Who can apply
You can apply for an arranged overdraft if you have one of these accounts:
- M Plus Account
- Club M Account
You can apply quickly and easily online. But if you opened your account less than 6 months ago or you'd like to request more than £500, call us or visit us in Store.
If you have a joint account, the primary account holder will need to apply and have permission from the other account holder.
Do the sums
Get to know the ins and outs of your overdraft. Take a closer look at how much it'll cost and use the overdraft calculator before you apply.
Get clear on costs
The legal bits
These are the top things you should know about having an arranged overdraft:
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We'll give you 14 days notice before we take any interest from your account.
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You'll pay interest on the amount you're overdrawn at the end of each day. You'll be charged the interest the next month.
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We can ask you to repay your overdraft at any time but we'll always tell you first - as soon as we can. That's only fair.
You'll find all the terms in your arranged overdraft agreement. It's also where you'll find your interest rate and overdraft limit. We'll email the agreement to you if your application is successful.
Important stuff
- An arranged overdraft needs to be set up before you borrow money.
- If your request is successful, the interest rate you'll pay will be in your arranged overdraft agreement. Make sure you read this agreement and are happy with the interest rate before you use the arranged overdraft.
- Your overdraft usage will be reflected in your credit score and may make it harder for you to borrow in the future.
- If a payment would take you over your arranged overdraft limit, you'll either go into a temporary unarranged overdraft or we may refuse the payment and may charge a fee.
You can find more useful information in our key features document for Virgin Money Link opens in a new window (PDF, 539KB).
Apply online
You can use our online form to request, amend or remove an arranged overdraft.
Just read the legal bits and key features document before you apply.
Your questions answered
Your application will go through some checks - this takes a few days. Then we'll send you an email with the outcome. We'll either:
- approve your request
- set the arranged overdraft limit for as much as we can offer
- let you know if we are not able to offer you an overdraft right now
The maximum rate we'll charge you is 39.9% EAR variable.
Find out how much it might cost you by using our overdraft calculator.
If your request is successful, we'll let you know your exact interest rate in your arranged overdraft agreement that will be sent by email.
You'll only be charged when you use your overdraft.
You need an email address to use this form. If you do not have an email address, contact us to see if we can help.
We only offer arranged overdrafts on the following accounts:
- M Plus Account
- Club M Account
- Private Current Account
- Current Account Tracker
This form is only for M Plus and Club M Accounts. If you have a Private Current Account or Current Account Tracker, contact your Private Manager to set up an arranged overdraft.
We'll use the mobile number on your account to send text alerts when you:
- use your arranged overdraft
- need to pay money into your account
You can use the app or internet banking to opt out of text alerts or add more alerts.
Yes, you have a legal right to cancel your arranged overdraft within 14 days.
You'll need to repay any outstanding balance, interest and fees within 30 days of the date you cancel it.
You can remove your arranged overdraft at any time by using the online form or calling us. Just make sure you've repaid any outstanding balance, interest and fees first.