Giving you peace of mind that additional funds are available if you need them.

Arranged Overdrafts

EAR stands for ‘Effective Annual Rate’. It is a representative interest rate that shows the rate you would pay if you remained overdrawn for a year.It takes into account the compounding of interest which means you pay interest on interest already charged.

  **APR is the annual rate charged for borrowing,expressed as a single percentage number that represents the actual yearly cost of funds over the term of the arranged overdraft.

How does our Overdraft compare?

The purpose of a representative APR is to enable you to compare the costs associated with different credit products. You can compare our representative APR for an arranged overdraft with arranged overdrafts offered by other banks.

How much does my overdraft cost in pounds and pence?

You can use our cost calculator to work out how much your anticipated arranged overdraft borrowing would cost over different periods of time.

As an example, the current interest cost of borrowing £500 is:

You do not pay interest on the first £200 of your overdraft and this interest free element has been included in these calculations.

These figures are indicative as our interest rates are subject to change.

Cost Calculator

Our Cost Calculator tool will help you work out what we will charge you for using your arranged overdraft. You can also use our Cost Calculator to see the cost of overdrawing your account above the amount of your arranged overdraft limit or overdrawing your account if you do not have an arranged overdraft. Click here to find out more details on of fees, charges and interest rates that apply to your current account.

Cost Calculator

Text Alerts to help you manage your account

If we have your up-to-date mobile number we will send you a Text Alert to assist you in the management of your account. On receipt of a Text Alert you need to check your account through Online Banking and if necessary, lodge cleared funds before 2pm to cover any items which have been presented.

We will send an Account Alert in the following circumstances:

• Your account goes into an unarranged overdraft
• You do not have enough money to cover item(s) presented on your account
• You have pre-notified fees which are due to be posted to your account and you don’t have enough money to cover
• Your account is overdrawn and further item(s) have been presented
• Items were posted to your account last night and you have incurred charges
• You have incurred charges but your account is now back in order
• Your account has been overdrawn for a number of days.

An Arranged Overdraft Alert will be sent if

• Your account is going to make use of your arranged overdraft that day or;
• Your account is making use of your arranged overdraft.

You may also wish to set up a Balance Alert so we can send you a text notification if your account drops below an amount you have set. You can manage your Account Alerts through Online Banking or by speaking to us on 0345 6005 925.

How to apply

Eligibility Tool 

Use our Eligibility Tool to assist you with your decision to apply for an arranged overdraft. Clicking on our Eligibility Tool and completing our calculator will give you an indication on the likelihood of your application being approved before you submit an application to us.

Eligibility Tool

To apply for an arranged overdraft on your current account, call us on 0800 38 22 65† .

Applications can take between 15 to 20 minutes to complete. Alternatively, select the callback request on the right of this screen, complete your details and we will call you back at a time that suits you.

If you hold a sole account, you can apply online via Online Banking. Your application should take approximately 10 minutes.

You can also call in to your local AIB branch to complete an application.

When you apply for an arranged overdraft, we will carry out a credit check with Equifax, a licenced Credit Reference Agency (CRA). This check includes information such as how you operate your account and any existing overdrafts or borrowings. Credit Reference Agencies also record details of our search which may affect lending applications you make elsewhere.

We’ll be happy to answer any questions you may have about applying for an arranged overdraft with us.

† Lines open: Monday - Friday 09:00 - 17:00 (except on bank holidays). Calls may be recorded. Call charges may vary - refer to your service provider.

Unarranged Overdraft

An unarranged overdraft is when your account goes over your arranged overdraft limit or overdrawn without an arranged overdraft limit in place. When you try to make a payment that would take you into an unarranged overdraft, we will make a decision whether to allow the payment to go through based on your individual circumstances. An unpaid fee will be charged if we do not allow a payment from your account.

The operation of your overdraft whether arranged or unarranged may also be reported to the credit reference agency. In addition the operation of your overdraft may have an impact on future credit applications you make with us.