to £500 interest free and a lower interest rate
If you’re financially impacted by coronavirus, you will have until 31st October 2020 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.
Tell me more
Icon expand As well as an interest free amount, we'll also reduce your interest rate
If you 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.
The interest rate will be the temporary reduced rate that was in place prior to 7th August 2020. Compare your contractual and temporary reduced rate.
Please note, this isn’t a change to your overdraft terms.
Icon expand 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 before 1st July 2020, we’ll automatically extend this for you for a further 3 months from when your interest free period was due to end - so, you don’t need to reapply.
We’ll also keep your interest at a temporary reduced rate, on any borrowing above your interest free amount for the same extended time period. This will happen automatically. If we have a mobile phone number for you, you should have received an sms in July to confirm this.
It’s important to remember that after the further 3-month period ends, we’ll start to charge interest at your contractual rate on the full overdrawn balance.
Compare your contractual and temporary reduced rate.
Icon expand These are temporary measures to support customers who are financially impacted by coronavirus
It's important to remember that after the 3 month period ends, we’ll start to charge interest at your contractual rate on the full overdrawn balance.
You can use our overdraft cost calculator to check what your contractual interest rate is and what an overdraft would cost you based on your circumstances when the temporary measures end.
Icon expand How do I make the request?
You have to have an arranged overdraft with us to make the request. If you do, 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.
If you don't have an overdraft with us, you can check whether you are likely to be approved before you apply by using our eligibility checker. It takes just a few minutes and won’t impact your credit rating. This is indicative only and does not guarantee you will be offered an overdraft.
Or, follow our standard New Overdraft process to be assessed if you are eligible for an overdraft.
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)
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.
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.