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Overdrafts

Will I still have to pay interest when I use my arranged overdraft?

We’re not charging interest on arranged overdrafts on personal current accounts between 27 March and 30 April 2020. You don’t need to do anything – it’ll happen automatically. That means you can use your arranged overdraft free of charge during this time.

Will you be increasing arranged overdraft limits?

Your current overdraft limit won’t change. If you need to increase your overdraft limit, you should apply for that in the same way you normally would. Our phone lines are incredibly busy at the moment due to the impact of coronavirus, so please apply in your Barclays app or in Online Banking.

If it’s free, will I still get alerts when I go overdrawn?

We’ll keep sending text alerts when you go into your arranged overdraft to help you manage your money. The alerts might still say we’re charging interest at 35% but don’t worry – we won’t be charging anything between 27 March and 30 April.

I don’t have an arranged overdraft – can I apply for one?

If you have a pre-approved limit available, you’ll see a notification in your Barclays app or in Online Banking. You can apply for an arranged overdraft either in your app or through Online Banking. Arranged overdrafts are subject to application, financial status and borrowing history.

If you don’t have a pre-approved limit, or you don’t have a current account with us yet, use our eligibility tool to see whether your application is likely to be accepted.

I’ve applied for an overdraft and it says you charge 35% interest for using it. Is this right?

The application and your credit agreement will say you’ll be charged 35% interest for using your arranged overdraft, but this won’t apply on any personal current account overdrafts between 27 March and 30 April.

I’ve had a notification of charges for using my overdraft. Why is that?

If you were overdrawn before 22 March 2020, you’ll still have to pay a daily fee. We changed the way we charge for arranged overdrafts on 22 March, from a daily fee to a rate of interest.

There’ll be a notification on your statement about 20 days before the charge is debited from your account. Any overdraft charges will be daily fees and not interest.