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If you've agreed an overdraft limit with us in advance, it's known as an 'arranged overdraft'. If you haven't – or if you've gone past your arranged limit – it's known as an 'unarranged overdraft'. Most of our accounts (except our Basic Bank Account) come with an interest-free buffer.
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An arranged overdraft is where your bank or lender agrees an overdraft limit with you. This will allow you to make payments or withdrawals up to that limit. Your bank or lender will usually charge you interest for using an arranged overdraft. In some cases there may be an interest-free buffer, meaning you can borrow up to an agreed amount without being charged interest. However, not all ...
Overdraft protection allows transactions exceeding the balance in your checking account to be approved and can save you money on hefty overdraft fees. When you enroll in overdraft protection, the additional money you need to cover a transaction is transferred from a linked bank account, which can be a savings account, secondary checking account, credit card, or line of credit. You may still ...
Access key information on interest-free buffers and updates to account terms. Understand how these changes may impact your account, visit our website for details.
HSBC and sister bank First Direct are giving current account customers a £500 interest-free overdraft buffer for a year, if they request it. The banks, which are part of the same group, say they hope to support those most in need of help with the rising cost of living.
Authorised Bank Overdraft An authorised overdraft is an arrangement established in advance between the account holder and their bank. This agreement sets a specific borrowing limit, which allows the account holder to use standard payment methods within the agreed terms.
Frequently Asked Questions About Overdraft Protection Options What is overdraft protection? Overdraft protection is an agreement with your bank or financial institution that ensures transactions exceeding your account balance are approved, helping you avoid those pesky overdraft fees. What are the different types of overdraft protection? There are several types of overdraft protection ...
Discover what you need to know about overdraft coverage on your bank account. Learn about how overdrafts work and how you can protect yourself against unnecessary fees.
Find out more about Arranged Overdrafts at NatWest and apply online today. An Arranged Overdraft could help you keep those unexpected bills covered.