Advance Bank Account

When you open this account, you’ll have the option to take out an arranged overdraft.

An arranged overdraft allows you to borrow money (up to an agreed limit) if there’s no money left in your account. This can be useful if you’re hit with an unexpected bill, for example.

If a payment would take you past your arranged limit (or if you don’t have one), we may let you borrow using an unarranged overdraft. There’s a chance that payments you try to make using an unarranged overdraft may be declined. However, we’ll always try to allow essential payments if we can. Using an unarranged overdraft for more than 30 days can harm your credit score.

You can apply for an arranged overdraft when you open your account, or at any time later. You can ask to increase, remove or reduce your limit at any time in online or mobile banking, by phone or in-branch. Your new limit can’t be less than what you owe.

Overdrafts are designed for short-term borrowing only, and are subject to status.

If we’ve got your mobile number, we’ll send you an SMS text alert if you’ve gone overdrawn or we know you’re about to. These alerts are designed to help you manage your overdraft usage and avoid being charged interest.

You can opt out of overdraft text alerts by calling us or asking us in-branch – but remember you’ll be opting out for all your current accounts with us. If you opt out or we don’t have an up-to-date number for you, you could end up paying interest you might otherwise have avoided.

This account comes with a £25 interest-free buffer. If you go overdrawn by more than that, you’ll need to pay interest on the amount you borrow at the rate shown below.

Representative example: 0% EAR (variable)on the first £25, 39.9% EAR (variable) on anything above that, giving a representative rate of 38.9% APR (variable). Based on an arranged overdraft of £1,200.

The monthly cap on unarranged overdraft interest is £20.