Over your budget? Overdraft.

If there’s too much month left at the end of your money, our overdraft could help.

Representative example

0% EAR variable on the first £250, 39.9% EAR variable thereafter, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200).

The representative example shows you the rate of interest we’d charge for arranged overdrafts. For 1st Account, this example shows the cost of any interest above the interest free limit.

**For customers with an offset mortgage linked to a 1st Account, the interest-free limit will not apply

How does our overdraft compare?

You can compare our overdrafts with other ways of borrowing by looking at the Annual Percentage Rate (APR). APR is the cost of borrowing over a year and lets you compare the costs with other credit products and other lending providers.

How much does my overdraft cost in pounds and pence?

Here are some examples of how much it would cost if you borrowed £500 of your overdraft:

Account	7 days	30 days	60 days
1st Account	£1.63	£7.00	£13.99

An overdraft can be used to borrow money on your current account and can help in months where there are unplanned expenses. Overdrafts aren’t suitable for long-term borrowing and will typically result in you being charged interest.

An arranged overdraft is where we agree a limit with you. We share information about how you use your account with credit reference agencies.

An unarranged overdraft is when you pay for something that takes your account overdrawn without an arranged limit in place or beyond your arranged limit which was agreed in advance to cover it. An unarranged overdraft may result in declined transactions though we’ll always consider allowing a payment which takes you into an unarranged overdraft first if we can based on your financial circumstances. If you’re in your unarranged overdraft for more than 30 days, this could impact your credit score.

Overdraft Cost Calculator

Use our Cost Calculator to find out more about our overdraft service before applying for or changing an arranged overdraft.

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The figures in this tool are to give you a good indication, any overdraft limit you require will need to be agreed with us. Our calculator uses a few assumptions to calculate the results***. You can see these in detail at the bottom of the page.

You can also use our Eligibility Checker to get an indication of whether or not you'll be accepted for an overdraft.

How to get an overdraft

Existing Customers

Talk to us about reviewing your overdraft facility.

Give us a call on 03456 100 112.

Lines are open Mon to Thur 8am to 10pm, Fri 8am to 9pm, Sat 8am to 8pm, Sun 9am to 8pm.

New to first direct?

You'll need to be a 1st Account holder to apply for an arranged overdraft. Find out how to apply for our current account.

Useful information

**Overdraft fees

Arranged overdraft charges

You can arrange an overdraft on your account, subject to your credit status and personal circumstances. The first £250 of the 1st Account arranged overdraft is interest free - 0% EAR variable. 39.9% EAR variable on anything above £250 (assumed overdraft £1,200). Interest is calculated daily and will usually come out of your account once a month. We'll give you at least 14 days' notice before any overdraft interest or charges come out of your account.

Unarranged overdraft charges

We may charge overdraft interest for using any unarranged overdraft capacity. However, we will never charge more than £20 in unarranged overdraft interest in a charging month. You can find out more on our overdraft fees page.

We'll give you a chance to get back into your limit before we charge you (until 11.45pm on the day you go into an unarranged overdraft). Unless you opt out, if we hold a valid UK mobile number for you, we'll send you a text message to alert you if you go into your unarranged overdraft.

Monthly cap on unarranged overdraft charges

Each current account will set a monthly maximum charge for:
1. going overdrawn when you have not arranged an overdraft; or
2. going over/past your arranged overdraft limit (if you have one).
This cap covers any:
1. interest and fees for going over/past your arranged overdraft limit;
2. fees for each payment your bank allows despite lack of funds; and
3. fees for each payment your bank refuses due to lack of funds.

Changing your overdraft

You have 14 days to cancel an overdraft agreement beginning on the day we provide the overdraft or on the day you have received our letter, whichever is later. If you cancel, you’d repay anything borrowed and any interest owing.

You can also ask us to reduce or remove your arranged overdraft limit at any time by calling us on 03456 100 112. You’ll have to repay any overdrawn amount plus any interest for the period you’ve had it.

To apply for an extension to your arranged overdraft before you go over your limit (subject to status) you can us on 03 456 100 199. We review this limit regularly. If you're not sure what your limit actually is, you can check it by logging onto Online Banking, the first direct App, calling us on 03 456 100 199, or referring to your most recent facility letter.

Text alerts to help avoid charges

Don’t worry we won’t use text speak – and definitely no emoji's.

We've introduced new arranged overdraft text alerts. If you haven’t opted out of these alerts and we hold a UK mobile number for you, we’ll text to let you know if you’re using or are about to use your overdraft. We’ll also let you know the following day if you’ll be charged overdraft interest.

In addition, we also send you text alerts if your account balance goes over its arranged overdraft limit (an ‘unarranged’ overdraft).

The text alerts are sent to give you time to pay money (not a cheque) into your account before the end of the day - by 11.45pm. : If you do this you will avoid having to pay overdraft interest.

You can choose to opt out of receiving these alerts at any time by sending a message via Online Banking or the Mobile Banking App, or calling us on 03 456 100 100.

Opting out of alerts may mean you miss important information which can help you avoid costs. If you choose to opt out of text alerts, this will apply to all personal current accounts you hold with first direct.

***Calculator assumptions

The results of the calculator use these assumptions:

The amount borrowed is taken in full at noon on the date of the calculation.
The number of days overdrawn is a continuous period.
At the time you take the money the balance of your current account is £0.
No other credits or debits will be added to the account during the period.
The outstanding balance will be repaid in full on the last day of the borrowing period, before 11.45pm.
The interest rate used for the calculation will be the same for the whole period. If there happens to be a planned rate change during the period you specified the calculation will reflect that.
The calculator doesn’t take into account interest you may have already incurred since your last statement.
There won’t be any changes to your overdraft limit during the calculation period.