An overdraft is a credit facility that allows you to spend more money from your current account than you have in it. You must be 18 or over to apply for an overdraft. There are 2 kinds of overdrafts:

  • Arranged – where we formally arrange a limit with you
  • Unarranged – where you borrow without prior arrangement up to a reserve limit that we may set in advance on your account

The amount of any arranged overdraft we may offer you depends on your financial circumstances and our terms and conditions.

You can use an overdraft if you need some extra money in your account, for a short period of time. It can cover your bills before your salary is paid in, for example. Overdrafts are repayable on demand. If you are planning to have a large outstanding balance on your current account over a long period of time, we have alternatives available that you may wish to consider.

This is the amount of overdraft we have approved for you up to an arranged limit, after taking into consideration your financial status.

This amount is reviewed every 6 months and we may reduce your overdraft or in exceptional circumstances we may withdraw it completely. We would only do this after carrying out a number of checks such as looking at the conduct of your current account, or any other Nationwide account and your credit rating generally. You will be notified in writing of any changes. If the account continues with the same level of funding and within the arranged limit, the arranged overdraft limit will usually be renewed with no inconvenience to you.

Fees

There are no set up fees. You are only charged interest for the days and amount you are overdrawn. Find out more about by selecting your account below:

FlexAccount rates & charges
FlexDirect rates & charges
FlexPlus rates & charges

The reserve limit is the amount up to which we are prepared to pay transactions above an arranged overdraft limit. Beyond this point transactions are returned unpaid. Payments above the arranged overdraft limit will incur the relevant unarranged overdraft usage fees.

How to re-instate your reserve limit.

Find out how to opt-out of your reserve limit by reading our understanding overdrafts guide.

To view or change your arranged overdraft limit, please log in to the Internet Bank or our Banking app and:

Log into the Internet Bank
Register for Internet Banking

1. Select 'View accounts'
2. Select your account from the list
3. Select 'Overdraft options' from the menu on the left side of the page
4. Follow the on screen instructions to change your limit/

If you can't see 'Overdraft options', it' could be because:


  • an overdraft isn't available on your account
  • you have charges pending on your account
  • when you opened the account, you chose not to have an overdraft.

1. Select 'mini statements'.
2. Choose 'overdraft options'.
3. Apply for or manage an overdraft.

To get an instant decision online, submit your request Monday to Saturday 6am - 11pm, or on Sunday from 6am - 6pm when we're available to confirm your overdraft limits. If you submit your request outside these hours, or if we have to carry out further checks, we'll get back to you by secure message within 3 working days.

The Overdraft link will not be available if:

  • you have a FlexBasic account
  • there's no arranged overdraft facility available on the account
  • there are charges pending on your account, or
  • when you opened the account, you chose not to have an arranged overdraft facility.

If you don't think any of these reasons apply or you don't bank online, please visit a branch for an overdraft.

Confirmation of your request

To receive an instant decision online, we recommend that you submit your request during the following hours when we are able to immediately confirm your overdraft limits:

  • Monday to Saturday 6am - 11pm
  • Sunday 6am - 6pm

If you submit your request outside the above hours, or if we have to carry out further checks, we will reply to your request with a secure message within 3 working days.

Availability

When your arranged overdraft application has been successful, the overdraft will be added to your account from the second working day following approval. We'll send you a letter of confirmation.

This overdraft is available to you on an ongoing basis. After 6 months we will review your arranged overdraft limit. If we need to make a change to your limit we will contact you in writing 3 weeks beforehand advising of this change. We will continue to review your arranged overdraft limit on a 6 monthly basis.

If you go over your arranged overdraft limit you then have an unarranged overdraft which has not been agreed in advance with Nationwide.

This means we will charge you:

  • for each transaction we pay or return (bounce) a Paid or Unpaid transaction fee*
  • interest on the total overdrawn balance.

*The monthly cap on unarranged overdraft charges for FlexAccount is £50. Further details can be found online at Monthly Maximum Charge (MMC)

All arranged overdraft requests, regardless of the reserved amount shown, are subject to a final appraisal of your financial standing. This check will be carried out at the time of your request and will determine the arranged overdraft limit to which we can agree to. This will involve a credit reference check.

We take various factors into account when deciding whether to offer you an arranged overdraft and what limit we can give you. These include:

  • the conduct of other accounts you hold with Nationwide,
  • the potential risk to Nationwide,
  • specific lending policies, i.e. as responsible lenders we check to ensure that any lending by us does not lead to over-commitment, to ensure that you maintain a level of borrowing which doesn't exceed your disposable income and which won't become a burden to you, and
  • information about existing or previous financial arrangements, typically obtained from a credit reference agency.

When you apply for an arranged overdraft or change an existing arranged overdraft, we may carry out a credit reference check to help us make a decision. This will be recorded on your credit reference file. A high number of applications for credit in a short time period may affect your ability to obtain credit in the future.

You can obtain personal information held by the credit reference agency, which may have been used by Nationwide from the three main credit reference agencies, Experian, Equifax or Call Credit.

Nationwide is not responsible for the content or accuracy of external websites.

If your request has been unsuccessful and you wish to appeal against the decision you will need to obtain an appeals form from any Nationwide branch. This form should be completed and returned to the branch for consideration.

Log into the Internet Bank
Register for Internet Banking

1. Select 'View accounts'
2. Select your account from the list
3. Select 'Overdraft options' from the menu on the left side of the page
4. Follow the on screen instructions to change your limit/

If you can't see 'Overdraft options', it' could be because:


  • an overdraft isn't available on your account
  • you have charges pending on your account
  • when you opened the account, you chose not to have an overdraft.

1. Select 'mini statements'.
2. Choose 'overdraft options'.
3. Apply for or manage an overdraft.

To get an instant decision online, submit your request Monday to Saturday 6am - 11pm, or on Sunday from 6am - 6pm when we're available to confirm your overdraft limits. If you submit your request outside these hours, or if we have to carry out further checks, we'll get back to you by secure message within 3 working days.

We review the amount every 6 months, and may reduce your overdraft, or in exceptional circumstances, withdraw it completely. But only after carrying out a number of checks on the conduct of your current account, any other Nationwide account and your credit rating generally.

We notify you in writing about any changes at least 28 days before a change is made, and on your monthly statement.