Overdraft
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It’s a fixed credit limit that’s attached to your Cashplus Personal or Business Bank Account. You can automatically dip into it when you don't have any money in your account and use it on anything you choose - from covering bills, to everyday purchases and withdrawing cash. And it's reusable which means you can continue to use the overdraft limit as you pay off the amount you've used in part or in full.
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To be eligible for a Cashplus overdraft you need to have had a Cashplus Account open for at least three months. We’ll let you know once you’re eligible to apply by email, text message or via Online Banking.
If you’ve opted out of receiving Cashplus marketing communications, you won’t be sent any credit offers but you’ll still see the option to apply when you log in to the app or Online Banking.
If you wish to update your communication preferences, go to Settings > Manage notifications in the Cashplus Bank app or Online Banking.
You can see how likely you are to be approved for an overdraft with our eligibility checker. Using the eligibility checker won’t impact your credit rating or score but doesn’t guarantee you’ll be approved for an overdraft. You must receive an overdraft offer to be eligible to apply.
Once you’ve received an overdraft offer (either via email, Online Banking or SMS), log in to the Cashplus Bank app or Online Banking, go to ‘Add-ons’ in your Account Overview and follow the instructions. You’ll need to read and accept your Credit Agreement and Terms.
After you've successfully signed up, the annual fee will be deducted from your balance automatically (if applicable). Your overdraft will normally be added onto your account within a few hours, but if we receive your completed application after 4pm on a Friday or over the weekend, it will be available from midday on the next business day.
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The first £5 of your overdraft is interest free. We'll charge you interest on any daily overdraft balance greater than £5.
If you’ve opened a Cashplus Business overdraft since January 2023, you will have to pay an annual fee for your overdraft on top of any interest payments.
You can find information about your interest rate in your monthly statements.
You can also use the cost calculator on our website to see how much a Cashplus overdraft could cost, which will help you compare the cost to other ways of borrowing.
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If you're a Personal account holder there are no fees.
If you're a Business account holder an annual fee will be applied to your overdraft when opened. We'll tell you the annual fee when we invite you to apply.
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Each monthly statement period, we'll send an overdraft statement to your Online Banking inbox. This will confirm how much you owe in daily usage fees and when it needs to be paid.
To repay your overdraft, simply pay money into your Cashplus Bank Account, via any of the methods you would normally use, no later than the date shown on your statement. We recommend that you pay in full, as quickly as possible, to keep charges to a minimum. -
Yes, each month we'll send your overdraft electronic statement to your Online Banking inbox which will show:
- Your credit limit
- Your balance (on the statement date)
- The amount of interest charged, and the rate it was charged at
- The minimum payment due
- The payment due date
See managing repayments in the Support Hub for more details on what these terms mean.
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Yes, you may be eligible for both an overdraft and Creditbuilder/Business Creditbuilder at the same time.
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If you can’t afford to make a repayment on time, you should call us right away, as we may be able to help.
Our Credit Management Team is available on 0203 059 5784 Monday to Thursday from 8am to 8pm, Friday 8am to 6pm and Saturday 9am to 1pm.
If you’d rather get independent, impartial, free and confidential help, you can also speak to any of these organisations:
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Yes, using a Cashplus credit add-on like an overdraft could impact your credit score.
If you manage your overdraft responsibly, don’t rely on it extensively and make all your repayments on time, it can have a positive impact on your credit score as it shows you are financially responsible.
If, however, you’re late making your repayments or miss some completely, it may harm your credit score. This can reduce your chances of getting credit or make it expensive for you to get credit in the future.
You should never take out more credit than you can repay.
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Absolutely, if you don't want to receive any future credit offers from us, just let us know by emailing us at [email protected].
If there's a specific product you don't want to receive offers about, please include that in the subject line, so we can let you know when you're eligible for other suitable products.
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We'll automatically send you an alert if you're about to enter your overdraft, have entered it, or are approaching your credit limit. These alerts can help you manage your overdraft and avoid charges. We'll send alerts to your registered mobile device, unless you've already opted out.
You can choose to stop these alerts, if you wish, by contacting Customer Services.
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You’ll only be able to make payments from you Cashplus Account if you stay within your credit limit. We'll always attempt to return any transaction that will take you over your limit, which may result in payments being returned unpaid.
