Extending 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. One of the ways we did this was by introducing temporary support measures which meant customers were paying less for their arranged overdraft borrowing on many of our accounts.

Since 9 April 2020 we haven't charged interest on the first £500 of arranged overdraft borrowing. We've also charged less interest on arranged overdraft borrowing over and above £500. We've extended both these measures until 29 August 2020.

From 30 August 2020 we'll apply our standard overdraft pricing.

Whilst we are reverting back to our standard pricing, if you'll continue to be or reasonably expect to be affected financially by the Covid-19 pandemic beyond 30 August 2020, and you're experiencing a reduction in your income and/or an increase in your outgoings, you can apply to extend the temporary arranged overdraft support on your account(s) for a further three months. You can apply for this extension until 31 October 2020.

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.

The extension of 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.

Extend overdraft support (link opens in a new window)

Extending the temporary arranged overdraft support will not impact your credit file.

How can I make a request to extend the temporary arranged overdraft support beyond 30 August 2020?

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 to extend the temporary arranged overdraft support, we will assess this and confirm in writing if we have accepted your request. The extension 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 to extend the temporary arranged overdraft support?

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

If you apply for an extension before our temporary support comes to an end on 29 August 2020, we will process your request and if accepted, the earliest it will start is when we revert back to our standard pricing on 30 August 2020. If you apply in the days directly leading up to 30 August 2020, your additional support may not start on 30 August 2020 as it could take us seven working days to process your request due to the volume of requests we are expecting to receive. Regardless of the start date, everyone who is accepted will get three months of additional support.

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.

Extend overdraft support (link opens in a new window)

Will this affect your credit rating?

Requesting an extension 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: