Coronavirus – prepare and prevent for more peace of mind
- Overdraft support: If you have an arranged overdraft and you’re still financially impacted by coronavirus, please see ways we can help in our overdraft FAQs below or visit our money worries page.
- Payment holiday: If you have a payment holiday and it’s coming to an end, visit our money worries page for more information and what happens next.
- 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 put in place temporary measures for all existing overdraft customers on 6 April 2020 to 9 October 2020. We recognise, however, that coronavirus is still financially impacting peoples lives and we’ve been looking at further ways to support you.
What are you doing to help?
If you still find yourself financially impacted by coronavirus and use your arranged overdraft, you may be able to reduce or avoid the costs you pay:
- Sign up for free text message alerts, to help you stay in touch with your account; you can opt out of these at any time.
- If you have money in another account, for example savings, you could consider using it to pay off some or all of your overdraft.
- Make use of a budget planner, which compares how much you earn with how much you spend, and helps you see where you could save money. Take a look at the budget planner provided by the Money Advice Service
- Change Direct Debit dates, or the date of mortgage payments, so that the payments are taken on a date when you usually have money in your account, for example just after you’ve been paid.
- Using Online Banking to be able to quickly check your account balances on the move.
- Borrow money in different ways, maybe by using a credit card or taking out a loan.
If you’d like to talk about any of these options, or need any other help you can visit our money worries page or call us on 0800 587 1111. Please have a completed budget planner with you when you call.
You could also take a look at the Money Navigator tool provided by the Money Advice Service, if you’re looking for guidance but don’t know where to start.
How much will it cost me to use my arranged overdraft?
You’ll be charged interest for using your arranged overdraft of 9.40% EAR (variable). We have removed all unarranged overdraft fees and charges. Please visit our overdraft cost calculator to see how much using an overdraft could cost you.
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’m worried I may go into an unarranged overdraft, what can I do?
We removed unarranged overdraft fees on 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. Completing a budget planner can help you determine where you could save money. If you need further support with your finances you can call us on 0800 587 1111 with the details from your budget planner.