Can I transfer my overdraft?
Setting up an overdraft with your new bank is subject to each bank's own application process, criteria and conditions. You should check with the participating bank/s with regards to setting up a new overdraft.
It’s possible they may provide a discounted overdraft as part of their offer. Your current overdraft would need to be repaid, and you could use any new overdraft with your new bank to repay this.
It’s easy to repay the existing overdraft before your switch completes using common payment methods such as BACS and Faster Payments into your account.
Alternatively, you can repay your overdraft after your switch to your new bank has completed, but you’ll need to make a CHAPS payment as BACS and Faster Payments will redirect to your new account.
Should you need further help please speak to your usual business contact who can help advise on next steps.
If you do not know who your usual business contact is, please contact the Business Banking Switch helpline on:
- Phone number: 0800 151 2980
- Next Generation Text Service: 18001 0800 151 2980
- International: +44 161 933 8108
Opening hours: Monday to Friday 9am - 4.30pm, excluding bank holidays. Calls may be recorded.