A little helping hand as you enter the world of work

After you graduate and get a job, your current account might feel like it's under attack, what with rent, groceries, transport and so on. Whatever the reason, an arranged overdraft is a convenient type of short-term borrowing that can provide a short-term safety net on your current account.

What you should know

Our Graduate arranged overdraft is a form of debt and is repayable on demand. Always make sure you have enough money in your current account, or a suitable arranged overdraft limit in place before any payments are due to come out of your account.

If you're in an Unarranged Overdraft and you try to withdraw more funds, you'll be charged an Unpaid Transaction fee of £1.55 (the maximum we’ll charge you in a monthly charging period is £1.55).

If you're successful in getting an arranged overdraft, it's handy to know that you can apply to increase, reduce or remove it via Anytime Banking, in the mobile app, over the phone or in branch. 

• If you want to increase your limit, please tell us what you want your new overdraft limit to be. Your application to increase will be subject to a credit assessment.  The maximum graduate overdraft is £1,500.
• If you want to reduce your limit, your current overdraft balance must be within your new requested limit. The minimum overdraft limit you can have is £250
• If you want to remove your overdraft completely, your account must be in credit

Overdraft text alert service

If we have your UK mobile number, we'll enroll you in our automated overdraft text alert service. If you have an arranged overdraft, we'll text you if you've started using it (for example, if you have made a cash withdrawal) or if you are about to to start using it (due to a scheduled payment, like a Direct Debit). 

Unarranged overdraft Act Now alerts

We'll also send unarranged overdraft Act Now Alerts which let you know if you're about to go into an unarranged overdraft or have a payment rejected, so you can take action to make sure that payments are made and avoid charges. If we can't text in advance, we'll send one the next day. 

You can opt out or amend these alerts using Anytime Banking, the mobile banking app or by talking to us over the phone or directly in branch.

For the frst 12 months after graduation, you'll pay no interest on your overdraft - up to £1,500 (subject to approval).

After this period, we'll switch you over to a standard Current Account and you'll be charged the standard interest rate at that time (currently 39.49%).