Temporary overdraft support

What is happening with the Covid-19 temporary arranged overdraft support?

Since the Covid-19 pandemic began, our focus has been supporting our customers through these difficult and uncertain times.

If you continue to be or reasonably expect to be affected financially by the Covid-19 pandemic and you're experiencing a reduction in your income and/or an increase in your outgoings, you can apply for temporary arranged overdraft support on your account(s) for three months. To do this please complete the overdraft support form. You can apply for support until 31 October 2020.

If the overdraft support is applied, 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, 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). Once the 3 months completes the standard 39.9% EAR (variable) will then be charged for any arranged overdraft balances above £250.

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.

This support is designed to help customers experiencing financial difficulties due to the outbreak. We encourage customers to only request this extra support if necessary.

Apply for overdraft support (link opens in a new window)

Temporary arranged overdraft support will not impact your credit file.

How can I make a request for temporary arranged overdraft support?

You can submit an extension request if: 

  • you hold an M&S current account that has an arranged overdraft limit.
  • you're in or reasonably expect to be in financial difficulties because of the Covid-19 pandemic and your ability to afford your overdraft has been temporarily affected – for example, you've lost your job or you're having to work less hours

If this doesn't currently apply to you, please don't make a request. You'll be able to make a request until 31 October 2020 if your circumstances change.

You should not submit an extension request if:

  • you don't meet the criteria above
  • you haven't been directly or indirectly financially impacted by Covid-19.
  • you've already submitted an extension request.
  • we have agreed not to charge interest on your account for a set period of time. 

How will this work?

Once you have submitted a request for temporary arranged overdraft support, we will assess this and confirm in writing if we have accepted your request. The support will be applied to your account(s) from the date detailed in the confirmation email or letter you will receive. As we can get in touch with you much more quickly by email, we'd encourage you to check that we hold an up-to-date email address for you.

At the end of the three-month extension, we'll contact you to remind you that your extension is coming to an end and provide details of any further support should you need it. At the end of the extension, your overdraft pricing will revert to our standard pricing.

These temporary measures are not a change to contractual terms, which remain the same.

How do you request the temporary arranged overdraft support?

To submit a request, you can fill out our online form below. It could take up to seven working days to process your request and apply the extension.

To fill out the form, you'll need your: 

  • account sort code
  • account number 

You can find these details on your debit card, statements or the account summary screen in online banking.

If your overdraft is on a joint account, only one account holder needs to complete the form. However, you should seek the other account holder's permission before submitting the form.

Once your request has been processed and a decision has been made, we will contact you by email or send you a letter with an update. We won't be able to provide this decision over the phone. Please be aware that if your mailing preference is set to paper letters, it will take longer to receive your decision letter as we have to send the outcome through the post. If you would prefer to receive all correspondence by email, please sign into Internet Banking (link opens in a new window) and update your Contact Preferences.

Apply for overdraft support (link opens in a new window)

Will this affect your credit rating?

Requesting temporary arranged overdraft support will not impact your credit file.

If you go into an unarranged overdraft this may adversely affect your credit file. An unarranged overdraft is when your account goes overdrawn and you don't have an arranged overdraft, or you go over your arranged overdraft limit. We will report to Credit Reference Agencies, accounts that have been in a continuous unarranged overdraft for 30 or more days, which could negatively affect your credit file and your ability to get credit in the future.

Is there any more help or advice I can get?

Keep visiting our Covid-19 support page to stay up to date.

You can also get free independent advice from: