Business Overdraft

If you have a Relationship Manager, please give them a call.

If you do not have a Relationship Manager you can request a change to your overdraft online.

Increase limit

You can apply to increase your existing business overdraft through Online Banking or the mobile app. If approved, you could have the funds within 24 hours.

Log in to apply 

Increasing your limit could give you more flexibility and provide a short-term buffer for unexpected costs. 

Terms and eligibility criteria apply. 

If you don’t have Online Banking yet, you can apply for an increase to your existing overdraft by completing our online form: 

Increase overdraft limit 

Decrease or remove overdraft 

You can decrease your limit or cancel your existing business overdraft by completing our online form.

Decrease overdraft limit

Cancel your overdraft

Just be mindful to pick a limit that gives you the flexibility to cover unexpected costs. That way you’ll avoid going into an unarranged overdraft where extra fees apply.

Alternatively, you can start a Cora chat or give us a call on: 

0345 711 4477

+44 870 511 4477 from outside the UK

18001 0345 711 4477 for Relay UK

View current limit

You can find your current arranged overdraft limit by logging into Online Banking.

• Log in to Online Banking or the app
•  Look on the Account Summary page and you should see your agreed overdraft limit and remaining amount (if you’re overdrawn) there 

You’ll need the personal details of all the partners, members, directors or signatories of the business (including their home addresses for the last 3 years). You’ll also need your business details, including your Company’s Registration Number (provided by Companies House) if you’re a limited company. Also, details of any countries you or your business is registered for tax purposes in and details of your business' year end accounts or cashflow forecasts. Find out more in the "Ready to apply" section below, which will help you to prepare.

Yes, it’s possible to have both a loan and an overdraft. It’s all based on your overall approved credit.

If you're an existing customer, it’s really important that your personal and business details are close matches to what we have on your file. If they're different, it will be worth updating them before you apply.

If in doubt, please check what is on file at Companies House and update any out of date information before you apply.

Please be accurate with your income declaration. If we believe you can't afford the repayments on the amount you apply, you may be declined.

For instance, if you declare an income of £250,000 and we see £180,000 going through your RBS account, your application may be referred or declined.

You will need to speak to your relationship manager if you wish to borrow more than £50,000, or if your aggregate debt with us exceeds £50,000.

A Business Overdraft allows you to pay for transactions that would take your account balance below £0, making it a safety measure for emergencies where you might be awaiting payment or transfers from clients.

You'll only pay interest on the amount you borrow. But there is a setup fee that's connected to the size of overdraft you apply for. Please see the table below for a breakdown of our fees:

If you exceed your agreed Business Overdraft limit you will be charged an unarranged borrowing rate and be subject to unpaid / paid item fees.

What is an Overdraft?

An overdraft is a short-term borrowing facility attached to your business current account that allows you to spend more money than you have in your account, up to an agreed limit. It's designed to help with unexpected expenses or short-term cash flow gaps. 

What is the interest margin?

The interest rate (sometimes called interest margin) is the cost of borrowing money through your overdraft. It is typicallyshown as a percentage over the base rate. The rate you pay depends on the amount borrowed, the agreed terms, and your business’s credit profile. Interest will be charged on any Overdrawn balance when you use your Overdraft. 

What is the overdraft fee?

Arrangement fee: This is the fee for setting up or renewing your Overdraft facility. The fee you pay will be based on the size of your overdraft.

What is EAR?

The Effective Annual Rate (EAR) represents the usage cost of your overdraft, including the interest rate and any compounding of interest (interest calculated on balance+interest) over the year. The EAR helps you understand the total cost of borrowing on an annual basis, assuming that you remain in overdraft for the entire year.  Fees are excluded from the calculation.

What is Credit Reference Search or Credit check?

A credit reference search or credit check is a review of your business’s credit history by the bank. It helps the bank assess your ability to repay an overdraft. The check typically involves reviewing your business’s financial history, including previous borrowings, repayment patterns, and overall creditworthiness.