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A formal overdraft request is when you approach us in advance to set up an overdraft for a period of up to 12 months. Interest rates are individually agreed with you and are linked to the Bank of England base rate.
The debit interest rate margin you pay will be re-assessed each time we review your overdraft facility and may change at this time. If it does we will give you notice of this.
An arrangement fee applies when we agree a formal overdraft. The facility is normally reviewed annually and a renewal fee taken if it is renewed.
In some cases, security will be required to arrange a formal overdraft.
Your home may be repossessed if you do not keep up repayments on a facility that your home is securing.
For details of our fees and charges, please see our Business Banking Price List