CryptoThe FCA said with the increase in interest rate from 19. Interest-free overdraft - get an overdraft of up to £2,000 from year one (Limited to £500 in term one year one), with an instant online decision. 1 hour ago · Best Student Loan Refinance. You would have had a student account until around a year after graduation (so 2007/2008 depending on your course length) then it switches to a graduate account with the same interest free overdraft for three years. Fraudsters often concoct stories to try to persuade you to transfer your money to a. The NatWest student account is designed to make your life in higher education a little bit easier. To apply you must be 18+ and a UK resident. I was supposed to graduate July 2021 but I am redoing a year (therefore still a student) and will graduate in July 2022. Specific account eligibility criteria applies. You can usually find Cora waiting to help at the bottom right hand side of the screen, or in your mobile app by tapping on 'Help' followed by. Interest-free overdraft - get an overdraft of up to £2,000 from year one (Limited to £500 in term one year one. Mortgage. Mobile app required and available with compatible iOS and Android. Compare our accounts to find one that's right for you. It's also worth considering one of the customer-friendly digital banks. uk Gift Card. 39. 99 per year)*. We no longer offer our Student credit card but our Student overdraft could give you a short-term safety net if you’re low on funds. NatWest Online Banking is easy, secure and lets you do all the things you need to do to manage your money online. Hi, I'm currently a university student, with a Natwest student account, which allows me a free overdraft of around £1600. The new student account offers an interest free overdraft*, as well as a. Subject to approval. If you have a Natwest student account, it'll be automatically changed to a graduate account once you've graduated. NatWest vs Santander student accounts. They may also share this with other organisations. Why apply for our Student bank account? Interest-free overdraft up to £1000 with an instant online decision. i have had no notice of this and when i have been going into branch and using my account no one has mentioned a thing about the graduate. Days 6 and 7 we'll transfer your bank account balance. The Arranged Overdraft limit you can apply for depends on what term and year of study you are currently in. There are no freebies, but when students graduate, the interest-free element rises to £2,000 in the first year. earn at least £10k per year, be a UK resident, a NatWest current account holder and must not already have NatWest Buy Now Pay Later. But, unlike a student account, the limit reduces - typically every 12 months. All open Graduate programmes. Year 2: £1,000 Additional arranged overdraft agreed above your interest free entitlement will be charged at 19. I have 2 small kids and my husband supports us all financially but with the rising costs of just about everything, it would be nice to have it there for emergency purposes!! The only. Yep totally free, I graduated and extended it to £2000, then it was reduced to £1000 after 1 year. An overdraft lets you borrow extra money through your current account. We cover this in more detail later. View all current accounts or compare our range of current accounts. 2. Often banks charge hefty fees and interest for the privilege, but student account overdrafts are interest-free. I still have access to the £2,000 student overdraft (no fees), despite NatWest stating the account turns into a graduate account after leaving uni, with the overdraft dropping to £1,000 after a year, and presumably with associated fees. Banking from home. Natwest Graduate Account - Railcard & Interest free overdraft. And yes atleast £500 has to enter your account at the end of each uni term (3-4 months) regardless of how much you spend. Personal banking complaints team: available Mon-Sat, 8am-5. * Eligible students in third year onwards can apply for up to £3250 from 2nd October 2023. You will then be able to view your monthly interest charges so far. I currently have a Natwest Graduate account with an overdraft of approx £1500. grad account year 3: 0. You must be a UK resident aged 16+. What Are Natwest’s Overdraft Interest Rates? If you’re using a Natwest student or graduate current account, you’ll be glad to hear that those accounts have a 0% interest rate on overdrafts. Which they will then be put on a specific Graduate account plan once they graduate in order to pay the. I had my student loan paid into it for 1 year while i was at uni until i left at that time (2004). You could get: £1,400 in your 1st year. An overdraft is a form of borrowing and is repayable on demand. If the person you are adding to your account is already a NatWest customer: You will only need to send in one form of photo identification with a selfie of the front and side profile. We cover. Once your interest free overdraft runs out with Halifax, you should go check out Natwest or Lloyds TSB's graduate accounts if you find yourself still needing an overdraft. 13. Since then NatWest have been pushing me to get a student credit card and are adamant that I’d be accepted. Select 'View current interest charges' You. NatWest Graduate Account Interest-free overdraft. 