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Student arranged overdraft

Interest free overdraft while you study

Student arranged overdrafts are available to Royal Bank of Scotland Student current account customers, aged 18 or over. Subject to lending criteria.

See how a Royal Bank overdraft could help

An arranged overdraft lets you borrow money up to an agreed limit on your bank account. So if things are a wee bit tight, an arranged overdraft could help bridge the gap short-term.

Interest-free up to £2,000

  • Interest-free arranged overdraft up to £2,000 (£500 in your first term)
  • Get handy text alerts to help you stay on top of things
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Interest-free up to £3,250 from year three

  • Students can apply for up to £3,250* interest-free from year three onwards.
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Apply with ease

  • It takes around 5 minutes to apply through Digital banking
  • Get a decision straight away if you bank online with us
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Get your funds quickly

If your application is succesful, you'll normally have the funds available on the next working day.  But there are some exceptions.

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Features and benefits

Before you apply

Overdrafts explained

We know it’s not always easy to understand overdrafts, so we’ll keep you right by explaining the difference between arranged and unarranged overdrafts. The first thing to know is that both types will cost you money in interest when you use them. But there are other differences too.

Student arranged overdrafts

An arranged overdraft allows you to go overdrawn up to an agreed limit. This type of borrowing could help when you're entering the world of work, your day-to-day expenses are changing and pay-day feels a long way off.

Unarranged overdrafts

An unarranged overdraft is when you spend more money than you have in your bank account and you don’t already have an arranged overdraft in place, or when you exceed the arranged overdraft limit you already have on your account.

If you're accepted

Manage your overdraft easily, wherever you are

You can use our mobile app or Digital Banking services to see your balance or change your overdraft limit at a time that suits you.

Text alerts to keep you on the straight and narrow

Our free text alerts help you to keep an eye on your spending.

Interest-free

You can apply for an arranged overdraft of up to £3,250, interest-free after your first term (subject to approval).

Tools to help you out

Check your chances of being accepted before applying

Have a shot of our eligibility checker tool, which will help you understand if you’re likely to be accepted for an overdraft before you start an application. It only takes a couple of minutes and it won’t harm your credit rating.

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Find out how much interest you're likely to pay

Our cost checker tool allows you to see how much interest you’re likely to pay based on how much you plan to borrow, and how regularly you want to use it.

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Get ready to apply

You can apply for an overdraft if you:

  • Are aged 18+ and living in the UK
  • Have not been declared bankrupt in the last 6 years

Now, please read these important documents

Please take some time to review, print and/or save the below important documents.

All okay? Let's get started.

What type of Royal Bank of Scotland bank account do you have?
What device are you using?
Are you using your mobile, or something else, to apply for a overdraft?
Is our app on the device you’re using right now?
The Royal Bank of Scotland app is the easiest way for you to apply for a loan. Do you have it on this device?

Great, let's get started

Just a heads up - you'll be asked to log into the Royal Bank of Scotland mobile app to start your loan application.

Do you have Royal Bank of Scotland digital banking?
If you know your digital banking details we can pre-fill some of your info - making the application process faster.

Log in to start your application (please read the below carefully)

To apply, you’ll need to log in to Digital Banking, then return to our overdrafts page.

How to apply:

(Please take notes or a picture of this, so you remember)

  1. Log in to Digital Banking.
  2. Choose ‘Overdrafts’ (it’s under ‘Our Products’, bottom right).
  3. You’ll return to our overdraft page.
  4. Choose ‘Apply for or manage your overdraft’.
  5. Choose ‘Continue’ (under ‘All okay? Let’s go.’)

 

Log in and apply

Let’s get you signed up for Digital Banking

You’ll need to sign up for digital banking with us in order to apply for an ovedraft. The good news is that it normally takes only 5 minutes and all you’ll need is your sort code, account number and your Royal Bank of Scotland Debit Card, if you have one.

Do you have Digital Banking?
Got Digital Banking? We’ll pre-fill some of your info – so it’s faster for you to apply.

Log in to start your application (please read the below carefully)

To apply, you’ll need to log in to Digital Banking, then return to our overdrafts page.

How to apply:

(Please take notes or a picture of this, so you remember)

  1. Log in to Digital Banking.
  2. Choose ‘Overdrafts’ (it’s under ‘Our Products’, bottom right).
  3. You’ll return to our overdraft page.
  4. Choose ‘Apply for or manage your overdraft’.
  5. Choose ‘Continue’ (under ‘All okay? Let’s go.’)

 

Log in and apply

Let’s get you signed up for Digital Banking

You’ll need to sign up for Digital Banking with us in order to apply for a loan. The good news is that it normally takes only 5 minutes and all you’ll need is your sort code, account number and your Royal Bank of Scotlan debit card, if you have one.

Have you lived in the UK for 3 years or more?

Great! Because you've lived in the UK for 3+ years, you could be eligible for a Student overdraft.

Before you get started you’ll need to head to your local branch to provide proof of 3 years of residency – e.g. tenancy agreements or previous utility bills.

Book an appointment

Sorry, we're unable to offer you an overdraft at this time.

Our Student overdraft is only available to customers who have a Student bank account with us. Want to take a look?