Voyage arranged overdraft facility
Flexibility for your convenience
Support for clients with overdrafts
We want to help clients with overdrafts whose finances have been affected by coronavirus. If you need our help or if you think your finances might be affected at some point soon, you can contact us to discuss your circumstances and how we might be able to help you with your overdraft.
You can find more information on the kinds of support we might be able to offer here.
Sometimes you may want extra flexibility for occasional or unexpected expenses. If you're a UK-based private banking client with Voyage, you can apply for an arranged overdraft facility that is based on your needs.
A flexible and convenient service
Not with us. We believe you should have access to something altogether more flexible and convenient. There are no arrangement, usage or renewal fees for the arranged overdraft facility. All arranged overdraft requests are subject to approval.
Arranged overdraft rate
With the Voyage account, you’ll pay arranged overdraft interest at a rate of Bank of England base rate + 5% per annum variable. The first £1,000 of the arranged overdraft will not be subject to interest.
|Per annum rate||EAR (based on an arranged overdraft limit of £1,200)|
|Arranged Overdraft||7.25% variable (Bank of England base rate + 5% per annum)||1.25% variable|
Unarranged overdraft interest is charged at 7.25% per annum variable. Our unarranged overdraft interest rate is charged at 5% above the Bank of England base rate.
Our interest rates track the Bank of England base rate. You can find the Bank of England base rate on the Bank of England website.
Based on an arranged overdraft of £1,200, the interest rate you will be charged is 1.25% EAR* (variable). This gives a representative rate of 774.19% APR** (variable).
How does our overdraft compare?
A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the representative APR. The APR shows the cost of borrowing over a year and includes our £500 account fee.
About the Voyage account arranged overdraft
- Interest is calculated daily and charged to your account each month.
- Your arranged overdraft is repayable on demand
- Arranged overdraft interest is not charged on card spend until statement date
- We do not charge interest on the first £1,000 of a Voyage account arranged overdraft.
Applying for an arranged overdraft
The Voyage account arranged overdraft is subject to application, terms and conditions and approval.
You can apply when you open your account or in Investec online once your account is opened.
General Overdraft Information
The Voyage account arranged overdraft is a credit facility we agree with you in advance, allowing you to borrow money up to an agreed limit when there is no money left in your account. If you are eligible, you can ask for one when you open your account or later in Investec Online. You can find our eligibility criteria in our relationship agreement. We might check your credit rating with a credit reference agency before agreeing to give you an arranged overdraft.
An unarranged overdraft is a form of credit created when a payment leaves your account but you do not have any money left in your account and you have reached (or do not have) an arranged overdraft limit. We may decide to stop payments if you are in (or that would take you into) your unarranged overdraft, and this may result in your service provider charging you for missed payments.
We will charge you interest on both types of overdraft (arranged and unarranged) and the rates we charge are available on our website. If you are unable to repay your arranged or unarranged overdraft, we may report this information to a credit reference agency. Both types of overdraft are typically intended for short-term rather than long-term borrowing.
Already a private bank client with Voyage?
To apply for an arranged overdraft facility on your existing Voyage private bank account, talk to your dedicated private banker, apply in Investec Online, or call our client support team.Before you apply for an arranged overdraft please read the pre-contractual information.
An award-winning account
‘Best Current Account for High Earners’
Voyage is an award-winning private bank account. It’s been voted Money Pages’ best current account for high earners at the Personal Finance Awards for the last three years.