3. Those signing up with Santander can bag. All accounts below automatically turn into a graduate account once your course ends, which continues the 0% interest overdraft for a further two or three years – though the interest-free limit drops each year. Select 'View current interest charges'. Natwest offers arranged overdrafts to students who have lived in the UK for a minimum of 3 years. If your application is approved, you can get up to £500 in the first term and up to £2,000 if you're. A student overdraft (much like a ‘normal’ overdraft) is effectively a mini loan designed to see you through times when you need a little extra cash to make ends meet. With the NatWest Student account you could get an interest-free overdraft of up to £2,000 in your first year, potentially rising to £3,250 in your third year. Unfortunately, for all other Natwest current accounts, overdraft have a representative APR of 39. The minimum overdraft limit you can apply for is £250. Everytime I go into online banking they are advertising it to me, on the mobile. The HSBC Student Bank Account is designed to cater to the needs of students during their academic years. The Natwest student bank account works and operates like any typical banking account and has a fee-free overdraft of up to £2,000 from year two onwards. i. The NatWest and RBS student accounts start with a definite £500 0% overdraft (as long as you're approved for an overdraft. Overdraft. You can apply for up to £1,000 interest-free arranged overdraft in your first year, up to £2,000 in your second year and up to £3,000 in your third year and onwards. For example, if you have no money left in your account and you spend £30, your balance would be -£30. Overdraft of up to £2,000 in year 1 (limited to £500 term 1, year 1) Access to its Housemate app, which helps you split household. What Are Natwest’s Overdraft Interest Rates? If you’re using a Natwest student or graduate current account, you’ll be glad to hear that those accounts have a 0% interest rate on overdrafts. The Royal Bank student account makes things easier. Taking out multiple overdrafts is a stupid idea, because you are only increasing your burden of debt to repay once you graduate. If you don't have Online Banking, you can register and then sign up for alerts. 13 years ago. student bank accounts tend to offer the same features as standard bank accounts alongside interest-free overdrafts and student incentives such as discounted. Only one cash offer is available per customer. Your balance transfer must be at least £100. Overdraft calculator. I have all my student finance sorted but like the idea of opening a student account to take advantage of the overdraft. On your mobile or tablet, open the camera and point your device at the QR code. Go in to your branch, and talk to a manager. After university I upgraded by Natwest Student account to their Graduate one, which entitled me to extend my interest free overdraft to £2000. 49% EAR on £2,250 of the £3,250 limit. Whether you’re still in the idea phase or looking to grow your business, we could help you confidently take your next steps. The graduate account currently offers a £2k interest free overdraft for 1 year dropping to £1k for a further year. Compare our current accounts. Graduate bank accounts are designed as a stepping stone to give you some time to pay off your overdraft without interest before entering the big bad world of regular fee-charging overdrafts. You can’t have had a FlexStudent or FlexGraduate account on 31 July 2023. Apply or manage your overdraft; Student overdraft; Graduate overdraft; Help with overdrafts . Their 123 account is the only account in the UK that guarantees a 0% overdraft for your entire time at university. We can arrange same day electronic transfer of funds (CHAPS) between bank accounts in the UK. was gona do it through aliance and leicester but they keep refusing to give me an overdraft on my normal account with them so figured thered be no chance of getting a student account with. 5% interest and cashback at certain retailers. Plus, the bank is well-established, has an easy-to-use app and hundreds of. I still have access to the £2,000 student overdraft (no fees), despite NatWest stating the account turns into a graduate account after leaving uni, with the overdraft dropping to £1,000 after a year, and presumably with associated fees. 49% balance transfer fee (a fee to move your balance from another card). . What is a graduate account Natwest? Your Graduate account is designed to support you in the transition between Student life and moving into full time employment. Since student bank accounts offer generous interest-free overdrafts, students dip into. After leaving university, you'll only start repaying your student loan once you're earning above a certain threshold. Lloyds Bank joins the others in offering a cash bonus of £100, as long as you deposit at least £500 by 31 October 2023. With the NatWest graduate account, you’ll retain access to an interest-free arranged overdraft for up to two years. If you want to reduce your limit, your current overdraft balance must be within your new requested limit. Does Natwest allow you to have an overdraft on your student account. Many banks expect students to repay their overdraft in £500. then as part of their student account policy at the end of the first year you will have an overdraft of £1000. 