If you think you'll struggle with your finances due to the impacts of coronavirus, you can apply for an interest holiday on your arranged overdraft. This means we will not charge interest on your arranged overdraft during your interest holiday.
Remember, you’ll still be charged for any borrowing before your holiday started. We’ll notify you of any charges in your monthly statement, and they’ll be applied to your account 28 days later as usual. This means that charges for borrowing in a previous month may be applied to your account while your interest holiday is in place.
Your interest holiday will last for 3 months from the day your application is processed, and we’ll waive the interest for this period. After your holiday period finishes, interest will be charged on any arranged overdraft use at your normal contractual rate.
Your interest holiday won't be reported to Credit Reference Agencies and won't affect your credit status, however lenders may take into account other information when making future lending decisions. For example, they may ask you to confirm this when you apply for credit or may ask to look at your bank statements. Remember, if you request an increase to your arranged overdraft limit, or apply for other credit, we’ll apply our normal creditworthiness and affordability checks before making a decision.
You can apply for an interest holiday until 31 October 2020.