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Compare  Overdraft Current Accounts

Santander

1|2|3 Current Account
Santander logo
Monthly Account Fee
£5
Switch Incentive

Four month interest and fee-free overdraft

Interest Rate (AER)
1.50%
Representative Example:

If you use an arranged overdraft of £1,200 you will be charged £1 per day. If you are switching to Santander then there will be no Arranged Overdraft Usage Fee for the first 4 months. Actual credit limit may differ. Arranged Overdraft Usage Fee depends on the amount of overdraft you are using.

Interest rate - 1.50% AER/1.49%gross (variable) on up to £20,000

Santander

Everyday Current Account
Santander logo
Monthly Account Fee
No fee
Switch Incentive

Four month interest and fee-free overdraft

Interest Rate (AER)
0.00%
Representative Example:

If you use an arranged overdraft of £1,200 you will be charged £1 per day. If you are switching to Santander then there will be no Arranged Overdraft Usage Fee for the first 4 months. Actual credit limit may differ. Arranged Overdraft Usage Fee depends on the amount of overdraft you are using.

Santander

1|2|3 Lite Current Account
Santander logo
Monthly Account Fee
£1
Switch Incentive

Four month interest and fee-free overdraft

Interest Rate (AER)
0.00%
Representative Example:

If you use an arranged overdraft of £1,200 you will be charged £1 per day. If you are switching to Santander then there will be no Arranged Overdraft Usage Fee for the first 4 months. Actual credit limit may differ. Arranged Overdraft Usage Fee depends on the amount of overdraft you are using.

Royal Bank of Scotland

Select current account
Royal Bank of Scotland logo
Monthly Account Fee
No fee
Switch Incentive

£150

Interest Rate (AER)
0%
Apply now
Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month. Other overdraft fees: please see provider website for details. Use Current Account Switch Service, deposit £1,500 into the account and login to Digital or Mobile banking by 10th Jan 2020. T&Cs apply

Earn £150 for switching your current account held elsewhere to Royal Bank of Scotland by 29th November 2019. Use Current Account Switch Service, deposit £1,500 into the account and login to Digital or Mobile 

NatWest

Select current account
NatWest logo
Monthly Account Fee
No fee
Switch Incentive

£150

Interest Rate (AER)
0.00%
Apply now
Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month. Other overdraft fees: please see provider website for details.

Earn £150 for switching your current account held elsewhere to NatWest by 6th December 2019. Use Current Account Switch Service, deposit £1,500 into the account and login to online or mobile banking by 24th January 2020. T&Cs apply.

Royal Bank of Scotland

Reward Platinum current account
Royal Bank of Scotland logo
Monthly Account Fee
£20
Switch Incentive

£150

Interest Rate (AER)
0%
Apply now
Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month. Other overdraft fees: please see provider website for details

Earn £150 for switching your current account held elsewhere to Royal Bank of Scotland by 29th November 2019. Use Current Account Switch Service, deposit £1,500 into the account and login to Digital or Mobile banking by 10th Jan 2020. T&Cs apply

Royal Bank of Scotland

Reward Silver current account
Royal Bank of Scotland logo
Monthly Account Fee
£10
Switch Incentive

£150

Interest Rate (AER)
0%
Apply now
Representative Example:

£10 monthly fee. If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month. Other overdraft fees: please see provider website for details.

Earn £150 for switching your current account held elsewhere to Royal Bank of Scotland by 29th November 2019. Use Current Account Switch Service, deposit £1,500 into the account and login to Digital or Mobile banking by 10th Jan 2020. T&Cs apply

NatWest

Reward current account
NatWest logo
Monthly Account Fee
£2
Switch Incentive

£150

Interest Rate (AER)
0.00%
Apply now
Representative Example:

£2 monthly fee. If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month. Other overdraft fees: please see provider website for details.

Earn £150 for switching your current account held elsewhere to NatWest by 6th December 2019. Use Current Account Switch Service, deposit £1,500 into the account and login to online or mobile banking by 24th January 2020. T&Cs apply.

