Business Overdraft

When you need to be ready for the unexpected.

Find out about the Bank of England Bank Rate,  and how a change may affect your borrowing.

Even the most well-managed businesses may have to deal with unforeseen events and unexpected expenses – and that may mean finding extra funds at short  notice.

A Business Overdraft can help ensure that you have funds in place and available immediately, should the unexpected happen. 

Features and benefits

  • Simple pricing
    Flexible borrowing that can be adjusted to suit your requirements, and easy to understand pricing for unsecured overdrafts up to £25,000 (varies with the Bank of England bank rate).
  • Apply for a limit that suits your business, and only pay interest on funds you use.
    Overdraft limits start at £500, and if you set up a planned overdraft you will only pay interest on the funds you’ve used.
  • Avoid any unauthorised borrowing charges by having funds available when you need them.

Keep in mind

  • In the event that the Bank of England bank rate moves, your interest rate will move immediately by the same amount without any prior notice to you.
  • Usage fees or annual fees will apply depending on the amount you borrow.
  • If you borrow more than your planned overdraft limit, unauthorised borrowing charges will apply.
  • A Guarantee may be required for Limited Companies and Limited Liability Partnerships.

Business turnover between £0-3m

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View rates and apply

Business turnover between £3m-£25m

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View rates and apply

Get a Business Overdraft quote for up to £25,000

Get a Business Overdraft quote for up to £25,000

See how likely you are to get a Business Overdraft without affecting your credit rating. View indicative interest rates and repayment details. 99% of customers who used this tool and opened the same product received an offer rate that was the same, better or no more than 10% above their indicative quote. 

Get a quote

  • You can apply for a Bank of Scotland Business Overdraft if:

    • You’re aged 18 or older
    • You’re a sole trade, partner or company director with authority to borrow on behalf of your business
    • You require the overdraft for business use. 

Borrow up to £5,000 for your new business

You could borrow up to £5,000 across a Business Overdraft or Business Credit Card after you open a new Business Current Account*. This could help you kickstart your business, build your credit rating and be ready for any unexpected costs.

Bank Accounts for start-ups and small businesses

*Apply online once your new Business Current Account is set up and you’ll get an instant decision. Eligibility for lending will be assessed as part of a separate application, and there is no guarantee of lending being granted. All lending is subject to status.

Lending appeals

The right type of funding can play a vital role in helping your business reach its potential. If your lending application is declined, we will work with the British Bankers’ Association to pursue any raised appeals. 

Appeals, has your Business Finance been declined? You can ask for the decision to be reviewed

Help and support

Talk to us

You can apply for a Business Overdraft by phone.

Existing customers call 0345 300 0268

 

If you’re a new customer, call us to talk to one of our business management team.

New customers call 0345 300 1319

We’re available from 9am to 5pm, Monday to Friday, except public holidays. 

ANY PROPERTY GIVEN AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT.

All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.

You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.

All lending is subject to status. Security may be required.

Overdrafts are repayable on demand. 

Making sure you get a fair deal

We want you to find a product that’s right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what’s expected of us, the lender, and you, the borrower.