About Overdrafts

About arranged overdrafts

An arranged overdraft can act as a short term safety net. You can use it to borrow money up to an agreed limit through your bank account. Features and benefits

  • Managing your arranged overdraft - You can reduce, remove or apply to increase your arranged overdraft through Telephone Banking. But you must repay anything you owe if you want to remove an overdraft or anything over the new reduced limit you want.
  • Receive text message alerts – If we have a mobile number for you, we’ll help you keep an eye on your balance. Find out more below (see text alert section).
  • Grace period - You have until midnight to bring your account back in to credit to avoid arranged overdraft fees and charges for that day. You can do this by transferring money from another personal account you have with us via Mobile Banking, Internet Banking, Telephone Banking or pay in cash over the counter in a branch.
  • If you don't have enough money in your account to make a payment, we may either let you borrow through an unarranged overdraft or refuse to make the payment.

    Missing payments and using an unarranged overdraft can lead to fees and charges and can damage your credit score, please get in touch with us as we may be able to help you.

  • If you’re looking to borrow money, it is important you compare and choose the right options for you based on your circumstances. Tools to help you decide - You can check your eligibility and calculate the cost of any arranged overdraft at any time using the tools provided.   Use of the Eligibility tool won’t affect your credit score. These tools will give you an indication of costs and eligibility. If you are an existing Private Banking customer and wish to apply for an overdraft, please contact us on 0345 366 2726 and we will undertake a full assessment of you needs and circumstances.

    If you are not a Private Banking Customer and would like to find out more, please visit become a client

See if you are eligible

This tool is available to check your eligibility for an overdraft up to £5,000

If you would like to apply for an overdraft over £5,000 or have any questions, contact your Relationship Associate or call us on 0345 366 2726

Find out how likely you are to be approved before you apply, with no impact on your credit score

Eligibility tool

How much will it cost me?

Our calculator will let you know how much your borrowing will cost.

This tool is limited to overdrafts of up to £25,000 for a period of up to 90 days.

You can also check the cost of using an overdraft following pricing changes effective from 6th April 2020.
 

Cost calculator

All overdrafts are subject to our assessment of your circumstances and are repayable in full on demand. You must be aged 18 or over to apply.

Overdraft Text Message Alerts

Text Message Alerts help you manage your money and avoid charges by reminding you when you need to pay cleared funds into your account. They can also help you avoid going into an unarranged overdraft. You will be automatically enrolled into our updated alerts service if we have an up to date mobile number for you. You can check the number we have for you - or provide one - through Internet Banking, in a branch, or by calling us on 0345 300 0000

It is important to monitor your account regularly to make sure you have enough funds to make any payments due. Our text alerts service offers a simple way to stay on top of your finances without even having to think about it.

There are two groups of overdraft text alerts:

    • You enter your arranged overdraft that day based on your pending transactions. You will only receive this message once when you enter your arranged overdraft and may incur interest and charges.
    • You have entered your arranged overdraft. You will only receive this message once when you enter your arranged overdraft and may incur interest and charges. You have until midnight to pay in enough cleared funds to avoid further overdraft interest and charges. The money needs to be immediately available to use, so you could transfer money from another personal account you have with us via Mobile, Internet or Telephone Banking or pay in cash over the counter in branch.

    To stop arranged overdraft alerts, text STOPA to 64447
    You can stop all overdraft alerts by texting STOP to 64447

    Opting out means that you won’t receive the alerts on your overdraft usage which could lead to avoidable costs.

    If you wish to opt back in, simply text:

    • START to 64447 to opt in to all overdraft alerts
    • STARTA to 64447 to opt in to only arranged overdraft alerts
    • STARTU to 64447 to opt in to only unarranged overdraft alerts

    Opting in and out of these alerts is free. Your preferences to opt in or out of these alerts will be applied to all your Bank of Scotland Private Banking personal accounts and any other accounts you have with Bank of Scotland.

    We will also send you other text alerts when:

    • We are asked to change your phone number
    • You set up a new person or company to receive a payment
    • We need to speak to you before we make a payment
    • We suspect any fraud related activity

    You cannot stop these alerts.
    You can receive text alerts abroad, but please check with your service provider for any charges you will incur.

    • You enter an unarranged overdraft that day based on your pending transactions.
    • You have entered an unarranged overdraft.
    • You don’t have enough to pay a standing order.  

    You will have until 2.30pm (UK time) to pay in cleared funds in order to make any payments. When you pay in funds, the money needs to be immediately available to use, so you could transfer money from another personal account you have with us via Mobile, Internet or Telephone Banking or pay in cash over the counter in branch.

    To stop unarranged overdraft alerts, text STOPU to 64447
    You can stop all overdraft alerts by texting STOP to 64447

    Opting out means that you won’t receive the alerts on your overdraft usage which could lead to avoidable costs.

    If you wish to opt back in, simply text:

    • START to 64447 to opt in to all overdraft alerts
    • STARTA to 64447 to opt in to only arranged overdraft alerts
    • STARTU to 64447 to opt in to only unarranged overdraft alerts

    Opting in and out of these alerts is free. Your preferences to opt in or out of these alerts will be applied to all your Bank of Scotland Private Banking personal accounts and any other accounts you have with Bank of Scotland.

    We will also send you other text alerts when:

    • We are asked to change your phone number
    • You set up a new person or company to receive a payment
    • We need to speak to you before we make a payment
    • We suspect any fraud related activity

    You cannot stop these alerts.
    You can receive text alerts abroad, but please check with your service provider for any charges you will incur.

Important information

Mobile Banking services may be affected by phone signal and functionality. UK personal Internet Banking customers only. We do not charge for Mobile Banking but your mobile operator may charge for some services. Visit mobile banking for more information.

Mobile alerts are sent throughout the day, 7 days a week including Bank Holidays. This is a free service for all eligible current account customers.

Bank of Scotland plc is part of Lloyds Banking Group. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com

Bank of Scotland plc

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