To help our members during this challenging time, we’re temporarily reducing our arranged overdraft interest rate.

This is separate from our arranged overdraft interest holiday, which must be applied for and offers a 3 month break from interest charges.

How do I get the temporary rate?

You don’t need to do anything, we've already applied the temporary rate of 18.9% per year (variable) to all of our FlexAccount, FlexPlus and FlexDirect accounts automatically. This doesn't change the terms of your account.

When will the temporary rate apply?

Any borrowing between 17 April and 17 July will be charged at the temporary rate of 18.9% per year (variable). Any borrowing outside these dates will be charged at the standard rate of 39.9% per year (variable).

How will I know that I’m getting the temporary rate?

We’ll apply the temporary rate automatically. If we have your mobile number, we’ll also send a text message to let you know. It’s a good idea to make sure that your contact details are up to date. You can check and update your details on the Internet Bank or in the Banking app.

We’ll send you another text message when the rate changes back to 39.9% per year (variable).

What if I’ve applied for an arranged overdraft interest holiday?

If you’ve applied for an interest holiday, you’ll remain on the reduced interest rate until your interest holiday begins.

What if I have an arrangement to repay my overdraft?

If you already have an arrangement in place with us to help you pay down your overdraft, don’t worry, it won’t be affected by the temporary rate change.

Why does your website and other documents still say 39.9% per year (variable)?

This is a temporary change to support our members through difficult times due to coronavirus. It doesn’t change the terms and conditions of your account, and after the 3 month period arranged overdrafts will go back to our standard rate of 39.9% per year (variable). You can check the charges that would apply using our overdraft calculator.

If we hold a valid mobile number for you, we’ll send you a text message before the rate changes back to 39.9% per year (variable).

I don’t have an arranged overdraft, can I apply for one?

You can apply for an arranged overdraft online using our Internet Bank or mobile app.

You can check if you’re eligible before applying by using our eligibility tool.

Remember that after 17 July we’ll charge interest at the contractual rate of 39.9% per year (variable). You can use our overdraft calculator to check the cost of borrowing.

What about my credit score?

Remember that going over your arranged overdraft limit can impact your credit score. If you’ve exceeded your overdraft limit and you’re not able to make a payment to bring your balance back within the limit, you can find help on our Money Worries page.