Overdrafts
Representative 39.49% APR (variable)
To apply you must be 18+ and resident in Isle of Man. An arranged overdraft is available to those who meet certain conditions. The minimum overdraft limit you can apply for is £250.
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?
Overdraft interest rates
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
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.