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Overdraft Calculator

Overdrafts are a way to borrow money through your current account, and best used to cover short-term or unexpected payments. There are two types of overdraft: arranged and unarranged. An arranged overdraft is one that you apply for, and lets you borrow up to an agreed limit.

Use our calculator to see how much an overdraft would cost over periods up to 31 days. Our overdraft interest is 15% EAR (variable). You can see an example of our charges here.

 

There are errors in this form.

  • The amount you wish to borrow must be filled in, and be more than £1 and less then £25000.
  • The amount you wish to keep your overdraft for must be less than 31 days but more than 1
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Between £1-£25000
Invalid data entry
The number of days you want to borrow on your overdraft
Between 1-31 days
Invalid data entry

Total cost of your overdraft

£11.94

Overdraft of £1,000 for 31 days

These results depend on the information you’ve given us. As our arranged overdraft charges are the same as our unarranged overdraft charges, the costs would be the same. Representative 15% EAR (variable), assumed credit limit £1,200.

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ARE YOU ELIGIBLE FOR AN ARRANGED OVERDRAFT WITH US?

To find out whether we’ll be able to offer you an arranged overdraft, enter your details below:

(This eligibility check will not affect your credit rating)

There are errors in this form.

  • Borrowing amount must be filled in an between £1 and £25000
  • Income must be entered
  • Repayments must be entered
  • Residential status must be selected
  • Mortgage amount must be filled in
  • Rental amount must be filled in
  • Please select the number of dependents you have
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The amount you’d like us to lend you through an arranged overdraft
Invalid value
Your monthly take-home pay (look for ‘net amount’ on your payslip)
Invalid value
The total amount you spend repaying debts from credit cards and loans
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Your residential status
Please select an option
Your minimum monthly mortgage payment
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Rental payment per month
Invalid value
Does anyone depend on you financially, such as children, a partner or parents
Please select a value
Have you had any defaults, bankruptcies, County Court Judgements (CCJs) or missed borrowing payments in the last three years?

We’re sorry, but it’s unlikely that we’ll be able to offer you an arranged overdraft.


Your results

Based on what you’ve told us, it is:

that we’ll be able to offer you an arranged overdraft

These results depend on the information you’ve given us, and are only to be used as a guideline – whether or not we can offer you an arranged overdraft will still depend on your personal circumstances. Any arranged overdraft offered by us will depend on a longer eligibility assessment.

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HOW TO APPLY FOR AN ARRANGED OVERDRAFT

If you don’t have a Metro Bank Current Account

Firstly, you’ll need to open a current account – you can do this online or in one of our stores. To apply for an arranged overdraft please then call us on 0345 08 08 500 or visit us in store.

Check what you need to open an account

If you already have a Metro Bank Current Account

Visit us in store or call on 0345 08 08 500 to apply for an arranged overdraft.

Overdraft INFORMATION

What is an overdraft?

Overdrafts are a way to borrow money through your current account, and best used to cover short-term or unexpected payments. There are two types of overdraft: arranged and unarranged.

An arranged overdraft is one that you apply for, and lets you borrow up to an agreed limit. We use information from you and from Credit Reference Agencies to decide if we can offer this.

We don’t usually let you borrow money without an arranged overdraft, or borrow more than your limit. However, sometimes we allow this – so you can make a one-off payment, for example. This is called an unarranged overdraft.

If your account goes into an unarranged overdraft, you’ll need to pay back the borrowed amount quickly. If you don’t, we may have to close your current account. An unarranged overdraft can also impact your credit rating.

How much interest will I be charged?

Interest will be charged at 15% EAR** typical (variable) on both arranged and unarranged overdrafts until you’ve paid back the amount you borrowed. The interest rate will be calculated on your account daily and applied monthly – all the details will be on your monthly statement.

Representative example:</ br> If you use an arranged overdraft of £1,200 on our Personal Current Account, the overdraft interest rate will be 15% EAR variable.

When you don’t have enough money in your account

If we receive a request for a payment but you don’t have the funds in your account to cover it, we will either:

  • Give or extend an unarranged overdraft and make the payment; or
  • Refuse the payment due to lack of funds.

We’ll charge a flat fee of £10 for each payment made and for each payment refused due to lack of funds.

If deducting interest causes you to go overdrawn or increases your overdraft, we’ll charge interest on the new balance, but we won’t charge the £10 fee for payments made.

In any given month we’ll never charge you more than the monthly cap for charges relating to an unarranged overdraft, which includes any additional fees for payments we make or refuse, as well as interest on the new balance.

The monthly cap on unarranged overdraft charges for your current account is £60. Further details can be found here.

'EAR' (variable) explained

'EAR’ stands for Effective Annual Rate. It shows what you pay if interest were charged and added to the amount you would owe once every year. It does not take into account fees and charges.‘Variable’ means we may change these rates and charges from time to time, or introduce new charges. If this means you’ll pay more, we’ll let you know beforehand. Interest is calculated daily and charged monthly. Your monthly statement will show how much interest you’ll pay and when.

Example Charges

You can use our calculator to work out how much your anticipated arranged overdraft borrowing would cost over different periods of time.As an example, the interest cost of borrowing £500 is:

  • £1.35 for 7 days
  • £5.78 for 30 days
  • £11.55 for 60 days

Overdraft interest 15% EAR