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 March 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.
If we've already agreed an interest free period on your overdraft as part of the coronavirus support on or after 2nd July 2020, this will apply to your arranged overdraft for a period of 3 months from the date of your application. We’ve also kept your interest at a temporary reduced rate, on any borrowing above your interest free amount for the same 3 month period. 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 March 2021, you have until then to request a second interest free period for a further 3 months.
It’s important to remember that after the period ends, we’ll start to charge interest at your contractual rate on the full overdrawn balance.
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 re-apply. 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.
If you’re 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 take a look at our What further support is available? section below where you can access this support.