Overdraft Current Accounts

  • A good overdraft facility on your bank account can be a huge advantage in times of financial difficulty and save you money on penalty charges.
  • Compare accounts with overdrafts available from the major high street banks and internet providers below.
  • Compare up-to-date information on account features to find your ideal account.
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Classic Plus account
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  • 3% AER/2.96% gross variable interest paid monthly on balances up to £1,500*
  • No monthly fees
  • TSB Visa debit card – contactless functionality subject to status
  • 5% cashback on your first £100 of contactless or Apple Pay spending each month**
* To earn 3% AER you must credit your account with £500 each month, register for internet banking, paperless statements and paperless correspondence. **Contactless subject to eligibility. Ends Sep 2017
    • 3% on balances up to £2,500
    • 3 month fee-free overdraft
    • Includes worldwide travel insurance, mobile phone insurance, breakdown cover and extended warranty
  • Maximum Interest (AER)
    3%
  • Switching Incentive
    None
  • Minimum Monthly Credit
    None
  • Monthly Fee
    £10
  • See Deal + In detail
  • Interest details
    • 3% on balances up to £2,500
    • No interest on balances over £2,500
    Overdraft details
    • Arranged overdraft fees: 0% for the first 3 months
    • 50p per day on balances over £100 thereafter (the first £100 of your arranged overdraft is free)
    • Unarranged overdraft fees: 50p per day on balances up to £10
    • £5 per day on balances over £10 and are capped at £50 per month
    • First time fee refund - Nationwide will refund the first overdraft fees you incur
  • Representative Example: If you use an arranged overdraft of £1,200 the amount Nationwide will charge you is 50p per day (variable).
    • Switch your current account to first direct and receive £100 cashback
    • Get another £100 if you leave within 12 months (conditions apply)
    • £250 interest free overdraft
  • Maximum Interest (AER)
    0%
  • Switching Incentive
    £100
  • Minimum Monthly Credit
    None
  • Monthly Fee
    £10
  • See Deal + In detail
  • Interest details
    • No interest is paid on in-credit balances on this account
    Overdraft details
    • 0% EAR up to £250
    • 15.9% EAR over £250
    Switching incentive details
    • Open a 1st Account then switch your banking using the Current Account Switch Service and pay in at least £1,000 within three months of your account opening and get £100 adeed to your account.
    • This offer is limited to one payment per customer or joint relationship. Incentives are paid within 28 days of all criteria being met.
    • Offer only available to people who haven't previously held any account with first direct.
  • Representative Example: If you use an overdraft limit of £250 a 15.9% EAR (variable) charge will apply
    • 1% cashback on water and council tax bills and the first £1,000 you pay towards your Santander monthly residential mortgage payment
    • 2% cashback on gas and electricity bills and on Santander home insurance premiums (policies administered and underwritten by Aviva Insurance Limited)
    • 3% cashback on mobile, home phone, broadband and paid for TV packages
  • Maximum Interest (AER)
    1.5%
  • Switching Incentive
    None
  • Minimum Monthly Credit
    £500
  • Monthly Fee
    £5
  • See Deal + In detail
  • Interest details
    • 1.50% AER/1.49% gross (variable) interest on your entire balance up to £20,000