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At Cashplus, we’re serious about our commitment to responsible lending.
We strive to be responsible and completely clear and open about any charges involved with all our products. We offer what we believe you can afford to repay, with an amount that meets both your needs and your ability to make your repayments.
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If you can’t afford to make a repayment on time, you should call us right away, as we may be able to help.
Our Credit Management Team is available on 0203 059 5784 Monday to Thursday from 8am to 8pm, Friday 8am to 6pm and Saturday 9am to 1pm.
If you’d rather get independent, impartial, free and confidential help, you can also speak to any of these organisations:
Missing one or several payments can harm your credit score so it’s really important to act right away if you’re worried about repayments. We’re here to help.
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Relying on short term credit products like an overdraft could be a sign that you’re spending more on interest than you need to. If you have an overdraft and use it often, we may contact you about your overdraft being in repeat use. This is because your overdraft is intended as a short-term financial safety net rather than a regular source of credit. You should consider whether changing your spending and/or borrowing patterns or choosing another borrowing option could reduce the high avoidable costs associated with repeated overdraft use.
If you’re in repeat use, we recommend you get advice and consider how often you need to use your overdraft. Consider too if getting or using a credit card or loan could save you money.
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The Financial Conduct Authority (FCA) has rules that require lenders to take action to help customers reduce the high avoidable costs often associated with repeated overdraft use. As a responsible bank, we want to help you stay in control of your finances and we’re required to let you know if you’re in overdraft repeat use.
If you’re in overdraft repeat use, we will:
- tell you that you’re in overdraft repeat use (usually by email)
- encourage you to call us so we can help support in any way we can
- Direct you to independent and free services that can assist you if you’d prefer
We’ll send you reminders if we observe repeat overdraft usage. If we see you’re in financial difficulty, we may also get in touch to discuss other options to help support you, such as a credit freeze.
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You can keep a close eye on your spending and overdraft status using Online Banking and the Cashplus Bank app. We’ll also send you text alerts
to let you know when you’re about to enter your overdraft, have entered it, and when you’ve used more than 80% of your available overdraft.
MoneyHelper, a government-backed financial guidance provider also has a useful budget planner to help you manage your money and reduce the need to use an overdraft.
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Relying on short term credit like an overdraft could mean you’re spending more on interest than you need to be. We recommend that you get advice from an independent organisation such as Citizens Advice. You should also consider how often you need to use your overdraft and if you can manage your spending better, or if getting or using a credit card or loan could save you money. If we believe that your overdraft repeat use may be causing you financial difficulties, we may need to temporarily suspend use of the overdraft whilst we discuss a way forward.
You can use our overdraft calculator to see the cost of using your overdraft in pounds and pence, which will help you compare the cost to other types of borrowing.
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We don’t report your overdraft repeat use to the credit reference agencies, so there’s no direct record left on your credit file.
However, we do report your overdraft balance and credit limit to the credit reference agencies, so if you apply for credit in the future then other lenders will be able to see how much borrowing you’ve used and for how long.
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If you’re eligible to increase your credit limit and have opted in to receive Cashplus marketing communications, we’ll send you an email invitation.
If you’ve opted out of receiving marketing communications, you won’t be receiving any credit offers from us including the option to increase the credit limit on your Overdraft.
You can review your communication preferences in the Cashplus Bank app and Online Banking.
Just follow the steps below.
- Log in to the Cashplus Bank app or Online Banking
- Go to Settings > Manage notifications
- Select your notification preferences
- Click ‘Marketing updates’ to view and decide what channels (if any) you’d like to be contacted by. If you’d like to receive future credit limit increase offers, make sure you’ve opted into the ‘email’ channel.
Terms and Conditions apply, including applicants being resident in the UK & aged 18+ and, if relevant, businesses being based in the UK.
For full website terms including information on Zempler Bank, Mastercard and use of trademarks, please see our full legal disclosures at https://www.zemplerbank.com/legal/. Zempler Bank Limited (“Zempler Bank”) is registered in England and Wales at Cottons Centre, Cottons Lane, London SE1 2QG (No.04947027). Zempler Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 671140.
Zempler Bank provides credit facilities subject to approval and affordability, and where accounts continue to meet Zempler Bank credit criteria.
