aRRANGED OVERDRAFTS

A short-term need.

ARRANGED OVERDRAFTS

Having an arranged overdraft is a short-term way of borrowing money that can provide a buffer in case of an unexpected expense. An arranged overdraft allows you to go overdrawn up to an agreed limit, almost like a safety net for your current account.

Only pay interest on what you use
If approved, funds are available in your account straight away
Borrow up to £500

An overdraft lets you borrow extra money through your current account. For example, if you have no money left in your account and you spend £30, your balance would be -£30. This means you’re using an overdraft.

An overdraft is a form of debt and is repayable on demand. Always make sure you have enough money in your current account, or a suitable arranged overdraft limit in place before any payments are due to come out of your account.

An unarranged overdraft is when you spend more money than you have and you haven’t previously arranged an overdraft limit with us, or you have exceeded your existing overdraft limit which may incur costs.

It's important to remember that both types of overdraft have associated charges but you'll only pay interest if you use it.

Your overdraft is not provided for a fixed period of time but it is repayable on demand. You can reduce your overdraft limit or cancel them at any time but to do this you must have repaid the borrowing, either to below your new limit or to zero depending on what you wish to do before.

An overdraft is a way of borrowing money. If you decide to use an overdraft, you're responsible for paying it back. If you're unable to repay, your credit score could be impacted. Most lenders will use your credit score when deciding what to lend to you.

how much will an arranged overdraft cost?

representative 19.49% apr (variABLE)

For the purpose of the staff test and learn, the Representative APR is 0% for borrowing up to £500.

There is no arrangement fee or renewal fees for taking out a Coutts beta overdraft. There is a £500 Interest free buffer on arranged overdrafts. All costs will be available in your lending agreement when you apply for the overdraft.

Please be aware that due to limited functionality, you are only able to borrow up to £500, which in interest free. The overdraft cost calculator below will not apply for the purpose of the staff test and learn.

apply for an overdraft

FAQs

Currency	Currency Name	You buy with GBP	You sell for GBP
AED	UAE Dirham	4.2870	5.0220
AUD	Australian Dollar	1.7331	2.0209
BBD	Barbados Dollar	2.2600	2.7440
BDT	Bangladeshi Taka	116.1500	155.6600
BGN	Bulgarian Lev	2.0360	2.5470
BHD	Bahrain Dinar	0.4371	0.5151
BMD	Bermudian Dollar	1.1429	1.4328
BND	Brunei Dollar	1.5410	1.8130
CAD	Canadian Dollar	1.6023	1.8482
CHF	Swiss Franc	1.0808	1.2437
CLP	Chilean Peso	875.8910	1146.5590
CNY	Chinese Yuan	7.7500	9.7100
CRC	Costa Rican Colon	591.9800	770.4500
CZK	Czech Koruna	24.6772	30.3586
DKK	Danish Krone	8.0291	9.1522
DOP	Dominican Peso	61.8700	76.9900
EGP	Egyptian Pound	29.4300	48.2600
EUR	Euro	1.0885	1.2400
FJD	Fiji Dollar	2.4810	3.0490
HKD	Hong Kong Dollar	9.1110	10.4292
HUF	Hungarian Forint	401.0073	489.1696
IDR	Indonesian Rupia	16973.0000	22331.0000
ILS	Israeli Shekel	4.1290	4.9810
ISK	Icelandic Krona	154.4564	195.1025
JMD	Jamaican Dollar	171.2000	214.7000
JOD	Jordanian Dinar	0.8036	0.9918
JPY	Japanese Yen	152.4255	174.4195
KES	Kenyan Shilling	146.3351	185.1776
KRW	South Korean Won	1466.0000	1836.0000
KWD	Kuwaiti Dinar	0.3519	0.4206
KYD	Cayman Island Dollar	0.9083	1.1861
MAD	Moroccan Dirham	9.6850	15.6610
MUR	Mauritian Rupee	51.3300	65.2600
MXN	Mexican Peso	20.9108	25.7639
MYR	Malaysian Ringgit	5.1180	6.1430
NOK	Norwegian Krone	12.0187	13.9873
NZD	New Zealand Dollar	1.8490	2.2240
OMR	Omani Rial	0.4451	0.5193
PEN	Peru Nuevo Sol	4.1860	5.3290
PGK	Papua New Guinean Kina	3.9006	4.9437
PHP	Philippines Peso	59.5600	77.2500
PKR	Pakistan Rupee	313.9930	439.8750
PLN	Polish Zloty	4.9370	6.0420
QAR	Qatari Riyal	4.2000	5.0310
RON	Romanian Leu	5.0990	6.2700
SAR	Saudi Arabian Riyal	4.3270	5.0440
SEK	Swedish Krona	11.9672	13.6668
SGD	Singapore Dollar	1.5300	1.7990
THB	Thai Baht	38.6600	47.0700
TRY	Turkish Lira	21.6430	27.1350
TWD	Taiwan Dollar	33.7200	46.3400
USD	US Dollar	1.1785	1.3417
UYU	Uruguayan Peso	43.5100	55.3810
VND	Vietnamese Dong	25788.7950	32708.4750
XCD	East Caribbean Dollar	3.0310	3.7590
XPF	CFP Franc	124.9500	157.5400
ZAR	South African Rand	20.8876	25.1788

Page Last Updated: 24/03/2023

It's important to remember that both types of overdraft have associated charges but you'll only pay interest if you use it. To find out how much an overdraft might cost you, you can use our cost calculator. You can read full details of this when you apply for an overdraft.

Typically, you’ll agree an overdraft limit with your bank or lender – this is known as an arranged overdraft.

An arranged overdraft is when we agree to a limit that lets you spend a bit more money than you have in your current account. This could help you manage your money if you have to cover short-term expenses such as an unexpected bill.
To find out if you might be eligible for an overdraft, you can use our eligibility tool.

An unarranged overdraft is when you spend more money than you have and you haven’t previously arranged an overdraft limit with us, or you have exceeded your existing overdraft limit.

You can pay off an overdraft at any time, simply by ensuring you have a positive balance in your account.

Unlike loans and credit cards, overdrafts have no scheduled repayment dates. This can make paying off your overdraft a little trickier to manage. We recommend setting targets of how much you want to pay off each month and factoring these targets into your budget.

Using an overdraft could affect your credit score if your account remains inside the overdraft limit for long periods and you don’t pay it back. However, if you pay off your overdraft regularly, this could help to improve your credit rating.

aRRANGED OVERDRAFTS