About overdrafts

An Arranged Overdraft is an overdraft up to an agreed limit, which you arrange with us in advance.

It’s perfect for short-term borrowing, there is no set-up fee, and you'll only pay an arranged overdraft fee if you use it.

An Arranged Overdraft can be a safety net to cover unexpected costs like essential repairs or an unexpected bill coming out of your account.

You must be 18 years old or over to have an overdraft. Whether you can have an overdraft and how much we lend depends on our assessment of your personal circumstances.

Any arranged overdraft we agree is repayable on demand, including any fees.

If you are looking to borrow money it is important that you make the right choice for your circumstances. Compare borrowing options.

Apply for an arranged overdraft

Have you already got a current account with us that offers an arranged overdraft?

Click the ‘Apply now’ button to sign into Internet Banking, then select ‘Overdrafts’ from the left hand ‘Our products and services’ panel, or alternatively from your bank account, select ‘More actions’ and then ‘Overdraft’.

If you already have an arranged overdraft you can apply to increase, decrease or remove your arranged overdraft from your Internet bank account.

Apply nowfor an arranged overdraft.

Understanding fees and charges

One daily arranged overdraft fee

Our daily arranged overdraft fee will depend on the amount of your arranged overdraft balance at the end of each day including bank holidays and weekends. We will take the amount of the daily arranged overdraft fee from your account overnight.

The daily arranged overdraft fee is 1p for every full £6 you borrow each day up to £1250, a further 1p for every additional full £7 you borrow each day between £1250 and £2500, and then a further 1p for every additional full £8 you borrow each day over £2500.

Daily charging

The amount of daily arranged overdraft fee you pay depends upon how much you borrow. Your fee could be made up of three different fees added together.

1p for every full £6 up to £1250. 1p for every further full £7 between £1250 and £2500. 1p for every further full £8 over £2500

The daily arranged overdraft fee charged could be a combination of the above amounts, depending on how much your overdraft is. If you have a fee-free amount with your arranged overdraft you will only pay a daily arranged overdraft fee for the amount borrowed above that.

If you go over your limit

If a payment takes you over your limit or we refuse it, you won’t be charged by us but you might not be able to make your payment.

This could mean your mortgage or rent as well as other commitments may not be paid and some suppliers may charge you fees for missing those payments.

Overdraft fees

Our daily arranged overdraft fee will depend on the amount of your arranged overdraft balance at the end of each day including bank holidays and weekends. We will take the amount of the daily arranged overdraft fee from your account overnight.

The daily arranged overdraft fee is 1p for every full £6 you borrow each day up to £1250, a further 1p for every additional full £7 you borrow each day between £1250 and £2500, and then a further 1p for every additional full £8 you borrow each day over £2500.

If you are upgrading and don’t already have an Arranged Overdraft you can apply for one once you complete this application.

Applying for this product does not improve your eligibility for an arranged overdraft.

Student account

For Student Account - Timeframe

Fee-free amount

For Student Account - Timeframe

Months 1-6

Fee-free amount

£500

For Student Account - Timeframe

Months 7-9

Fee-free amount

£1,000

For Student Account - Timeframe

Months 10-12

Fee-free amount

£1,500

For Student Account - Timeframe

Year 2 & 3

Fee-free amount

£1,500

For Student Account - Timeframe

Year 4, 5 & 6

Fee-free amount

£2,000

These are correct as at 14/01/2019

Graduate account

Graduate Account - Timeframe

Fee-free amount

Graduate Account - Timeframe

Year 1

Fee-free amount

£2,000

Graduate Account - Timeframe

Year 2

Fee-free amount

£1,500

Graduate Account - Timeframe

Year 3

Fee-free amount

£1,000

These are correct as at 14/01/2019

Representative example:
If you use an arranged overdraft of £1,200 on your Classic Account, then we’ll charge you a daily arranged overdraft fee of £2.


  

Previous overdraft fees and charges

For overdraft fees and charges relating to bank accounts we no longer offer, please see Previous Bank of Scotland Bank Accounts.

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Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.