Overdraft calculator

We all need a little extra support from time to time. Arranged overdrafts are there if you need a little extra money to tide you over every now and then. Use the simple calculator below to understand the cost of an arranged overdraft with M&S Bank.

How to use:

  • Arranged overdraft limit - Enter the limit you require up to a maximum of £5,000. M&S Bank offer a maximum overdraft limit of £5,000 to our new customers. The calculator will not accept values above this. An arranged overdraft is subject to application and approval.
  • Overdrawn amount - This is the amount of the arranged overdraft you expect to use. As M&S Bank do not offer an unarranged overdraft facility this will need to be within the arranged overdraft limit you have entered
  • Days overdrawn - The days overdrawn is limited to 31 days only. If you require longer term borrowing there may be alternative products we offer that could better meet your need.

The information provided by this tool is for illustrative purposes only.



How many days overdrawn?



To support customers financially impacted by Covid-19, from 9 April until 29 August 2020, we temporarily won't charge interest on the first £500 of arranged overdraft borrowing. Normally we charge interest on arranged overdraft borrowing over £250. Additionally, until 29 August 2020 we'll temporarily charge 19.9% EAR (variable) for any arranged overdraft balances above £500. The normal rate of interest for overdraft borrowing is 39.9% EAR (variable). We'll apply our normal pricing from 30 August 2020, find out more information in our FAQs.

Representative example: 0% EAR variable on the first £250, 39.9% EAR variable on anything above that, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200).

How does our overdraft compare?
You can compare our overdrafts with other ways of borrowing by looking at the Annual Percentage Rate (APR). APR is the cost of borrowing over a year and lets you compare the costs with other credit products.

These are temporary measures and do not change the account and overdraft contractual terms and conditions, which remain the same.

If you'll continue to be affected financially by Covid-19 beyond 29 August 2020, and you're experiencing a reduction in your income or increase in expenditure, we may be able to help. Until 31 October 2020, you can apply to keep your temporary arranged overdraft pricing for a further three months. To do this please complete the extending overdraft support form.

No interest-free amount applies to Additional Accounts.

Representative example: 0% EAR variable on the first £250, 39.9% EAR variable on anything above that, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200).

The results explained

The total interest amount shows the indicative interest that would be charged based on the overdrawn amount and the number of days overdrawn entered into the calculator.

Interest is charged at the Current Annual Rate for Arranged overdrafts, 0% EAR variable on the first £250, 39.9% EAR variable on any remaining balance within the arranged overdraft amount. M&S Bank do not offer unarranged overdraft facilities.

The information provided by this tool is for illustrative purposes only.

Assumptions

  • The amount borrowed is drawn down in full at noon on the date of calculation.
  • The period selected is a continued period.
  • At the time of the draw down the balance of the current account is £0.
  • No other credits and/or debits will be made from the account during the period.
  • Any charges relating to borrowing will be debited from the accounts according to the account Terms & Conditions and will not be waived.
  • The outstanding balance will be repaid in full on the last day of the charging period.
  • The interest rate will remain the same during the whole period.

How much does my overdraft cost in pounds and pence?

Overdrawn balance 7 days 30 days 60 days
£500 £1.63 £7.00 £13.99

What to do next

If you are interested in our Arranged overdraft facility, check out our eligibility tool to see if you qualify.