1. See all our bank accounts; Everyday bank account; Reward bank account; Student bank account; Child & Teen bank account; Premier bank accounts; OverdraftsIf you’re using a Natwest student or graduate current account, you’ll be glad to hear that those accounts have a 0% interest rate on overdrafts. including how long they will have to repay their overdraft with a graduate bank account. With Halifax it just stays a student account for a year after you graduate, so you still get an interest free overdraft. Industry: Financial services: Founded:. N/A. Card payment support. Download the NatWest app. I've had to change my circumstances as I now live with my mum and student finance is based on her income. That means being overdrawn by £1,000 for two weeks in a month will cost you £6. you may apply for a basic Natwest student account. There are no fees, no charges and no interest to pay. The arranged overdraft limit can be up to £510 for the first 6 months, than you can apply to increase it up to £1010 in your 7th to 9th month of studying, and from the 10th month you can apply to. usually two years after you graduate. Fact checked. You’ll need to have a student current account as well, and be over 18. I graduated in 2006 after completing a 3 year degree in the normal fashion In June 2007 i recieved a letter saying that on the 31st July 2007 my 'free' overdraft limit would be reduced to £1000. 49% interest rate. stargazeypie Posts: 20 Forumite. The Royal Bank student account makes things easier. You can apply for up to £3,250 interest free from year three onwards*. Providing copies of paid cheques. To apply, you need to be 18 or over and a UK resident. Start saving instantly. High street deals on graduate bank accounts vary enormously, says Laura Howard, so make sure you get the deal that best suits you. Original post by doodle_333. Tens of thousands of people who held a student current account with RBS or NatWest between 2002 and March 2016 are due to receive a refund of overdraft charges. An arranged overdraft is when we agree to a limit that lets you spend a bit more money than you have in your current account. HSBC Graduate Account. Plus if you have our Student account you could get deals. Graduate Programme. 8. Students can a apply for up to £3,250 interest free from year three onwards*. To apply you must be 18+, earn at least £10k per year, be a UK resident, a NatWest current account holder and must not already have NatWest Buy Now Pay Later. 0% on purchases for 3 months from account opening. Santander - 123 Student Current Account. Natwest Graduate 2023; Can I open a student bank account if I already have a current account? Proof of address natwest; 2023 Summer Internship. Apply today and you could get a £500 interest free student overdraft for term one year one, with the option to increase up to £2,000 from term two year one. All accounts below automatically turn into a graduate account once your course ends, which continues the 0% interest overdraft for a further two or three years – though the interest-free limit drops each year. Hi all, Just need a bit of help. You must either be a full time undergraduate student on at least a 2 year course at a UK University/College or you must be completing a full time postgraduate or nursing course lasting a year. There are no fees, no charges and no interest to pay. reply. I have had a natwest student account during my 3 years at university, and now that I have graduated I have received a letter saying it has been upgraded to a graduate account. To apply, you need to be 18+ and a UK resident and have ONE of the following: Pay a minimum £100k sole income or £120k joint income paid into a NatWest account. The benefits of a Lloyds Student Current Account include online banking, so you can manage your finances from anywhere and at any time, and link your bank cards with Apple Pay and Google Pay (from age. You'll find overdrafts of up to £3,250 are available with many student accounts, but how much you actually get depends on your credit rating. Mobile app required and available with compatible iOS and Android. Representative 0% APR (variable) Buy Now Pay Later is a credit product. 