Student Overdrafts - Overdrafts | Ulster Bank

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Student overdraft

Interest-free overdraft of up to £1,000

Open to UK residents who've lived in the UK 3+ years, aged 18 or over with an Ulster Bank Student Account. Lending is subject to credit review and approval.

 

 

The need to knows

Overdrafts are a way of borrowing money and you're responsible for repayments if you decide to use one. If you're unable to repay what is owed, you could harm your credit score. Most lenders use this to assess whether they'll lend to you.

  • Could be ideal for short-term borrowing or in an emergency
  • To help you through your student days we offer an interest-free arranged overdraft of up to £1,000. This means that you don’t need to pay any interest or fees as long as you stay within your arranged overdraft limit.
  • Students studying medicine, dentistry, law, accountancy, pharmacy, optometry, physiotherapy and veterinary science can apply for an overdraft limit of up to £3,000
  • We'll send you an email when your statements are ready to view in Anytime Banking. You can check it whenever you want.

An Arranged Student 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.

Sometimes it’s just the general cost of student living, sometimes it’s an unexpected bill or expense. Whatever the reason, an Arranged Student 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.

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're in an Unarranged Overdraft and you try to withdraw more funds, you'll be charged an Unpaid Transaction fee of £2.75. (The maximum we’ll charge you in a monthly charging period is £2.75.)

How to apply

To apply online you should:

  • Be 18 or over and resident in the UK
  • Be registered for Anytime Banking
  • Have an Ulster Bank Student Account

If you are not registered for Anytime Banking you can register now

Useful tips
When you apply we will quote the maximum limit we can offer you, so please stay within this amount.

We will also ask for a review date for your overdraft. Please enter your graduation date when asked for this.

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.

Already got an overdraft?

It's easy to change your limit, simply follow the application process below and tell us the total amount you would like, rather than the amount you want to increase or decrease your overdraft by.

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

Student on laptop in cafe
Before you apply 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 as detailed in Your Overdraft Charges.

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

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.

Student Overdraft 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 

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

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