Current Accounts with Free Overdrafts
Get a better overdraft deal!
Many banks provide free overdraft facilities up to a set amount e.g. £300 as part of their proposition. Some banks will charge no interest up to this amount or a lower interest rate charge - it is important to read the terms and conditions before you switch to a new provider.
In order to find an account with the best overdraft facilities you should shop around as deals change. New rules on banking procedures will now mean that switching to a new provider has never been easier
Current accounts with free overdraft facilities may he highly useful for customers in a variety of different circumstances. As many banks will often charge customers who are in negative credit, customers who frequently deal with a large number of outgoings and deposits may often be in danger of going overdrawn and so an interest free buffer may be attractive.
See below for a selection of accounts on offer:
|Account||Interest (AER)||Overdraft Rate||Funding Required*||Fee pm||Features||Apply|
|FlexDirect Current Account||5.0%*||0% for 12 months||£1,000 per month||N/A||5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year.||More Info >|
Nationwide FlexDirect Current Account
|Nationwide FlexPlus Current Account||3.0%*||0% for first £250||No minimum||£13||3.0% INTEREST on balances up to £2,500||More Info >|
Nationwide FlexPlus Current Account
Santander Bank »
|Santander 123 Current Account||1.50%*||Up to £3 per day||£500 per month||£5 pm||*1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills.||More Info >|
Santander 123 Current Account
|Nationwide FlexAccount Current Account||N/A||0% for first 3 months||No minimum||N/A||3 months interest-free overdraft and no monthly account fee||More Info >|
Nationwide FlexAccount Current Account
First Direct »
|1st Account Current Account||N/A||0% for first £250||No minimum||Free if funding £1,000 or £10 below £1,000||Switch your current account and you'll get a free gift worth up to £150. £250 interest free overdraft. Free banking if paying over £1,000 per month. Satisfaction guarantee - £100 if you leave within 6 months||More Info >|
First Direct 1st Current Account
The following are some examples of current accounts that will often come with free overdraft facilities:
Student accounts often come with a number of benefits and free incentives that are intended to attract customers who are on their way to university. Since students tend to rely on loan payments and part time work, a current account with free overdraft facilities are usually considered a necessity.
After 3 years of university life, the vast majority of students often have a substantial overdraft to manage. A graduate account may provide customers with a continued interest free overdraft that will gradually be reduced over a number of years, encouraging students to pay off any debts they may have incurred.
Certain banks may also offer customers a free overdraft with their current account as part of a promotional or introductory offer. A free overdraft may also be offered to customers who have a number of accounts with a particular bank.
In order to find a current account that is best suited to your needs, it is strongly recommended to compare current accounts offers as much as possible to find the best deal available.