How do I apply for a student or graduate overdraft?
If you already have a student or graduate account with us, you could apply for an arranged overdraft by calling 03457 345 345*, tapping the ‘Call us’ button in the Barclays app or visiting your local branch. Arranged overdrafts are subject to application, financial circumstances and borrowing history.
If you don’t have an account with us, you can visit a branch to apply for a student or graduate account. We offer arranged overdrafts with our Student Additions, Graduate Additions and Higher Education accounts, subject to application, financial circumstances and borrowing history.
Understanding types of overdraft
An arranged overdraft limit is a borrowing facility that allows you to borrow money through your current account.
There are two types of overdraft – arranged and unarranged.
An arranged overdraft is a pre-agreed limit, which lets you spend more money than you have in your current account. It can be a safety net to cover short-term outgoings, like an unexpected bill. It is not suitable for longer-term borrowing. We charge you for every day of the month that you use your arranged overdraft where you go beyond any fee-free limit you may have.
An unarranged overdraft is when you spend more money than you have in your current account and you have not agreed an arranged overdraft limit with us in advance or you have exceeded an arranged borrowing facility.
You can only make payments from your account if you have enough money in your account, or through an arranged overdraft, to cover them. We’ll always try to return any transaction that could take your account into an unarranged overdraft position. Having enough money in your current account, or having an arranged overdraft limit, could help prevent payments such as priority bills from being returned unpaid.
On very rare occasions we might be unable to return a payment (e.g. due to an offline transaction made on a flight) and the account may enter an unarranged overdraft. We won’t charge any additional fees in this situation.
Information regarding the conduct of your account may be sent to credit reference agencies. As with any debt or borrowing, this may affect your ability to get credit in the future.
You can reduce or remove an agreed limit by visiting a branch or by calling us on 0345 734 5345*. Limits cannot be reduced to a position below any existing debit balance. Any debit balance must be paid off before a limit can be removed.
If we have a valid mobile number for you, we’ll automatically enrol you to receive relevant alerts regarding borrowing and refused payments, to help you avoid charges. You can also choose to receive additional alerts, including low balance and large credit or debit. Tailor your alerts to your personal needs online, by phone or in branch. Read more about setting up alerts.
*To maintain a quality service, we may monitor and record phone calls. Call charges.