Student Overdrafts - Overdrafts | Ulster Bank

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Student overdraft

Applying for a student overdraft or changing your student overdraft limit

Open to UK residents 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
  • 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 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.)

Both types cost money

Both types of overdrafts will cost you money in fees, but an unarranged overdraft will cost you more and might result in payments such as household bills being rejected.

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

Find out how much you're likely to pay

Why not use our overdraft cost calculator to see what an overdraft could cost you based on your circumstances? The great news is it won't impact your credit rating.

Check your chances before applying

Give our eligibility tool a try and find out if you're likely to be approved for an overdraft. It can give you an idea of your potential overdraft limit and representative APR.  It takes just a few minutes and it won't harm your credit rating. 

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 06:30 and 21:45.

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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