Current Account overdrafts during COVID-19

Back in April, as part of our ongoing support for COVID 19, we made overdrafts up to £500 interest-free for 3 months.

This was originally due to end on the 9th July. However, following a review of industry guidelines on overdrafts, we’re extending that interest-free period until 31st October 2020.

If you already have an overdraft with us you don’t need to do anything – this extension will happen automatically, and there will be no charges for you to use your agreed overdraft.

Can I still apply for an overdraft?

If you don’t have an overdraft with Tesco Bank, and would like to apply for one, log in to Online Banking and select Apply for an Arranged Overdraft. Overdrafts are subject to status.

Overdrafts are a form of borrowing and you should consider whether it is the most appropriate option for you, and whether you can afford the interest payments at the end of this period. Our standard rate is 18.9% APR representative (variable).

How does our Overdraft Compare?

A way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR.

PO Box 344 Newcastle Upon Tyne, NE12 2GF.