50 in 2018 to £486 the following year. The graduate account currently offers a £2k interest free overdraft for 1 year dropping to £1k for a further year. Top graduate accounts: HSBC – up to £3,000 overdraft in year 1. Reply 5. Find the Savings Account for You. From cost of living pressures and student loans to socialising, mental health and beyond, our research can prepare you for both the opportunities and. City. Help with everyday banking. when your account switches to a graduate account you will be expected to pay it off so it's like. An overdraft is where the bank lets you spend more than you've got (at no extra cost), up to a set amount. That £1,000 facility will then either be removed, or revert to bearing interest. Natwest overdrafts are currently 39. I applied for an overdraft and it has been rejected. Year 1: £1,500. I opened a NatWest student account this month and was approved a £2000 overdraft as I'm in my second year, I didn't know about student accounts having interest free overdrafts until recently so never. call 08457 888 444, select loans and overdrafts then student overdrafts, ask them to increase. So did that last week and literally in the last hour or so my account has changed online to a. I started off with £500 but ended up with £1000 after I was told it would be better and also I needed the money to help me financially. Not sure about when you change from student account to graduate, however. These costs then bounced back in 2021 to £518. Upto October I had been putting what I could in to cover the charges I was getting because they "upgraded" me to a graduate account and interest was now bein. Business banking complaints team: available Mon-Fri, 8am-5pm. Santander has consistently gained glowing reviews for their student account. Natwest offers arranged overdrafts to students who have lived in the UK for a minimum of 3 years. You’ll get a free Santander 16-25 Railcard, interest on your balance and fee-free Arranged Overdraft. Nil. grad account year 1: 2000. You can also set up alerts by calling us or talking to us at your local branch. Royal Bank of Scotland. Not at all. Having overdraft debt and savings may not make sense as you may be spending more on. Earn up to 15% cashback (you need to register for online banking and activate Cashback Extras ). It allows you to withdraw more money than is in your account. Account fee of £2 per month. Switch to First Direct. RBS’s 0% overdraft has a high ceiling of £3,250 by your third year and the chances of obtaining it (eventually) are quite high. Students also have the option to request an interest-free overdraft of up to £500 in their first term which can be increased to £2,000 in. Halifax: 0% overdraft of up to £1,500 which can last for three years after you graduate. Please Help. . 01. I'm a recent uni graduate and whilst I do not have a job yet, I am pretty far into my overdraft (due to rent from my third year, even though I had a…NatWest - Graduate Royal Bank of Scotland - Graduate. Student arranged overdrafts are available to NatWest Student current account customers, aged 18 or over. Please Help. EN. Overdrafts guide; Overdraft eligibility calculator; Overdraft cost calculator;. The minimum overdraft limit you can have is £250. They call it an arranged overdraft – whereby a pre-fixed limit is set for the amount that can be overdrawn by the student. In the third year of your Graduate account, you could benefit from up to £1,250 interest-free arranged overdraft. You may receive higher than our standard purchase rate of 12. I am very confused as my. Lloyds Student account: Barclays Student account: NatWest Student account: Apply: Anytime during studies: Anytime during studies – though only first year students get the perk: Anytime during studies: 0% overdraft years 1-3: £500 in term 1Up to £1,500 for years 1-3: Term 1: Up to £500 Year 1: Up to £1,000 Years 2 & 3: Up to £1,500:. It depends on the area but I know my bank were surprised to hear I wasn't into my overdraft as a student and described it as unusual. Up to £1,700 in your 2nd year. Mobile app required and available. The graduate account has 2k interest free. A student bank account is a current account that’s designed for people in higher education. What. I was unaware until i received a letter informing me so, the machine had also swallowed my card a few days prior and my online service became unavailable. Make sure you have selected the account you wish to make the payment from. Finally, once you graduate, you’ll be automatically migrated to a Graduate Account,. Usually at this point your "graduate" account will be converted to the bank's standard current account. An arranged overdraft could be useful for short term borrowing. Available to over 18s only. In year one it can be up to £1,000, then £2,000 for year two and £3,000 for year three and beyond. east. Students can apply for up to £3,250 interest free from year three onwards. What Are the Benefits of Natwest’s Overdraft. it happened to me. SELECT. The third option, a Tastecard, gives savvy students access to up to 50% off or 2 for 1 meals at participating restaurants as well as 40% off cinema tickets and 70% off hotels. Use of your account Your 1I2I3 Graduate Current Account will last up to 2 years before it automatically transfers to an appropriate current account. I have a natwest student account, which I got when I first went to uni to do psychology. I have both a Barclays and Natwest student account, even though I have banked with Barclays since 2003, I found Natwest so good with students. Access to Save the Change. Compare our current accounts. The NatWest and RBS student accounts start with a definite £500 0% overdraft (as long as you're approved for an overdraft. Since I graduated last year I've had an overdraft of around -1300 and used it all up. Manage your credit card. You can select how you wish to receive Act Now Alerts and switch them on and off through Online Banking or the Natwest. I took it out in 2003 when