Help with repeat overdraft use

If you’re constantly using your overdraft, or are often using the full limit, then there are ways we can help.

Know your borrowing options

Short-term borrowing

Overdrafts can be useful for short-term borrowing, such as covering an unexpected cost or bill. If you’re using it frequently for other costs, there may be a different solution for you.

Find out more about overdrafts

Long-term borrowing

If you need to borrow for longer, there are other ways to borrow that could give you a better interest rate. To talk through your options, book an appointment or visit a branch.

Book an appointment

Tips on managing your overdraft

Adjusting the timing of your standing orders and Direct Debits can give you a clearer view of your finances and help reduce unnecessary costs. Here’s how:

Standing orders

Moving the date your standing orders come out to just after your monthly income is paid can:

Provide a clearer picture of how much money you have available until your next payday
Help avoid relying on an arranged overdraft to cover bills
Reduce the time your overdraft is in use, lowering the interest you pay

You can manage standing order dates by speaking to a TSB Partner or logging into online banking.

Direct Debits

Shifting the date of your Direct Debits can offer similar benefits. Contact the company you’re paying to make this change.  

While reviewing your Direct Debits, check if you’re paying for services you no longer use. Cancelling unused services can save you money.

If there isn’t enough money in your account to make a payment and it is refused due to lack of funds, our retry periods can help you make the payment. For Direct Debits, cheques, standing orders or future dated payments, we’ll give you extra time to put money into your account so that we can make these payments. The money needs to be immediately available to use.

You could transfer money from another account you have with us by using Internet, Telephone or the TSB Mobile Banking App. Or, you could pay in cash over the counter in branch or transfer money from another bank account you have. If you do pay enough money into your account, we’ll make the payment.

Understanding how to handle overdrafts can help minimise costs and put you on a path to better financial health.

Avoiding additional interest

If you use an unarranged overdraft, you have until 10pm the same day to avoid paying additional interest. Similarly, if you dip into your arranged overdraft, repaying by 10pm can prevent extra charges.

Pay off a fixed amount each month

Over time this could reduce any negative balance, and even help you return to credit. You could use savings to do this, where you may be receiving a lower rate of credit interest than you’re paying to borrow on your overdraft.

Overdraft calculator

Check your balance regularly

Via our Mobile App, Internet Banking, ATMs or pop into your branch. By doing this you can see how much money is in the account and how much arranged overdraft limit you still have available.

Set up text alerts

If you sign up for alerts, we’ll let you know when:

You go into an arranged overdraft
Your balance drops to £50 or less
You’re over your account limit or when you don’t have enough money to make a payment

You can also set custom alerts for low or high balances to help track your finances.

Set up text alerts