Graduate Overdrafts - Overdrafts | Ulster Bank

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Graduate overdrafts

A little helping hand as you enter the world of work

Open to UK residents aged 18 or over with an Ulster Bank Graduate Account. Lending is subject to credit review and approval.

See how an Ulster Bank Graduate 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 wee bit tight and pay day feels a long way off, it could be a good way to bridge the gap for the short-term.

Interest-free buffer

Interest-free arranged overdraft up to £1,500 for up to one year after you graduate. No usage fees or other charges. 

Apply over the phone

Simple give us a call on 0800 046 6486 and we'll help you apply.

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.

Remember that...

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 Graduate Overdraft allows you to go overdrawn up to an agreed limit. This type of borrowing could help when you're entering the world of work, your day-to-day expenses are changing and pay-day feels a long way off.

How our Arranged Overdraft can help

Sometimes it’s just the general cost of life after graduation, sometimes it’s an unexpected bill or expense. Whatever the reason, an Arranged Graduate Overdraft is a convenient type of short-term borrowing that can provide a short-term safety net on your current account or in an emergency.


What you should know

An Arranged Graduate 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 bank account and you don’t already have an arranged overdraft in place, or when you exceed the arranged overdraft limit you already have on your account.

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


Important information

An overdraft is repayable on demand. Overdrafts may not be exceeded without prior permission. If we decide not to make a payment you may be charged an Unpaid Transaction Fee if we decide not to make a payment as detailed in Your Overdraft Charges.  We won't charge you more that £20 in a monthly charging period for any unpaid transactions and unarranged overdraft interest. 

We may carry out credit scoring, where we assess whether credit is affordable for you based on the information you provide.

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.

Ulster Bank subscribes to the lending code. The Code can be accessed here.

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.

Graduate overdrafts Ready to apply?

Give us a call and we'll get the ball rolling.

0800 046 6486 

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