Current Account Overdrafts

In an ideal world every bill and expense would always be covered and our bank balances would remain permanently in the black. In reality though, we all experience times when we need a little financial breathing space and flexibility.

That's where Citibank comes in, offering you an interest-free current account overdraft up to £500¹and overdraft facilities above this amount at competitive rates.

Sterling Current Accounts

• Interest free overdraft¹ up to £500
• Representative example - 16.9% EAR (variable)², and for Citibank Access accounts an arrangement fee of 0.5% (min £20) will also apply, for overdrafts of £501 - £10,000
• Citigold Current Account holders can benefit from interest rates at 9.9% EAR
  (variable)² for overdrafts of £501 - £10,000

If you already have an account with us and want to arrange an overdraft you can visit one of our branches, use Citibank Online or call CitiPhone on 0800 00 55 00.

Frequently asked questions

What are the main features of an overdraft?
You and any joint account holder can use the overdraft to make purchases, payments and obtain cash using your payment card up to the credit limit which is the maximum amount which you are able to spend using the overdraft. 

What is an overdraft suitable for?
An overdraft is suitable for use where you can repay the balance in a relatively short period of time.  It would not be suitable for long-term, high-value borrowing for example a mortgage would be a more suitable product to buy a home. 

What are the interest rates for the overdraft?
There is no interest changed on the £500 interest free overdraft. Other interest rates vary from time to time and you should check the Pre-Contract Information before applying to make sure you know what they are. 

When does the overdraft come to an end?
There is no fixed end date for an overdraft and it will continue until one or either of us notifies the other they wish to end the arrangement. In which case all outstanding amounts will become immediately repayable by you.

If you require further information please call us on 0800 00 88 00. We strongly recommend that you print off this explanation of an overdraft and retain it for your records.

Important Information

1. To be eligible for a £500 interest and fee-free overdraft you must credit your Citi current account with a minimum of £1,250 per month. If you do not pay the minimum amount in any month, the £500 overdraft facility will be removed and we will charge interest on any overdrawn balance at the unarranged overdraft rate. Overdrafts over £500 are available upon request and interest will be charged at the current rate of interest detailed in the Interest Rates and Charges Information. If you request an overdraft of more than £500, we will advise you of the minimum amount you must credit your account with each month to retain your overdraft facility. Overdrafts are subject to status, additional verification and checks. Overdrafts are repayable on demand and are subject to Terms and Conditions.

2. The EAR is the Effective Annual Rate and is used to express the cost of borrowing on current accounts. The EAR takes into account the rate of interest charged, the frequency it is levied to accounts and compounding of interest. It does not include overdraft fees. Rates correct as at 21st December 2011 and are subject to change.

Please see the Rates and Charges Information for current overdraft fees.

Information on the test case process and complaints in respect of unauthorised overdraft charges.

We subscribe to The Lending Code; a copy of a Guide to the Lending Code can be obtained from www.lendingstandardsboard.org.uk