Choose the type of current account you have to see the arranged and unarranged overdraft fees, interest charged, reserve limits and caps.

  • If you remain in credit, you won’t be charged any fees
  • With an arranged overdraft:
    • up to £250 – no fees
    • over £250 – 50p each day for every day you are over £250 overdrawn
  • With an unarranged overdraft:
    • buffer – if less than £10 over your arranged overdraft, no unarranged usage fee
    • over £10 - £5 each day for every day you use an unarranged overdraft
  • Reserve limit
    • if we refuse a payment due to lack of funds there are no unpaid transaction fees
    • cap on unarranged overdraft usage fees - £50 maximum fee each month

FlexPlus Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the amount we will charge you is 50p per day (variable).

FlexPlus rates, fees and overdraft

  • If you remain in credit, you won’t be charged any fees
  • With an arranged overdraft:
    • up to £10 – no fees
    • over £10 – 50p each day for every day you are over £10 overdrawn
  • With an unarranged overdraft:
    • buffer – if less than £10 over your arranged overdraft, no unarranged usage fee
    • over £10 - £5 each day for every day you use an unarranged overdraft, and a paid transaction fee of £5 if we allow a payment despite lack of funds (if you go over your arranged overdraft but rebalance before 6pm the same day, you’re not charged)
  • Reserve limit
    • If we refuse payments due to lack of funds - an unpaid transaction fee of £5 will apply. Paid transaction fees for allowing a payment despite lack of funds and unpaid transaction fees for refusing a payment due to lack of funds are capped at £15 a calendar month.
    • cap on unarranged overdraft usage fees - daily unarranged overdraft usage fees are capped at £35 per calendar month.

FlexDirect Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the amount we will charge you is 50p per day (variable).

FlexDirect rates, fees and overdraft

  • If you remain in credit, you won’t be charged any fees
  • With an arranged overdraft: you’re charged interest at 18.90% EAR (variable) when your balance drops below £0 and you’re within your arranged overdraft limit
  • With an unarranged overdraft:
    • buffer - less than £15, no paid transaction fees if we allow a payment despite lack of funds (but you still pay interest)
    • over £15 – you’re charged interest at 18.90% EAR (variable), and an unpaid transaction fee of £5 if we refuse a payment due to lack of funds.
  • Reserve limit
    • If we refuse a payment due to lack of funds - an unpaid transaction fee of £5 will apply.
    • cap on unarranged overdraft usage fees - £50 a month (of which £45 is paid transactions fees for allowing a payment despite lack of funds and unpaid transaction fees for refusing a payment due to lack of funds and £5 unarranged overdraft interest at 18.9% EAR).

FlexAccount Arranged Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the interest rate we will charge you is 18.9% EAR (variable).

FlexAccount rates, fees and overdraft

An arranged overdraft is only available on this account if you’re over 18 years old.

  • If you remain in credit, you won’t be charged any fees
  • With an arranged overdraft you won’t be charged any fees
  • With an unarranged overdraft: if a very small number of transactions may take your account below your arranged overdraft limit and into an unarranged overdraft, we won’t charge you anything and we work with you to put your account right
  • Reserve limit
    • Refusing a payment due to lack of funds – no unpaid transaction fees
    • cap on unarranged overdraft usage fees – no fees

FlexOne Arranged Overdraft Representative example:

If you use an arranged overdraft of £1,200 the amount we will charge you is 0p per day (variable).

  • If you remain in credit, you won’t be charged any fees
  • The account is designed to prevent you from going over your arranged overdraft limit. However, in the unlikely event that you do go over your arranged overdraft, we still won’t charge you. You’ll simply need to bring the balance back within your arranged overdraft limit before you can carry on using your account. If you don't bring it back, you'll be unable to take cash out, and will be unable to use your card to purchase items (both in store, online and via the telephone).
  • When your course comes to an end, we’ll move your FlexStudent to our FlexGraduate account. Your arranged overdraft remains interest-free and fee-free and reduces in steps after you graduate (up to 3 years, dependent on course length) to help you stay in control of your finances.
  • Reserve limit
    • Refusing a payment due to lack of funds – no unpaid transaction fees
    • cap on unarranged overdraft usage fees – no fees

FlexStudent Arranged Overdraft Representative Example

If you use an arranged overdraft of £1,200 the amount we will charge you is 0p per day (variable).

Overdrafts: Words we use

Arranged overdraft - We agree in advance that you may borrow money when there is no money left in your account. The agreement determines a maximum amount that can be borrowed, and whether fees and interest will be charged to you.

Buffer - A small additional amount over and above your arranged overdraft limit, to allow for transactions to be made without taking you into an unarranged overdraft.

Cap - The maximum amount of charges you can incur in a calendar or statement month.

EAR - Equivalent Annual Rate is the cost of an overdraft stated as a yearly rate, taking into account the compounding of interest. You can use it to compare rates offered by different providers. We work out interest each day on any overdrawn amount and take it from your account monthly, giving you 28 days’ notice of the amount. Any interest charged is added to the balance outstanding.

Allowing a payment despite lack of funds: Paid transaction fee - We allow a payment to be made from your account although there is not enough money in it (or it would take you past your arranged overdraft limit). This will mean you’re using an unarranged overdraft.

Reserve limit - The amount up to which we’re prepared to pay transactions above your agreed arranged overdraft limit. It provides you with more flexibility when managing your money. Beyond this point, we will refuse payments due to lack of funds. Payments above the arranged overdraft limit incur the relevant unarranged overdraft usage fees.

Unarranged overdraft - You borrow money when there is no money left in your account (or when you go past your arranged overdraft limit) and this has not been agreed with us in advance.

Refusing a payment due to lack of funds: Unpaid transaction fee - We refuse a payment from your account because there is not enough money in it (or it would take you past the arranged overdraft limit).

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