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Overdraft Current Accounts

Starling Bank

Current Account
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Starling Bank logo

No fee

Monthly fee

15.00%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200 a 15% EAR will apply. Interest on your balances: 0.05% AER on balances up to £85,000. 2019 Best British Bank Winner - Best Current Account Provider.

Barclays

Bank Account
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Barclays logo

No fee

Monthly fee

35.00%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200, the annual rate of interest that we will charge you is 35.0% (variable), 35.0% APR Representative (variable). Overdrafts are subject to application, financial circumstances and borrowing history.

HSBC

Advance Bank Account
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HSBC logo

No fee

Monthly fee

38.90%

Overdraft rate (EAR)

Representative Example:

Assumed arranged overdraft £1,200: 0% EAR variable on the first £25, 39.9% EAR variable on anything above that, giving a representative rate of 38.9% APR variable. Get £110 + £30 Uber Eats voucher or The Dining Out Gift Card when you switch to an HSBC Advance Bank Account

Royal Bank of Scotland

Select current account
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Royal Bank of Scotland logo

No fee

Monthly fee

39.49%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200, the annual rate of interest that we will charge you is 39.49% (variable), 39.49% APR Representative (variable). Credit subject to status. 

NatWest

Select current account
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NatWest logo

No fee

Monthly fee

39.49%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200, the annual rate of interest that we will charge you is 39.49% (variable), 39.49% APR Representative (variable). Credit subject to status. 

NatWest

Reward current account
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NatWest logo

£2.00

Monthly fee

39.49%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200, the annual rate of interest that we will charge you is 39.49% (variable), 39.49% APR Representative (variable). Credit subject to status. Earn Rewards that you can redeem as cash back, gift cards or e-codes with retail partners. Must pay in £1,250 each calendar month.

Royal Bank of Scotland

Reward current account
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Royal Bank of Scotland logo

£2.00

Monthly fee

39.49%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200, the annual rate of interest that we will charge you is 39.49% (variable), 39.49% APR Representative (variable). Credit subject to status. Earn Rewards that you can redeem as cash back, gift cards or e-codes with retail partners. Must pay in £1,250 each calendar month.

TSB

Spend & Save Current Account
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TSB logo

No fee

Monthly fee

39.90%

Overdraft rate (EAR)

Representative Example:

Assumed arranged overdraft of £1,200: 39.9% APR representative variable. Subject to application, approval and repayable on demand. 

TSB

Spend & Save Plus Current Account
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TSB logo

£3.00

Monthly fee

39.90%

Overdraft rate (EAR)

Representative Example:

Assumed arranged overdraft of £1200: 40.1% APR representative variable. Subject to application, approval & repayable on demand. UK residents only, 18+.

Santander

1|2|3 Current Account
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Santander logo

£4.00

Monthly fee

39.94%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 39.94% APR (variable)/ EAR (variable). Actual credit limit may differ. Arranged Overdraft Usage 39.94% APR (variable)/ EAR (variable). Monthly interest of 0.30% AER/gross (variable) on balances up to £20,000. £130 cashback to switch and earn cashback every month on selected household bills + interest on your balance.

Santander

Everyday Current Account
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Santander logo

No fee

Monthly fee

39.94%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 39.94% APR (variable)/ EAR (variable). Actual credit limit may differ. Arranged Overdraft Usage 39.94% APR (variable)/ EAR (variable). £130 cashback to switch to a simple and straightforward current account, with no monthly fee.

Santander

1|2|3 Lite Current Account
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Santander logo

£2.00

Monthly fee

39.94%

Overdraft rate (EAR)

Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 39.94% APR (variable)/ EAR (variable). Actual credit limit may differ. Arranged Overdraft Usage 39.94% APR (variable)/ EAR (variable). £130 cashback to switch and earn cashback every month on selected household bills.

  • Current Accounts
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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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