Barclays Overdraft Facilities

Discover the inner workings of overdrafts and gain insight into managing your financial situation effectively.

An overdraft provides you with a temporary borrowing option through your bank account. This comprehensive guide will assist you in determining whether an overdraft is the right choice for you.

  • Acquire a lucid explanation of how overdrafts operate in our comprehensive guide on General information about overdrafts.
  • Calculate the expenses associated with being overdrawn by using our convenient calculator before proceeding with your application.
  • Assess your eligibility for an overdraft limit with the assistance of our user-friendly eligibility tool.
  • Access valuable tips to maintain control over your finances, completely free of charge.
  • Discover where to seek assistance if you have concerns about debt.
A Barclays Visa Debit card being inserted into a card reader at a restaurant

Utilize our calculator to obtain additional information about the costs associated with other financial products. Interest is applied to any approved overdraft amount and is capped at your agreed limit. It is calculated daily while you are in overdraft and added to your account on a monthly basis. If your arranged overdraft includes an interest-free amount, the interest is only calculated on the portion of the overdraft exceeding the interest-free amount.

How does our overdraft compare to others?

A practical method to evaluate the cost of our overdraft in comparison to other borrowing options is to examine the Annual Percentage Rate (APR). The APR demonstrates the cost of borrowing over a one-year period. For further clarification regarding our rates, please refer to the 'Important information' section 1.

What is the precise cost of my overdraft?

To provide an illustration, borrowing £500 will incur an interest cost as follows:

The costs may be lower if an interest-free amount is included in the overdraft terms.

For a thorough breakdown of how much your anticipated arranged overdraft will cost across varying timeframes of up to 31 days, utilize our calculator (linked below).

Things to consider before applying

Explore the following resources and guides to aid you in evaluating whether borrowing money through an overdraft is a suitable choice for you.

Ensure Manageable Debt

Some individuals miscalculate the duration of their need for an arranged overdraft, so it is crucial to reflect carefully. Only borrow the precise amount you require and can feasibly repay.

  • An overdraft limit serves as a borrowing facility that permits you to obtain funds through your current account.

    There exist two types of overdrafts - arranged and unarranged.

    An arranged overdraft is a previously agreed upon limit that allows you to spend more than the available balance in your current account. It acts as a safety net for short-term expenses, such as unexpected bills. However, it is not suitable for long-term borrowing. If you exceed any interest-free limits, we will charge you for every day of the month that you utilize your arranged overdraft.

    An unarranged overdraft occurs when you spend more money than you have in your current account without having a prior arranged overdraft limit or if you surpass an existing arranged borrowing facility.

    It is essential to have sufficient funds in your account or an arranged overdraft to cover payments. Barclays will always strive to reject any transactions that could result in an unarranged overdraft position. Maintaining an adequate balance in your current account or possessing an arranged overdraft limit can help avoid the disappointment of unpaid priority bills.

    In extremely rare circumstances, there may be instances where we are unable to return a payment (e.g., due to an offline transaction made during a flight), and your account may enter an unarranged overdraft. However, no additional fees will be imposed in this situation.

    Information about your account conduct may be shared with credit reference agencies. As with any form of debt or borrowing, this may impact your ability to access credit in the future.

    Our Eligibility tool can provide insight into the likelihood of obtaining an arranged overdraft, and the overdraft calculator enables you to assess the potential cost of utilizing an overdraft. To access these tools and learn more about overdraft charges, please refer back to the top of this page.

    Barclays, Leicester LE87 2BB

  • We acknowledge that it's easy to unintentionally exceed your limits, and we have you covered. If your overdrawn balance does not exceed £15, we will not charge you any interest.
  • When making a payment, it is essential to have sufficient funds in your account to cover it by 3 pm on the scheduled day. The money must be immediately accessible for use, so you can transfer funds from another account using mobile, online, telephone banking, or pay in cash at a branch. If your account lacks sufficient funds, we will always attempt to return the payment to help you avoid falling into an unarranged overdraft.

    If we possess a valid mobile number for you, we will enroll you automatically to receive relevant alerts concerning overdrafts and returned payments.

  • Stay in Control of Your Finances

    Why not schedule a complimentary session with Barclays Money Mentors to improve your comprehension of personal finances and explore various borrowing alternatives? You have the opportunity to consult with an expert at selected branches, by phone, or through a video call.

    If you're experiencing financial difficulties, our pages on money management offer practical advice on dealing with money issues and debt. You'll find comprehensive guides on budgeting and what to do if your credit application has been rejected, as well as tips on managing the stress caused by financial problems. Take a moment to visit our support page to learn how we can assist you during your time of need.

    You can also reach out to one of our personal bankers at a branch or give us a call at 0345 734 5345 for assistance.

    If you wish to decrease or eliminate your arranged overdraft limit, you can typically do so through the Barclays app or Online Banking. Alternatively, you can visit a branch or contact us through Telephone Banking.

    For those looking to increase their arranged overdraft limit, most customers are able to apply through the Barclays app or Online Banking. You can also apply at a branch or via telephone banking. If you choose to visit a branch, please bring your payslips from the previous two months or eight weeks, as well as a statement for the account where your income is deposited, if it's not a Barclays account.

    Applying for an overdraft entails certain requirements, including consideration of your financial circumstances and borrowing history. You must be at least 18 years old and reside in the United Kingdom to apply. Overdrafts are repayable upon request. Please note that not all customers can apply for an arranged overdraft through the Barclays app or online banking due to certain restrictions.

    To clarify our rates, the "annual rate of interest" represents the compounded interest rate that will be charged over the course of a year. This accounts for the fact that we charge interest monthly on your balance, which may include any previously charged interest. It is also referred to as the Effective Annual Rate and does not incorporate any additional fees or charges.

    The "APR" or "Annual Percentage Rate" reveals the complete cost of borrowing throughout a year. It encompasses the interest that must be paid along with any applicable fees. The APR facilitates the comparison of lending products based on cost.

    Interest is levied at a straightforward interest rate for each day you remain overdrawn. You can find this rate within your overdraft documentation and on your statements.

    To access our online banking services or the Barclays App, you must be registered. Terms and conditions do apply.

    In order to maintain a high-quality service, we may monitor and record phone calls. Calls made to 03 numbers utilize free plan minutes if available, otherwise, the charges are equal to those of 01/02 prefix calls.

    To ensure a satisfactory service, we may monitor and record phone conversations. Call charges are applicable.

    Please note: the links provided in the original text can be accessed by using the tags mentioned above.

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