Coronavirus – prepare and prevent for more peace of mind
- Overdraft support: If you have an arranged overdraft in place on a cahoot current account, we’ll automatically waive interest on up to the first £500 of your agreed limit between 6 April and 9 July 2020. For more information see our overdraft FAQs below.
- Payment holiday: We can offer payment holidays for credit cards and personal loans for up to 3 months if you need it. The best way to apply is online via the Santander website.
- Credit card support: From 31 March until 6 July 2020, we’ll automatically remove fees for late payments and cash advances on our credit cards. More details can be found in our FAQs
- Access to savings: We can help you access your money held in cahoot fixed rate bonds before the end of the fixed term, free of charge.
We’re putting temporary measures in place for all customers with an overdraft, not just those who request the support.
What are you doing to help?
We’re putting in place some temporary measures between 6 April and 9 July 2020 to help customers at this time. You don’t need to call us or do anything – we’ll do it all for you.
If you already have an arranged overdraft in place on a cahoot current account, then dependent on your agreed limit we’ll automatically waive interest on the first £500 from 6 April until 9 July 2020.
If you use more than £500 of your arranged overdraft, you’ll be charged the standard arranged overdraft interest rate of 9.40% EAR (variable) on the amount over £500. For example, if you have an arranged overdraft limit of £600 and are £600 overdrawn, you won’t be charged any interest on the first £500 and will be charged an interest rate of 9.40% EAR variable on the remaining £100 between 6 April and 9 July 2020.
From the 9 July 2020, we’ll stop waiving interest on the first £500 and the standard arranged overdraft interest rate will apply on all of your overdraft.
What about charges I’ve been pre-notified about already?
If you were overdrawn before 6 April 2020, you’ll still need to pay any daily fees or interest in line with the terms and conditions of your account. This will be notified on statements and collected as usual after 22 days.
Will you automatically be increasing my overdraft limit to £500?
No, your existing arranged overdraft limit won’t change. It isn’t possible to request a new overdraft or increase an existing one.
Will I still receive alerts when I go overdrawn?
Yes, we’ll keep sending you alerts when you use your arranged overdraft to help you stay on top of your money. The alerts say we may charge interest on your overdraft, but don’t worry, subject to the overdraft limit agreed we’ll automatically waive interest on the first £500 of your arranged overdraft between 6 April and 9 July 2020.
I don’t have an overdraft – can I apply for one?
It isn’t possible to request a new overdraft or increase an existing one.
I have an existing overdraft and it says there is an interest charge for using it. Is this right?
The website and the terms and conditions for your account will say you’ll be charged interest for using your arranged overdraft, because those are our normal terms and conditions. As a temporary measure, we will automatically waive interest on up to the first £500 of any arranged overdraft which is used from 6 April until 9 July 2020. The terms of your account won’t change and after this date you’ll be charged interest in line with them. You’ll continue to see standard interest rates detailed on the website, within account information such as Key Facts Documents, and on your statements.
I’m worried I may go into an unarranged overdraft, what can I do?
We’re removing unarranged overdraft fees from 6 April 2020 on the cahoot current account, however, we can’t guarantee a payment will be made if the account is over your arranged overdraft limit.
Did you make planned changes to overdrafts on the 6 April?
Yes, we moved all customers to a single, lower rate of interest of 9.40% EAR (variable) and removed all unarranged overdraft fees and charges.