Overdraft Calculator

Use this simple calculator to compare the cost of an arranged overdraft from our current accounts. Figures provided are for illustrative purposes only and based on the information you've provided. Any associated costs such as monthly current account fees are not included. FlexOne and Cash Card current accounts are not included.

Tell us about your overdraft

My overdraft is usually

For this number of days each month

Cost of overdraft

FlexAccount

Highest cost Lowest cost £0 a month

For arranged overdrafts

You will be charged 18.9% EAR (variable)

You'll also get

3 months interest-free for customers using our Current Account Switch Team*.

FlexAccount Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the interest rate we will charge you is 18.9% EAR (variable).

See all rates and fees

FlexDirect

Highest cost Lowest cost £0 a month

For arranged overdrafts

We’ll give you up to £10 fee free limit
Then we'll charge you 50p a day

You'll also get

No fees on arranged overdrafts for the first 12 months.

FlexDirect Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the amount we will charge you is 50p per day (variable).

See all rates and fees

FlexPlus

Highest cost Lowest cost £0 a month

For arranged overdrafts

We’ll give you up to £100 fee free limit
Then we'll charge you 50p a day

You'll also get

No fees on arranged overdrafts for the first 3 months.

FlexPlus Overdraft Representative Example:

If you use an arranged overdraft of £1,200 the amount we will charge you is 50p per day (variable).

See all rates and fees

Important information

This calculator assumes the level of overdraft is constant for each overdrawn day and doesn’t include any fee free periods that may apply. The actual cost of an arranged overdraft could be lower.

Our overdrafts are only open to those aged 18 or over and are subject to approval. The costs shown only apply to an arranged overdraft. If you exceed your arranged overdraft limit then additional fees will apply. See rates and fees for further details.

*To be eligible for the 3 month interest-free overdraft on our FlexAccount, all we ask is that you switch to us using the Current Account Switch Team to switch your existing Direct Debits and standing orders when you open your new account.

What is EAR?

EAR stands for ‘Equivalent Annual Rate' which allows you to compare the rates offered by different providers. It's the cost of an overdraft stated as a yearly rate, taking into account the compounding rate of interest. We work out interest each day on any overdrawn amount and take it from your account monthly, giving you 28 days' notice of the amount. Any interest charged is added to the balance outstanding.

Rafidain Bank subscribes to the Lending Code (This link will open in a new window) . For more information on the Lending Code please visit http:/// (This link will open in a new window).