i went to uni, and got given a £1400 interest free overdraft at that time. If you're eligible for an overdraft and for what amount depends on the results of the full credit check. But the figure declined to £437. You can’t request that a cheque is paid to multiple accounts, we will only accept; 1 cheque with 1 paying-in slip or multiple cheques with 1 paying-in slip If the cheque(s) is in pounds sterling, they will be processed within 5 working days of receipt, foreign cheques can take up to 12 weeks to be processed and for funds to be receivedPart of Natwest's graduate package is to provide an interest-free overdraft of £2000, falling to £1000 after the first year of graduation, then £500 after the second year, then to zero after three years. a. Your phone number. This is a guide to what NatWest offer Students for 2008/09. A link will pop up, tap this, and you’ll be taken straight to download the app. 75% fee for withdrawals abroad: Perks: £100 cash: £100 cash and a 4-year TastecardIf you decide to apply for an overdraft, that's when we run a full credit check. Year 1: up to £2,000* Year 2: up to £1,000. One of the most attractive features is the interest-free overdraft, which starts at £1,000 in the first year and increases to £3,000 by the third year, which is higher than most banks on our list. The full details of their current offer are as follows: An initial interest-free overdraft of £500. Interest free overdraft while you study. Personal accounts. Interest-free overdraft - get an overdraft of up to £2,000 from year one (Limited to £500 in term one year one), with an instant online decision. Our app's Savings Goal Tool can help you work out how long, and how much, it'll take to reach a specific goal. Welcome to Learning with NatWest. When setting up a NatWest Student Current Account, you’ve got a good chance of receiving the full £2,000 overdraft. Bank whenever and wherever you want, and use our tools to help you stay on top of your finances. To apply, you'll need to be 18+ and have graduated in the past 2 years. Student overdrafts do not incur any fees or interest for using the Arranged Overdraft. Get more financial flexibility. Your account number, sort code and debit card will stay the same. NatWest’s student account has you covered with an interest-free arranged overdraft account—the fundamental element of any good. Get a tastecard with NatWest bank accounts. Natwest Student account overdraft limit. Personal credit cardsIf you’re a UK resident, you’ll get a guaranteed interest-free overdraft of up to £1,000 after you’ve successfully opened the Student Bank Account. Some banks offer preferential terms up to 3 years for their graduate account holders. Our Graduate Account is designed to help you make the transition from study to a career. Duration of arranged overdraft. 5% interest and if you were only repaying £10 a month its very possible the interest was more than the repayment meaning the balance was increasing and at some point may have exceeded your agreed overdraft limit. A free Financial Health Check with one of our staff is a great way to do that. (by this i assumed close = change from student to current account) I've. You just go into your local branch and say you want an overdraft. Does Natwest allow you to have an overdraft on your student account. The three student accounts I had (Natwest, HSBC and Barclays) all auto converted to a grad account when my graduation date passed, as I had to inform them of it when I opened the account. No Charge. You’ll start with £500 in the first year and straight up to £2,000 in your second year of university, if you study for year three an onwards, you can even apply for an interest free overdraft of £3,250. Have £500k minimum mortgage borrowing with us. Register your card in the mobile app before you go. Credit score available to existing NatWest customers once opted in through the app if aged 18+ with a UK address, and available to non NatWest customers aged 18+ with a UK, Channel Island or Isle of Man address following a successful registration. Basically, you’ll need to pay back at least £1,000 a. Graduate Current Accounts - Four Star. But the good news is that you can still apply for a NatWest Select Account, which is a great choice in its own right. Check your balance, send money and even earn rewards 1. That £2,000 facility will then reduce to £1,000 for a further 12 months. Our Video Banking service provides you with banking from a location of your choice. Natwest advertise as part of their student account a free student rail card for 5 years. Use of your account For any 1I2I3 Graduate Current Account opened on or after 26 June 2017, the account will last up to 2 years before it automatically transfers to an appropriate current account. I have a regular steady income, a few direct debits all paid without fail each month including a lloyds tsb loan and credit card! I went into one branch, the guy was very slow on the computer and after a. - Graduate loan system provides between £1,000 and £10,000 at 9. This comes with a debit card and is managed by the child. We've ranked and reviewed the best student bank accounts as well as the top graduate accounts on offer. You can apply for up to £3,250 interest free from year. The new NatWest and RBS student account will provide students with discounted coach travel for 4 years. An overdraft can be an expensive way to borrow in the long term, regularly reducing your overdraft balance and limit will help reduce this cost. NatWest will notify you about this ahead of time and it doesn’t require any action on your part, so it’s an easy transition. 