Student Overdraft application | NatWest

Student overdraft

Interest free

Up to £500 limit in your first term

Up to £2,000 limit after your first term

Easy to view your balance in our mobile app


You will need to have a student current account and have access to online banking to apply online.

Apply for an overdraft Apply for our student bank account

Student arranged overdrafts are only available to eligible UK resident student current account customers, aged 18 or over. 

You will incur an Unpaid Transaction Fee if you go over your overdraft limit.

App available on most smartphones to NatWest customers with Online Banking and a UK mobile number.

Overdrafts explained

What is an arranged overdraft?

An Arranged Overdraft is an agreement between yourself and NatWest that enables you to borrow money up to a pre-agreed limit.

 

For example, if you successfully applied for an Arranged Overdraft of £250 and then had only £50 of your own money in your current account, the Arranged Overdraft would allow you to make a payment of up to £300.

How do I avoid fees?

Although an Arranged Overdraft with your Student Account is interest free, it is a form of debt and is repayable on demand. Always make sure you have enough money in your current account, or a suitable Arranged Overdraft limit in place, before any payments are due to come out of your account.

 

If you don't have the available funds for payments leaving your current account, they may be returned unpaid. If this happens there is an Unpaid Transaction Fee of £6 charged for each transaction we reject (Subject to a maximum of £60 per charging period*).

 

Your charging period runs from month to month, usually from the date you opened your account. For example, if you opened your account on 15 August, your charging period will run from the 15th of each month to the 14th of the next month. You can find out your charging period by contacting us.

 

 

Use our Overdraft Calculator to see how an Arranged Overdraft can help save you money.

 

Overdraft Calculator

Why apply for a student overdraft?

It's interest free as long as you stay within your limit and hold a Student Account.  

 

There's no set up fee or hidden costs.

 

In your first term of first year, you'll be able to apply for an overdraft of up to £500.

 

After your first term of your first year, you'll be able to apply for up to £2,000.

 

It'll only take a few minutes to fill in the online application.

Applying for a student overdraft

What you need to do before applying for a student overdraft

You need to have a student bank account to have an overdraft applied to it.

 

Apply for a student account

 

 

To apply online you'll also need to have online banking set up, if you haven't already done that as part of opening your account, you can do that here:

 

Register for online banking

What you need to know before applying

Student arranged overdrafts are only available to eligible UK resident student current account customers, aged 18 or over.

 

You will incur an Unpaid Transaction Fee if you go over your overdraft limit.

 

Apply now

Overdraft Calculator


Get savvy with your overdraft.

Use our Overdraft Calculator to see how an Arranged Overdraft can help save you money.

Get started

Still not sure about applying for a Student Overdraft?

 

We know the last thing you want to do is fill out another form but this shouldn't be too painful and should only take a couple of minutes if you have your banking details to hand. 

Why apply for credit?

At some point in the future you may require a larger credit facility such as a loan or a mortgage. Lenders are more likely to accept you if you have borrowed money sensibly and proved you can pay it back when requested.


Any future borrowing requests you make will be referred to one (or more) of three credit reference agencies before a lender will approve or decline your request. If you’ve used a credit facility and have a proven credit track record, this could be more appealing to a lender than a customer who’s never taken out credit.

Manage your outgoings

We know that many of us will need extra funds at some point, particularly at University. By applying for an Overdraft, you may be able to secure a interest free facility for the entire length of your university life.


The overdraft is there for breathing space but make sure you don't try to spend past your limit as payments could be rejected and fees could be charged.

Paying your overdraft back

We want to give you time to pay back the Overdraft but please remember it's repayable on demand.


If you have held a Student Current Account with us, or have graduated from a full-time course of higher education (lasting two years or more) within the last 3 years*, you could apply for a Graduate Account.


If you agreed an overdraft limit with us as Student Account holder, this will carry over to your Graduate account. However, in the second year of using a Graduate Account, the amount of the Overdraft that's interest free will reduce.


* This includes completed training as a nurse.

You may also be interested in...

Student credit card

Useful safety net - up to £500 credit limit

You must be a UK resident, over 18 years old and have a NatWest Student Current Account.

Representative 18.9% APR (variable)
Annual fee applies

Set Tab for lightbox