Apply For An Overdraft - Overdrafts | Ulster Bank

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New Arranged Overdraft

A short-term safety net on your current account

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Available to customers who have an eligible Ulster Bank current account, are 18+ and a UK resident. You must pay your salary or regular amount into your current account.

Representative 39.49% APR (variable)

See how an Ulster Bank overdraft could help

An arranged overdraft allows you to borrow money up to an agreed limit on your bank account. So if things are a little tight and pay day feels a long way off, it could be a good way to bridge the gap short-term.

Only pay interest when you use it

No usage fees or other charges.  You only pay interest if and when you use the overdraft. 

Apply with ease

Bank with us online? We can pre-fill your application, saving you time. It only takes around 5 minutes to apply through Anytime Banking

Get your funds quickly

If your application is successful, you'll normally have the funds the next working day (sometimes, it's within 2 working days)

Handy text alerts

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.

Support with coronavirus

We're helping our customers who apply for a new overdraft through the coronavirus pandemic

Request up to £500 interest free and a lower interest rate

 

If you apply and are accepted for a new overdraft and you’re financially impacted by coronavirus, you will have until 31st October 2020 to request £500 interest free on the arranged overdraft (or up to the 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

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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.

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Icon expand How do I make the request?

You have to have an arranged overdraft with us to make the request. So, firstly continue to the bottom of this page to make an applicaton.

Then, if you are accepted, come back and 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 need more information, you can find this on our overdrafts coronavirus support page.

 

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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. 

 

 

Things to know about overdrafts

 

Overdrafts are a way of borrowing money and you’re responsible for repayments if you decide to use one. If you aren’t able to repay what is owed, you could impact your credit score, which most lenders use to decide whether they’ll lend to you.

 

 

Overdrafts explained

We know it’s not always easy to understand overdrafts, so we’ll keep you right by explaining the difference between arranged and unarranged overdrafts. The first thing to know is that both types will cost you money in interest when you use them. But there are other differences too.

An Arranged Overdraft allows you to go overdrawn up to an agreed limit. So, if payday is still a long way off and you’re getting a bit short of cash, that’s where our Arranged Overdraft could help.

How our Arranged Overdraft can help

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 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.

An Unarranged Overdraft is when you spend more money than you have in your account without  already having an Arranged Overdraft, or when you exceed your current Arranged Overdraft limit.

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. 

 

Monthly cap on unarranged overdraft charges

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. 

Manage your overdraft easily, wherever you are, using the app or Everyday Banking

You can use our mobile app or digital banking services to see your balance or change your overdraft limit at a time that suits you. 

 

If you're successful in getting an arranged overdraft, it's handy to know that you can apply to increase, reduce or remove it via Digital Banking, in the mobile app, over the phone or in branch. 

 

  • If you want to increase your limit, please tell us what you want your new overdraft limit to be. Your application to increase will be subject to a credit assessment
  • If you want to reduce your limit, your current overdraft balance must be within your new requested limit. The minimum overdraft limit you can have is £250
  • If you want to remove your overdraft completely, your account must be in credit

 

How much does my overdraft cost in pounds and pence?

The below table is a specific illustrative example representing the interest cost of using a £500 arranged overdraft over periods of 7,30 and 60 days. 

Looking to understand the cost of an overdraft of more or less than £500 over different periods of time? Use our handy Overdraft Cost Calculator.

  7 days 30 days 60 days
Select Account  £3.24 £13.87 £28.13
uFirst Gold £3.24 £13.87 £28.13
uFirst Private
£1.72 £7.37 £14.85
Private Current Account £1.72 £7.37 £14.85

 

Select and uFirst Gold accounts

Representative Example:

Effective Annual Rate: 39.49% EAR (variable)

Representative APR: 39.49% APR (variable)

Assumed credit limit: £1200

uFirst Private and Private Current accounts

Representative Example:

Effective Annual Rate: 19.49% EAR (variable)

Representative APR: 19.49% APR (variable)

Assumed credit limit: £1200

Tools to help you out

Check your chances of being approved before applying

Have a shot of our eligibility checker tool, which will help you understand if you’re likely to be accepted for an overdraft before you start an application. It only takes a couple of minutes and it won’t harm your credit rating.

Find out how much interest you're likely to pay

Our cost checker tool allows you to see how much interest you’re likely to pay based on how much you plan to borrow, and how regularly you want to use it.

Apply online

You can apply online between 06:00 and 21:45.

How your information might be used

It’s important for you to understand how we use and share your information.  Please read this short summary before you continue with your application.

By ticking this box I confirm that:

I have saved and/or printed a copy of the documents below and accept that upon completing this application, I will become bound by the terms contained in those documents.

Your Current Account Terms

Your Overdraft Charges 

Our Lending Commitments 

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