      Cashback Details
      To get cashback on your household bills and interest on your balance, just follow these steps:
    • · Pay at least £500 into your account each month - any interest paid and payments between Santander personal accounts you're named on won't count towards this
    • · Have at least two active Direct Debits - you'll receive cashback on any qualifying household bills you pay by Direct Debit
    Overdraft details
    • You could get a 4 month fee-free Arranged Overdraft when you switch to us. (Overdrafts are offered depending on your circumstances.)
    • The Arranged Overdraft Usage Fee will depend on the amount you use:
    • Below £2,000 - £1 a day
    • £2,000 to £2,999.99 - £2 a day
    • £3,000 and over - £3 a day
    • Unarranged Overdraft Usage Fee - £6 per day
  • Representative Example: 0% EAR (variable) Arranged Overdraft. Arranged Overdraft Usage Fee of £1 per day. If you are switching to Santander then there will be no Arranged Overdraft Usage Fee for the first 4 months. Assumed Arranged Overdraft credit limit: £1,200. Actual credit limit may differ. Arranged Overdraft Usage Fee depends on the amount of overdraft you are using.
    • 1% cashback on water and council tax bills and the first £1,000 you pay towards your Santander monthly residential mortgage payment
    • 2% cashback on gas and electricity bills and on Santander home insurance premiums (policies administered and underwritten by Aviva Insurance Limited)
    • 3% cashback on mobile, home phone, broadband and paid for TV packages
  • Maximum Interest (AER)
    0.00%
  • Switching Incentive
    None
  • Minimum Monthly Credit
    £500
  • Monthly Fee
    £1
  • See Deal + In detail
  • Interest details
    • No interest is paid on in-credit balances on this account

      Cashback Details
      To get cashback on your household bills, just follow these steps:
    • · Pay at least £500 into your account each month - any interest paid and payments between Santander personal accounts you're named on won't count towards this
    • · Have at least two active Direct Debits - you'll receive cashback on any qualifying household bills you pay by Direct Debit
    • · Log on to Online or Mobile Banking at least once in every three months
    Overdraft details
    • You could get a 4 month fee-free Arranged Overdraft when you switch to us. (Overdrafts are offered depending on your circumstances.)
    • The Arranged Overdraft Usage Fee will depend on the amount you use:
    • Below £2,000 - £1 a day
    • £2,000 to £2,999.99 - £2 a day
    • £3,000 and over - £3 a day
    • Unarranged Overdraft Usage Fee - £6 per day
  • Representative Example: 0% EAR (variable) Arranged Overdraft. Arranged Overdraft Usage Fee of £1 per day. If you are switching to Santander then there will be no Arranged Overdraft Usage Fee for the first 4 months. Assumed Arranged Overdraft credit limit: £1,200. Actual credit limit may differ. Arranged Overdraft Usage Fee depends on the amount of overdraft you are using.
Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. You can use the options above the table to order it according to various criteria.

More about overdraft current accounts

Every now and then a big bill comes in out of blue. Sometimes it's just an expensive month. When they do crop up, you can make sure you're covered with an arranged overdraft facility on your current account.

Ranging from under one hundred pounds to thousands - depending on your needs and what your credit rating will allow - these are great for borrowing money in the short term.

Most of the time the overdraft facility will stay on your account permanently and you can use it at will. However, you can change the level you're allowed to borrow, up to your limit, as often you like, either in the bank's branch, online or via the telephone. Be careful, though - your credit rating can fluctuate regularly and just because the bank has offered you a certain limit before does not mean they are obliged to do so again.

Overdraft facilities usually have fees attached to them. This will consist of either a monthly maintenance charge, debit interest on the money that you borrow, or a one-off daily fee for actually using the facility. If you go over your overdraft limit you'll face bank charges like you would if you didn't have a facility in place.

Overdrafts are a hassle-free and relatively cheap way to borrow for brief periods of time; especially compared with pay day loans. But in the long term they are expensive -credit cards or loans could be a better option. Overdrafts certainly shouldn't be used to maintain a lifestyle outside of means.

Click here to find out more about current account types with our handy FAQ guide.

Helpful links for current account issues

Financial Conduct Authority (FCA) - The UK financial regulator's website features lots of useful information for banking customers covering everything from knowing your rights to how to stop unauthorised payments.

Financial Service Compensation Scheme (FSCS) - The FSCS is the best place to find out if your bank is covered by the compensation scheme and for advice on making a claim.

Financial Ombudsman Service - If you've complained to your bank and are still having ongoing problems then the Financial Ombudsman is the next step - their website covers everything you need to know about making a complaint.

Money Advice Service - The government's Money Advice Service provides unbiased advice on choosing, opening and managing a current account.