9% EAR variable Graduate Bank Account (opened between 16 July 2007 and 18 July 2008) Yr 1 – £1500 Yr 2 – £1000 Typical 9. After you graduate they will reduce the arranged overdraft gradually, so you have to find the account before this happens else you will pay interest and maybe fees. HSBC offers a student bank account in the UK that comes with a plethora of benefits. Student current accounts are made for you if you’re going to university or college. Your account number, sort code and debit card will stay the same. Hi everyone, I'm going into my 2nd year of uni now and I'm looking to get a student account, Natwest seems to be the best as they offer a £2000 overdraft along with other perks for joining. The most important feature of your graduate current account is the 0% overdraft it offers. 9% p. Tax free Interest means interest payable is exempt from UK income tax. Giving you peace of mind with your banking. You should receive about 1200. NatWest’s new 2023 student banking offer includes: £100 cash welcome gift, transferred directly into your account. Make student life easier with our Student Current Account. £23 - between banks. :money: 2023 Mortgage-Free Wannabe #19: £8825. 31, which is still much cheaper than Lloyds Bank and TSB, as NatWest/RBS don’t charge a monthly overdraft fee. Breakdown your budget. I graduated in 2006 after completing a 3 year degree in the normal fashion In June 2007 i recieved a letter saying that on the 31st July 2007 my 'free' overdraft limit would be reduced to £1000. Fee free. You can ask HSBC to increase this limit up to £2,000 in. 40 during 2020 as Covid took hold. Overdraft Rate (EAR) N/A. As of the 17th December I am being switched to a standard current account which wants to charge me 18% interest on said overdraft and £6 a month for the pleasure! What did you expect? All overdrafts are repayable on demand. Best High Yield Savings Accounts. Already have overdraft increased to 2k for my post grad degree starting in september. In the fourth year after you graduate you will automatically. However, I'm in quite a difficult situation at the moment. Graduate overdraft; Help with overdrafts . £21 - between our branches. Take control with the Barclays app. a. Choosing a bank that allows a longer 0% grace period post-graduation will help ease the financial transition from student to jobseeker. Maximum overdraft in year 3: £1,500: At end of term: Account transferred automatically to graduate account: Overseas card transactions: 2. According Natwest's site the student account is turned into a graduate account when you graduate. £100 cash bonus plus a four-year Tastecard, which gives you discounts at many restaurants in the UK. Your rate depends on your personal circumstances, loan amount and term and may differ from this Representative APR. So it goes a bit like this. For starters, this account comes with the option of an overdraft. Lloyds, for example, moves graduating students on to its Graduate Account, which lets customers apply for an interest-free overdraft that gradually reduces each year; up to £2,000 in the first. You won’t pay interest on an. Yr 1, up to £1,000; Yr 2, up to £1,250; Yr 3, up to £. If you have a FlexOne, you’ll only be able to apply for an arranged overdraft. you may apply for a basic Natwest student account. Once you open the account you get the money straight away. Helping graduates with life after uni. Only one 1I2I3 Graduate Current Account can be open at. HSBC: up to £3,000 0% overdraft + £100 free cash. Natwest have contacted me about my student account which will be automatically changing to a graduate account soon, and I have a year until my overdraft stops being interest free so definitely aiming to pay that off before they start charging interest. Fraud & security. Hi i have been with nationwide student flex for 3 years with a £1000 loan. It costs £680, but means any money you owe will be written off. ›Budgeting & bank accounts. Despite having graduated in '06, I still have a £1,000. You’ll also earn interest at an agreed rate. Within the mobile app, choose your account and select 'Manage my card' from the list of options. 6. Santander. Now I'm in my 2nd year of Uni and after maxing out everything (1,000. co. For example, you might get a £3,000 overdraft at 0% interest in year one, reducing to £2,000 in year two and £1,000 in year three. student account: 2000. Overdraft subject to eligibility. Consider bankruptcy. Available 24 hours, 7 days a week Business accounts. (variable) upon application. Year 2 £1000 (interest free). Championing kids and teens to be confident with their financial wellbeing. Video banking calls may be recorded and service hours may apply. Overdraft Facilities One of the most important features offered by almost all banks is the zero interest overdraft facility.