Business Overdraft
An overdraft is a straightforward business financing solution, linked to your business current account, giving you peace of mind that any short-term cash flow requirements will be covered.
Key features
- Arranged with us in advance so it is available for you to use when you need it.
- Gives your business financial flexibility by assisting with working capital, managing seasonal fluctuations, or covering short-term cash flow requirements.
- Interest is calculated daily. You only pay interest on the overdraft balance.
- You can repay at any time.
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Details
- The reference interest rate used for overdrafts is the Bank of England Bank Rate (BOEBR).
- We will add a variable margin to the reference interest rate.
- Overdraft facilities may be subject to a set up fee. We will usually review this facility annually and charge an annual renewal fee. These fees are negotiable.
- We may agree a temporary extension to your arranged overdraft, known as an 'arranged excess'. For more information see the Important Information section below.
- Details of the amount of the overdraft, interest rate and fees will be confirmed when your application is agreed.
Additional Information
Whether we provide credit depends on your circumstances, and you must be 18 or over. Lending terms and conditions apply.
Arranged overdrafts are repayable on demand. This means you will have to repay the overdraft in full when asked to do so. You may need to provide security for overdrafts.
If your account goes into debit balance but you do not have an arranged overdraft in place, we will charge you 'unarranged overdraft interest' on this balance. For more details, see our Interest Rates brochure.
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