We’ve waived some of the interest charges through the arranged overdraft interest holiday and by temporarily reducing the arranged overdraft interest rate on FlexAccount, FlexDirect and FlexPlus from 39.9% to 18.9% per year compounded (variable). We applied the temporary rate automatically between 17 April and 31 July 2020.
From 1 August 2020, or when your interest holiday ends if you have one, you’ll be charged interest at the contractual rate of 39.9% per year (variable).
If you've been relying on your overdraft more than usual during the coronavirus outbreak, charges may be higher than you were used to before. You can use our overdraft calculator to check what charges will be at the contractual rate.
As usual, you'll be notified of any charges for using your arranged overdraft in your monthly statement. Charges are applied to your account 28 days later.