A business overdraft is designed to help you manage your cash flow. It lets your business current account go into a negative balance, subject to an overdraft limit, so you don’t get charged over-limit fees or items don’t go unpaid.

When a sufficiently-large payment is made to your account, it returns to a positive balance. You can set up an overdraft and only use it when you need it.

Overdrafts are designed to help manage cash flow by helping you to deal with issues such as seasonal fluctuations or late payments by debtors.

If you are looking for credit for other purposes, such as the purchase of an asset, please consider our business loans which have a range of competitive rates and no facility fee.

There is an annual overdraft facility fee of €50 for business overdrafts. This is charged on all overdrafts which maintain a debit balance of €100 or more for 14 days or more.

The annual variable interest rate on your overdraft is 8.05%. This is calculated on a daily basis for each day your account is in a negative balance and is charged quarterly to your account.

Your current account must be in credit for at least 30 days over a 12-month period or you will be charged a 0.5% interest surcharge on your overdraft, which is payable on the same basis as the annual variable interest rate.

An Overdraft limit is set up on a permanent basis. It remains in place, subject to annual renewal, and is available to use when you need it.

Temporary overdrafts are no longer available. If you would prefer a temporary facility, you could consider:

• Applying for a permanent overdraft and cancelling it when you no longer need it – you can do this either by calling us on 0818 200 348 or by contacting your Relationship Manager if you have one assigned to you
• Applying for a short term loan, for example our stocking loan, which is available over terms of 3 – 18 months, is repayable via one bullet repayment at the end of the term and has no facility fee.

An interest surcharge is an extra fee you pay if you:

• have an unauthorised overdraft
• are not in credit for at least 30 days over a 12-month period

An unauthorised overdraft occurs when your account is overdrawn but you have no authorised overdraft limit or when your account is overdrawn by more than your overdraft limit.

You can do this by:

• Ensuring your account balance does not exceed the agreed overdraft limit
• Checking your account regularly to ensure your balance is within the agreed limit
• Keeping your account in credit for at least 30 days of every year