NatWest

Reward Silver current account
NatWest logo
Monthly Account Fee
£10
Switch Incentive

£150

Interest Rate (AER)
0.00%
Apply now
Representative Example:

£10 monthly fee. If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month. Other overdraft fees: please see provider website for details.

Earn £150 for switching your current account held elsewhere to NatWest by 6th December 2019. Use Current Account Switch Service, deposit £1,500 into the account and login to online or mobile banking by 24th January 2020. T&Cs apply.

Royal Bank of Scotland

Reward current account
Royal Bank of Scotland logo
Monthly Account Fee
£2
Switch Incentive

£150

Interest Rate (AER)
0%
Apply now
Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month. Other overdraft fees: please see provider website for details

Earn £150 for switching your current account held elsewhere to Royal Bank of Scotland by 29th November 2019. Use Current Account Switch Service, deposit £1,500 into the account and login to Digital or Mobile banking by 10th Jan 2020. T&Cs apply

NatWest

Reward Platinum current account
NatWest logo
Monthly Account Fee
£20
Switch Incentive

£150

Interest Rate (AER)
0.00%
Apply now
Representative Example:

£20 monthly fee. If you use an arranged overdraft of £1,200 you will be charged 19.89% EAR variable and £6 per month. Other overdraft fees: please see provider website for details.

Earn £150 for switching your current account held elsewhere to NatWest by 6th December 2019. Use Current Account Switch Service, deposit £1,500 into the account and login to online or mobile banking by 24th January 2020. T&Cs apply.

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  • Compare Overdrafts

    If you’re thinking of applying for a new current account, or switching from an old one, you’re advised to look at the benefits supplied by each account so you can decide which one is right for you. It’s a very useful facility to have, especially if you have multiple direct debits or standing orders that come out each month.

    An overdraft can act as a buffer so even if your account balance goes below £0, you can still make payments each month. As long as you have an arranged overdraft rather than an unarranged one, you won’t be penalised by your bank or building society, though there are normally fees to pay for using most overdraft facilities.

    What is an overdraft?

    An overdraft is an extension to your current account which allows you to have a credit limit dictated by the provider. It means that if your account falls below £0, it will simply appear as a minus figure and your payments can continue. Whilst a free overdraft facility is available for students, most will charge you a daily fee for using it.

    It ensures that even if you don’t have enough money in your account, then you can still afford to make payments. It is meant to be used as a temporary measure rather than a permanent one, as the associated fees can make using it permanently quite expensive.

    Which is the best overdraft to choose?

    You will find that having an overdraft is a useful feature to have, but should be used as a safety measure on your current account rather than spending all the money available.

    • Credit limit – when choosing an overdraft, you should think about how much you will need to cover your monthly payments, just in case you have an expensive month
    • Interest-free period – if you can get a free overdraft or even a limited period where it is free, this is preferable over one that will charge you for using it all the time
    • Fees – normally you will be charged a daily fee for using your overdraft, but this can sometimes be if you go over a certain amount (for example anything under £300 is free, but if you go over £300 you will start paying fees)

    Am I eligible for an overdraft?

    Since it is seen as borrowing money, if you apply for an overdraft you will normally be credit checked to make sure the bank or building society isn’t taking too much of a risk when supplying the overdraft.

    As mentioned above, if you have a good credit rating, then you are likely to be eligible for an overdraft on your current account. If you have a bad credit rating, you might be declined by the account provider, or for a new current account that comes with an overdraft.

    If you’re struggling to get accepted for a current account with an overdraft facility, you might want to think about checking your credit report and improving your credit score. This will give you access to a range of current accounts, along with other financial products such as credit cards, loans and mortgages.

    Our current account providers

    We work with a huge range of providers to give you a wide selection of current accounts to choose from, ensuring you can find an account that will assist you in managing your money.

    Each provider is screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best product from a reputable source.

    We have a wide range of current accounts from high street banks with thousands of branches to smaller challenger banks whose app-based current accounts can be accessed quickly and easily.

    Whether you are looking to switch to a standard current account, or find a student account with a free overdraft, you can easily browse our products and start comparing them today.

    Have a look through our list of providers to find the right current account for you.

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