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What's an overdraft?

An overdraft allows you to borrow money from your current account by taking out more than you have. It's meant for short-term borrowing but using it regularly can be expensive. There are two types of overdraft:

Arranged overdraft

This lets you borrow money when your balance falls below £0, within a pre-agreed limit. Set the limit with us beforehand and you'll only pay for what you use.

Unarranged overdraft

This happens if you go beyond your set limit or if your balance falls below £0 without an agreed overdraft. If it's not agreed beforehand, we'll decide to allow or stop the payment based on your account balance. It can have a negative impact on your credit score.

Who can apply?

You need to be:

  • Aged 18 and over
  • A UK resident

You need to have:

You can ask us for an arranged overdraft when you apply for an M Plus or Club M Account or any time afterwards.

We’ll review your circumstances before offering you an arranged overdraft.

Before you apply

How much will an overdraft cost?

Our overdraft cost calculator lets you:

  • Quickly see how much your overdraft will cost
  • Understand how interest is calculated
  • Compare options to find the best overdraft for you
Calculate the cost of an overdraft

New to Virgin Money current accounts? Check your overdraft eligibility

If you’re looking to open a new account with us, you can use our eligibility checker to:

  • Instantly see if you're likely to be approved
  • Get tailored info based on your circumstances
  • Feel confident as our soft check won't affect your credit score
Check your eligibility

Already have a Club M or M Plus Account?

Use our online form to request, change or remove an arranged overdraft.

If your account is less than 6 months old or you need over £500, give us a call on 0800 121 7365 or visit us in branch.

Apply now

New to Virgin Money?

We've got two awesome accounts with optional arranged overdrafts. Pick the one that suits you best.

Everyday bank account

M Plus Account

No monthly fee for maintaining the account

Everything you'd expect from a current account, plus:

  • 2.25% AER (2.23% gross p.a. variable) on a linked saver account on balances up to £25,000. 1.75% AER (1.74% gross) on balances above £25,000. Interest paid quarterly.

    This rate applies from 16 June 2025. Until then, you'll earn 2.50% AER (2.48% gross per annum variable) on balances up to £25,000 and 2.00% AER (1.99% gross), on any balances above £25,000.
  • 1.00% AER on your current account balance up to £1,000. Interest paid monthly.
  • Exclusive access to other accounts, such as a regular saver. Bag a fixed rate of 6.50% AER/gross when you save up to £250 a month. Rate is fixed until 29 May 2026. Terms and conditions apply.
View M Plus Account

Packaged bank account

Club M Account

£12.50 monthly fee for maintaining the account

All the features of the M Plus Account, as well as:

  • Worldwide family multi-trip travel insurance.
  • Worldwide family mobile and gadget insurance.
  • UK and Europe breakdown cover.
View Club M Account

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0800 678 3654

Or if you're abroad, call us on
+44 141 221 7300

We're here Monday to Friday 8am to 6pm,
Saturday 9am to 1pm

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MyBudget Online Planner

You can work out your budget by adding up your monthly bills and looking at other financial commitments. By thinking about everything from gas and electricity bills, to one off big purchases such as holidays or home appliances, you should have a better idea of what you can and can't afford.

Our online budget planner will guide you through this process and it should only take around 15 minutes to complete. Once you've completed this, one of our team will contact you directly to discuss your options.

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