We understand that life isn’t back to normal yet for many. So if your temporary overdraft support is coming to an end and you need further support or you’re worried about your overdraft, check our money worries page - we’re here to help.
What did the temporary overdraft support include?
If you requested 3 months temporary overdraft support, we promised to:
- Waive the interest on up to £500 of your arranged overdraft (dependent on your agreed limit).
- Charge a discounted rate of 19.90% EAR (variable) if you used more than £500 of your arranged overdraft, where your standard arranged overdraft rate was higher.
- Not collect the monthly account fee for Choice Current Accounts as this type of account caps arranged overdraft interest at £20 for a £10 monthly fee to maintain the account.
The support was available on 1|2|3 Current Account, 1|2|3 Lite Current Account, Everyday Current Account, Choice Current Account, Select Current Account, Private Current Account, Zero Current Account, Over 18 Cash Card and Further Education Account. For Select and Private current accounts, the first £500 of your arranged overdraft was already interest free.
After 3 months, your account would automatically go back to its standard features, charges and interest rates.
My temporary overdraft is coming to end, what are my options?
We’ll be in touch before your temporary overdraft support ends. Learn more about other ways we can help on our money worries page.
Will I still receive alerts when I go overdrawn?
Yes, we’ll keep sending you alerts when you use your arranged overdraft to help you stay on top of your money. The alerts will say that we’re charging interest on your overdraft. However, if you’ve asked for the further temporary overdraft support we’ll waive interest on up to the first £500 (dependent on your agreed limit) for 3 months from the date of your request. There will be no charges for this.
I don’t have an overdraft – can I apply for one?
Yes, you can apply for an arranged overdraft on an existing Santander current account in Online Banking or when you open a new current account (subject to status). You can’t apply for an overdraft on the Basic Current Account. Having an overdraft can be useful as a back-up to help you deal with short-term, unexpected costs. It isn’t suitable for longer term borrowing.
I’ve applied for an overdraft / have an existing overdraft and it says there is an interest charge for using it. Is this right?
The website and the terms and conditions for your account say you’ll be charged interest for using your arranged overdraft, because those are our normal terms and conditions. If you asked for temporary overdraft support before 4 May 2021, we’ll temporarily waive interest on up to the first £500 of your arranged overdraft (dependent on your agreed limit) and charge a discounted rate of 19.90% EAR (variable) where the standard rate is higher on any arranged overdraft borrowing over £500. After 3 months, you’ll go back to your standard features, charges and interest rates.
I’m worried I may go into an unarranged overdraft, what can I do?
There are lots of options available to help you, please take a look at our money worries page. Alternatively you can find more information on the Financial Conduct Authority’s information page ‘Dealing with financial difficulties during the coronavirus pandemic’ and the Money Advice Service’s ‘Money Navigator Tool’.
Did you make planned changes to overdrafts on the 6 April 2020?
Yes, we moved from fixed daily overdraft fees to a single rate of interest for arranged overdrafts and removed all unarranged overdraft fees and charges.