Apply for a Graduate Overdraft online | Royal Bank of Scotland - Overdrafts

Royal Bank of Scotland Graduate Royalties Account Arranged Overdraft Applying for & changing a Graduate Overdraft

With a Royal Bank of Scotland Graduate Royalties Account, you can apply for an Arranged Overdraft of up to £2,000. 

  • The Arranged Overdraft limit you are applying for may have an interest free threshold. (This means you may be able to borrow up to a certain amount interest free.)

  • The interest free threshold depends on when you graduated and how long it's been since your graduation date.


Four important pieces of information:

  1. The amount of your Arranged Overdraft that's interest free reduces each year after your graduation date.
    (This is to help encourage you to pay back money you may have borrowed whilst studying.)

  2. Always try to stay within your Arranged Overdraft limit and an interest free threshold if there is one.
     
  3. Make sure you know what your interest free threshold is.

  4. An overdraft is a form of debt and is repayable on demand. 
Check you can apply online:

To apply for a new Arranged Overdraft for your Graduate Royalties Account (or to change your existing limit), you need to be:

  • Aged 18 or over

  • A Royal Bank of Scotland Graduate Royalties Account holder

  • A UK resident (Not a UK resident? Why not speak to one of our advisors in branch)

Royal Bank of Scotland Graduate Royalties Account Arranged Overdraft Make sure you know how it works
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Icon expand What amount can I apply for?

The maximum Arranged Overdraft you can apply for with a Graduate Royalties Account is £2,000. 

Be careful when choosing the amount you're applying for, as the Arranged Overdraft on your Graduate Royalties Account has been designed so the interest free amount of the overdraft reduces every year after you have graduated. This is to try and encourage you to pay the debt off.

If you attempt to apply for an Arranged Overdraft that is higher than £2,000 your application will be rejected.

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Icon expand What amount is interest free?

The interest free amount of an Arranged Overdraft with a Graduate Royalties Account is different depending on:

  1. If you graduated before or after 1st January 2013
  2. How many years it has been since your graduation date
 
If you graduated before 1st January 2013:
 
  • In the 1st year after your graduation date, you could have an Arranged Overdraft of up to £2000 that is interest free up to £2,000.

  • In the 2nd year after your graduation date, you could have an Arranged Overdraft of up to £2000, but only up to £1,500 of the Arranged Overdraft would be interest free.

  • In the 3rd year after graduation date, you could have an Arranged Overdraft of up to £2,000 but only up to £1,000 of the Arranged Overdraft would be interest free.
 
 
If you graduated after 1st January 2013:

  • In the 1st year after your graduation date, you could have an Arranged Overdraft of up to £2000 that is interest free up to £2,000.

  • In the 2nd year after your graduation date, you could have an Arranged Overdraft of up to £2000 but only up to £1,000 of the Arranged Overdraft would be interest free.

 


The Arranged Overdraft on our Graduate Royalties Account is interest free as long as your overdrawn balance stays within the interest free thresholds outlined above and inside your agreed limit. 

If you go over your interest-free threshold, interest is chargeable on the amount you borrow over this. Learn more

 

What happens if I accidentally go over my Arranged Overdraft limit?

Always try to stay within your Arranged Overdraft limit. If you go over it, we may reject your payment instructions. If this happens there's an Unpaid Transaction Fee of £6 for each Unpaid Item (subject to a maximum of £60 in any charging period).

Also, by going over your Arranged Overdraft limit by more than £10 you will incur a Unarranged Overdraft Usage Fee of £6 per day. (This is capped at £90 per charging period)

Graduate Royalties Account Arranged Overdraft How long does it take?

The application form will only take you 5-10 minutes to complete. Once you've submitted an application our processing team will try to action your request as quickly as possible. This usually takes a few days.

  • We will send written confirmation by post once your application has been successfully completed. 

  • If there's any problems with your application, we'll send you a text with a number to call us back on.

  • Don't want to wait for written confirmation? You can check your available account balance at any time of the day using Digital Banking or our Mobile App. 
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