Change Your Overdraft Limit - Overdrafts | Ulster Bank

Overlay
Couple at ATM

Changing your overdraft limit

Help to increase, decrease or remove your overdraft

Open to UK residents aged 18 or over with an eligible Ulster Bank current account. Lending is subject to credit review and approval. You must pay your salary or a regular amount into your current account.

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

Accordion

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.

Accordion

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.

Accordion

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. 

 

Accordion

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.

Accordion

Icon expand Where can I find out more information?

You can read more about the suport measures by visiting our overdrafts coronavirus support page

 

If you’ve got an arranged overdraft limit on your account that you feel is too low or too high, we’ll show you how to change it.

Increasing your Arranged Overdraft

Is your overdraft limit no longer right for you? We understand that circumstances may change, so if you’ve got an overdraft limit that you now feel is set too low and you'd like more or the limit is no longer right for you, you can apply online to increase it to cover your short-term expenses.

Things to keep in mind:

  • Increasing your limit often - an Overdraft is a form of debt and applications are recorded on your credit file and could affect your ability to get credit in the future, so bear that in mind
  • Our decision - we base our decision on your individual circumstances, by looking at a variey of factors like; your income, your credit score, how you use your current account with us, your employment and marital status, and whether you have dependents.

Decreasing or removing your Arranged Overdraft

Man on laptop

It's easy to change your existing overdraft limit

If you want to decrease your limit, simply tell us the total amount you would like, rather than the amount you want to decrease your overdraft by.

To completely remove your overdraft limit, enter '0' when asked for the total limit you require on your account.

If you want to remove your overdraft completely, your account must be in credit.

If you are not registered for Anytime Banking you can register now. Otherwise please contact your local branch to apply.

Overdrafts Change your limit 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 

Set Tab for lightbox