OverdraftsNeed extra flexibility with your current account? An overdraft could help you handle short-term changes in your cash flow.Apply onlineWhat is an overdraft?An overdraft is short-term borrowing linked to your current account. It lets you spend more money than you have in your current account by borrowing money from your bank. This can help you cover unexpected costs or shortfalls.When you set up an overdraft, you agree an overdraft limit with your bank. This is the most amount of money you can borrow. Limits start at €500.How does an overdraft work?If your current account balance is low and you make a payment that is higher than that amount, your bank covers the extra cost so your payment is not declined. This means your account goes into a negative balance, and that negative amount is your overdraft.As with any type of borrowing, you will pay interest on the amount you owe the bank at any one time. The overdraft is paid back when you put money into your current account to cover the amount you borrowed and any interest the bank has charged.Please note: Any interest will be charged every three months.Is an overdraft right for me?Try our borrowing comparison tool designed to help you make informed decisions about the right financial products for you.Try our borrowing comparison toolWhat do I need to apply?To be eligible to apply for an overdraft, you must be:Aged 18 or overResident in the Republic of IrelandAn existing Bank of Ireland Personal, Graduate, or Golden Years current account customerReceiving regular salary or pension payments.To apply online, you'll need:The last four digits of your current account number - This will help us process your application quicklyYour 365 online user ID - You can find it on your profile page within the mobile appProof of your Personal Public Service Number (PPSN).Full list of acceptable PPSN documents.Where to apply:You can apply online in your own name, or call 0818 200 412 to make a joint application.Please note: Overdrafts are not available for Basic Bank Accounts, Smart Start Accounts, Second Level or Third Level current accounts. See our student lending options.Being mindful about borrowingYour financial wellbeing is our priority. Discover more about the relationship between borrowing and debt to make an informed decision about whether an overdraft is right for you.Learn more about borrowing and debtInterest Rates and APRThese examples illustrate how much it could cost to borrow various amounts over 12 months.Personal current account overdraftRepresentative example 1: The total cost of credit for an overdraft of €1,500 over 12 months at a variable interest rate of 13.25% (Annual Percentage Rate (APR) 16.2%) with a facility fee of €30 is €243.02. Variable rates are correct as of 30 June 2022 and are subject to change.Graduate current account overdraftRepresentative example 2: The total cost of credit for an overdraft of €1,500 over 12 months at a variable interest rate of 9.4% (Annual Percentage Rate (APR) 9.7%) with a facility fee of €0 is €146.05. Variable rates are correct as of 30 June 2022 and are subject to change.Golden Years current account overdraftRepresentative example 3: The total cost of credit for an overdraft of €1,500 over 12 months at a variable interest rate of 13.25% (Annual Percentage Rate (APR) 13.9%) with a facility fee of €0 is €208.85. Variable rates are correct as of 30 June 2022 and are subject to change.If your account is overdrawn, interest is charged on the full overdrawn balance, regardless of whether the overdraft is within an agreed overdraft limit or there is an unauthorised overdraft. Lending criteria, terms and conditions apply. Over 18s only, not suitable for students. View our Schedule of Fees and Charges for Personal Customers to see a list of what you can expect to pay for your account.Our guide to managing your overdraftStep 1: Never go above your limitCheck what your overdraft limit is and make sure you never go over it. Going beyond the limit can lead to declined payments and you will be charged interest on the full overdrawn balance.Step 2: Keep track of your spendingUse 365 online to regularly view your account to see when your account balance is getting low or if you're approaching your overdraft limit.Tip: It may be helpful to set up text or app notifications for low balances. This helps you act before you slip into your overdraft.Step 3: Always repay your overdraft on timeAn overdraft is meant for short-term use. The longer you stay overdrawn, the more interest you’ll pay.If you need a longer-term borrowing solution, we have a range of loan options to choose from. Try our borrowing comparison tool.Step 4: Review your overdraft usage regularlyCheck your overdraft usage every month. If you’re using it often, it might be time to adjust your budget or speak to us.Terms and conditionsThese are the terms and conditions that apply to the Personal current account.Personal current account terms and conditionsFrequently asked questionsCan I apply for an overdraft if my salary goes into my current account?Yes, you can apply online as normal. We need to be able to see regular payments going into your account so we can identify them as your salary.Is there a fee for using an overdraft?Yes, there is an annual €30 fee for any personal account which uses an overdraft facility. The €30 fee is for the overdraft facility being available on your account. That means you will be charged the fee if you use your overdraft or not.Please note: You may also be charged the €30 fee if you increase your overdraft facility. These charges do not currently apply to Graduate or Golden Years current account holders. View our Schedule of Fees and Charges for Personal Customers to see a list of what you can expect to pay for your account.Can I apply for an overdraft on a pension?Yes, you can apply for a personal overdraft if you have regular pension payments into your current account.How do I increase my overdraft amount?You must re-apply for a new overdraft if you wish to increase the amount of your current overdraft. If you are applying online, select the ‘Increase to existing overdraft’ option.How do I reduce my overdraft amount?You can reduce the amount of your personal overdraft over the phone or in your nearest branch. Please note: To reduce your overdraft amount, your account balance must be above what you want your new overdraft limit to be. For example, if you wish to reduce a €1,000 overdraft to €500, your account balance must stay above €500 to allow this change to take effect. Overdraft reductions are permanent. If you need an increase to your overdraft amount in the future, you must apply for the increase online.How do I cancel an overdraft?You can cancel a personal overdraft over the phone or in your nearest branch. To cancel an overdraft, your account must be in credit. Overdraft cancellations are permanent. If you need an overdraft in the future, you must apply for a new one online. Please note: Your account must remain in credit during the cancellation process. Your account should remain in credit for 24 hours. For example, if you have an overdraft of €1,000 and you wish to cancel this overdraft your account balance must stay above €0 to allow this cancellation to take effect.If you cancel your overdraft during the month and your account does not have enough money to cover fees or interest at month-end, this will be reported as an outstanding balance to the Central Credit Register (CCR).How do I get my current account into credit?If your account is not in credit, you can add money by:Making an own account transfer. You can do this using 365 online or the 365 mobile app.Taking money out of a deposit account (you might need to give us notice).Transferring money from another bank using your BIC and IBAN.Paying money/lodgement in a branch (cheques take time to clear).Alternatively, you can reduce your overdraft when you next receive regular payments like your wages or pension.Why would I get an overdraft rather than a personal loan?You might choose an overdraft over a personal loan if you need quick, short-term access to smaller amounts of money. An overdraft lets you borrow only what you use and charges interest only on that amount. They’re ideal for covering small, unexpected expenses, whereas personal loans suit larger, long-term borrowing with structured repayments.Overdrafts start at €500 which can remain on your account.Personal loans start at €2,000.Not sure which borrowing option is right for you? Try our borrowing comparison tool.WarningIf you do not meet the repayments on your overdraft, your account will go into arrears. This may affect your credit report, which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.Need a helping hand?If you need more help, you can contact us from 9am to 5pm, Monday to Friday (not including bank holidays).You can call us0818 200 412