Prepare for the unexpected with the Cashplus overdraft

A short term safety net to help you handle life’s little surprises.

What is it?

A financial buffer when you need it, borrow up to £500 with a Cashplus overdraft. Pay off as much as you can, as soon as you can, to keep the interest as low as possible.

How much does it cost?

It's free to set up, but the cost of your Cashplus overdraft will depend on the interest rate you pay.

When you apply, you'll see the interest rate we can offer you. Once approved, you’ll see your interest rate on your statements and in the overdraft section of your Cashplus Bank app.

The first £5 of your overdraft is interest free. If you go over that £5, we'll charge interest at the end of each day you're using it. Here's a Representative Example:

  • Overdraft limit: £100
  • Interest rate: 57.07% EAR (variable)
  • Representative APR: 69.9% (variable)

In this example, if you borrowed £100 on your overdraft for 30 days at 57.07%, this would cost £4.46. Use our overdraft calculator to see how much the Cashplus overdraft could cost.

Holding money

How does our overdraft compare?

A good way to compare the cost with the other ways of borrowing is to look at the APR. This shows the cost of borrowing over a year.


Are you eligible?

You need to have a Cashplus bank account to get an overdraft. Once you have an account, we’ll let you know when you’re eligible and what the terms are.

Remember, you can only apply for an overdraft once you’ve received an offer via email, Online Banking message or in the app.

Easy to apply

Once you know you’re eligible, you can apply in just a few moments in the app or Online Banking. You’ll find all your add-ons in your Account Overview. Before you apply, you can work out how much it will cost using our overdraft calculator.

Try our overdraft calculator

You can use our overdraft calculator to see how much it would cost you in pounds and pence. This will help you compare the cost of an overdraft with other ways of borrowing to see which is best for you.

Cashplus overdraft: the basics

  • The first £5 of your overdraft is interest free. We’ll charge you interest on any daily overdraft balance greater than £5. You can find information about your interest rate in your monthly overdraft statements.
  • Pay it off quickly. The best and cheapest way to clear your balance is to pay it off as soon as possible. Paying late can harm your credit rating.
  • Stay within your limit. You can only use your Cashplus account to pay for things that don’t take you past your overdraft limit. If you try to pay for anything (or withdraw cash) that would take you over your limit, it will be declined. If interest takes you over your limit, you won’t be charged overlimit fees.
  • Overdraft alerts. Taking out a Cashplus overdraft automatically signs you up to our overdraft alerts to help you manage payments and avoid charges. We’ll send you an alert when you’re about to enter your overdraft, have entered it or are reaching your limit.
  • Changing your limit. You can request the reduction or removal of your overdraft at any time by contacting us. We’ll review your overdraft limit every six months.
  • Grace period. You won’t be charged any interest if you dip into your overdraft and bring your account back into credit the same day

Common questions about overdrafts, answered

  • To be eligible you need to have had a Cashplus account open for at least three months. We’ll let you know once you’re eligible by email, text message or via Online Banking.

    You can see how likely you are to be approved for a Cashplus 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 can only apply for a Cashplus overdraft once you’ve had a Cashplus account open for at least three months and you’re eligible for it. We’ll contact you if you’re eligible to apply for an overdraft or you’ll see the option to apply when you next open the Cashplus Bank app. To apply, log in to the Cashplus Bank app or Online Banking, go to ‘Add-ons’ in your Account Overview and follow the application instructions. You’ll need to read and accept your Credit Agreement and Terms.

    If your application is successful, your overdraft will typically be added to your account within a few hours. If your application comes after 4pm on a Friday or over the weekend, it will be available by midday on the next working day.

  • The first £5 of your overdraft is interest-free. We’ll charge you interest on any daily overdraft balance greater than £5. 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.

  • 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.

  • 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. 

Understanding credit

Understanding how credit works can help you manage your money more effectively. Learn about the different types of credit, how to apply for it and, what to do if you’ve been refused.

Understand how credit works 

Worried about money? 

If you’re worried about your overdraft use or are struggling to pay it off, there are steps you can take to manage your debt.

Call us directly, our Credit Management Team can help you manage your repayments and reduce your debt. Call us 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.

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 Cashplus Bank, Mastercard and use of Trademarks, please see our full legal disclosures at

Advanced Payment Solutions Limited (APS), trading as Cashplus Bank, is registered in England and Wales at Cottons Centre, Cottons Lane, London SE1 2QG (No.04947027). APS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 671140.

APS provides credit facilities subject to approval and affordability, and where accounts continue to meet APS credit criteria.

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