Only pay interest if you use it. No fees
- No usage fees or other charges
- You only pay interest if you use the overdraft
Overlay
New Arranged Overdraft
A short-term safety net to see you through
Representative 39.49% APR (variable)
Available to customers who have an eligible Royal Bank current account, are 18+ and a UK resident. You must pay your salary or a regular amount into your current account.
Get your funds quickly
- If your application is successful, you’ll normally have the funds available on the next working day. But there are some exceptions.
- Get text messages to keep an eye on your balance
Remember that overdrafts are a way of borrowing money and you’re responsible for repayments if you decide to use one. If you aren’t able to repay what is owed, you could impact your credit score, which most lenders use to decide whether they’ll lend to you.
Check your eligibility
Use our eligibility checker to find out if you'll be accepted before you apply. It won't harm your credit rating and it takes just a few minutes.
Overdraft interest staying at current rates
From Monday 30th March until 14th July, all of our Personal Banking customers using their overdraft will pay less as we’re keeping overdraft interest at their current rates.
Most customers will pay Representative 19.89% APR (variable) or 14.89% APR (variable) until 14th July, rather than our planned rate of Representative 39.49% APR (variable). Reward Black customers will remain at Representative 14.89% APR (variable), rather than moving to Representative 19.49% APR (variable). Please note, this isn’t a change to your overdraft terms & conditions.
There also won’t be any other fees or charges in addition to the above interest rates.
To find out more about our Overdraft charges after 14th July, please use our cost calculator.
Request £500 interest-free on your existing overdraft
If you apply and are accepted for a new overdraft, you can request £500 interest-free on your new arranged overdraft (or up to your existing arranged overdraft limit if lower than £500). This is a temporary measure which will be interest-free for three months, after which we will start to charge interest on the full balance.
If you wish to take do this, simply apply for your new overdraft at the bottom of this page and complete the interest-free application form once the overdraft is applied to your account.
Features and benefits
Before you apply OpenClose
Overdrafts explained
We know it’s not always easy to understand overdrafts, so we’ll keep you right by explaining the difference between arranged and unarranged overdrafts. The first thing to know is that both types will cost you money in interest when you use them. But there are other differences too.
If you're accepted OpenClose
How much does my overdraft cost in pounds and pence?
Here we can show you an example of the interest cost when you use a £500 arranged overdraft.
Find out how much interest you're likely to pay
Our cost checker tool allows you to see how much interest you’re likely to pay based on how much you plan to borrow, and how regularly you want to use it.
Ready to apply?
Our online application is available between 6.30am and 9.45pm. Please have your Digital Banking log-in details ready.
First, let's check if you're eligible
Use our free eligibility checker before you apply to see if you’re likely to be accepted. It only takes a few minutes and there’s no impact on your credit score.
If you've already checked, you're good to move on to the question below.
Let's get started. Do you have a Royal Bank of Scotland current account?
To apply:
You must be aged 18+ and living in the UK
And must not have been declared bankrupt in the last 6 years
Please read these important documents
Please take some time to review, print and/or save this important information. By clicking that you're ready to continue, you are confirming that you have been provided with, and acknowledge our important documents
