Agencies and landlords would ask for a new deposit before my old deposit had been released, leaving me out of pocket for a bit. " The arranged overdraft was especially useful for me when changing tenancies between years. Missing payments and using an unarranged overdraft can damage your credit score, please get in touch with us as we may be able to help you.Īll overdrafts are subject to application and repayable on demand. If you don't have enough money in your account or available arranged overdraft to make a payment, we may either let you borrow through an unarranged overdraft or refuse to make the payment. Helpful tools - You can use our cost calculator to calculate the cost of an arranged overdraft.
You can also apply to increase it. Using an arranged overdraft increases your overall borrowing and may affect your credit score. But you must repay anything you owe if you want to remove an arranged overdraft or anything over the new reduced limit you want.
Plus when you graduate, we’ll still be by your side, converting your student account to a graduate account. Like all forms of overdrafts you’ll need to pay it back at some point, but don’t worry we’ll help you keep on top of your spending with mobile alerts to tell you when you’re over your limit. With our student account, you can apply for an interest-free tiered arranged overdraft of up to £1,500 in Years 1 – 3 and up to £2,000 in years 4 to 6. Student overdrafts can be a short term safety net when you need to borrow some money. When you’re at university or college, sometimes you need the flexibility of extra money to help tide you over.
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