Overlay
Arranged and unarranged short term borrowing

Overdrafts

Representative 39.49% APR (variable)

How does our overdraft compare? A good way to compare the costs of borrowing products is by using the APR, which shows the cost of borrowing over a year.

What is an arranged overdraft?

An arranged overdraft allows you to go overdrawn up to an agreed limit, so it could help cover an unplanned expense.

  • You only pay interest and fees if you use it
  • Could be an interest-free buffer, depending on the current account you have
  • Instant decision with online banking

Change your overdraft limit

You can easily change your overdraft limit to suit your needs. Whether it’s too high or too low you can get an instant decision by applying online.

You can also request that your overdraft be completely removed if you don't want it anymore. Bear in mind, you won't be charged if you don't use your arranged overdraft.

How do overdraft costs work?

Arranged overdraft charges

We don’t charge fees for using an arranged overdraft – we only charge interest on the amount of overdraft you use. The interest you pay depends on the type of current account you have with us. 

Unarranged overdraft charges

If you go into an unarranged overdraft, we will charge interest (this will also depend on the type of your current account). The monthly cap on unarranged overdraft charges for our standard adult current accounts is £19.40.

How much does my overdraft cost in pounds and pence?

Choose your current account to view the interest costs when you use a £500 overdraft.

Overdraft interest rates

Choose your account or overdraft type below and you’ll see the rates applicable to an arranged overdraft.
Overdraft interest is calculated on a daily basis and charged monthly.

Common questions about overdrafts

Ready to apply?

Before you apply, we've outlined the eligibility requirements for an overdraft below, along with our terms and conditions so you can make sure it's the right option for you.

You can apply for an overdraft if you:

  • Are aged 18+ and permanently resident in the Isle of Man.
  • Hold an Isle of Man Bank current account.
  • Have not been declared bankrupt over the past 6 years.

Please review our important information

By clicking continue you’re confirming that you’ve been provided with, and have acknowledged our important documents.

How your information might be used

It's important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

Let's get started...

To speed up your application for an overdraft, we need to run through some quick questions with you. They'll only take a few minutes.

Do you have a current account with us?
Please tell us if you have an Isle of Man Bank current account.
Do you use Online Banking?
To apply for an overdraft online you must be registered for Online Banking.
What do you want to do?
Please tell us if you want to apply for a new overdraft, change an existing limit or remove an overdraft.

Log in to Online Banking to start your application (please read below carefully)

To apply, you'll need to log in to Online Banking, then return to our overdraft page.

How to apply:
(Please take notes or a picture of this, so you remember)

  1. Log in to Online Banking, using your customer number or 16 digit card number. Then enter your Online Banking pin and password. 
  2. Choose 'Overdrafts' (it's under 'Our products', bottom right).
  3. You'll return to our overdraft page. 
  4. Choose 'Apply for an overdraft'. 
  5. Choose 'Continue' under 'Let's get started'.

Log in to Online Banking to start your application (please read below carefully)

To apply, you'll need to log in to Online Banking, then return to our overdraft page.

How to apply:
(Please take notes or a picture of this, so you remember)

  1. Log in to Online Banking, using your customer number or 16 digit card number. Then enter your Online Banking pin and password. 
  2. Choose 'Overdrafts' (it's under 'Our products', bottom right).
  3. You'll return to our overdraft page. 
  4. Choose 'Apply for an overdraft'. 
  5. Choose 'Continue' under 'Let's get started'.

Register for online banking to apply online

To apply for an overdraft online you need to be registered for online banking.

If you have your debit card to hand you can register today.

You need to have an account with us...

Our Arranged Overdraft is only available to existing Isle of Man Bank customers who already have one of our eligible current accounts.

View our current accounts