Business Overdrafts
Be financially flexible with a business overdraft.
Bank of England Bank Rate and your Business Loan or Overdraft
The current Bank of England Bank Rate is 4.75% (effective from 7th November 2024).
The Bank of England Bank Rate is the interest rate it charges banks to borrow money. The bank rate, or ‘base rate’, affects how much you pay on your borrowing. If you have a product linked to the Bank Rate, the interest rate on this will go up and down as the Bank of England rate changes.
How could a Bank Rate change affect your Loan or Overdraft?
When the Bank Rate changes this could affect your payments on any borrowing you may have taken with us, such as loans or overdrafts.
The interest rate on a variable rate business loan or overdraft will change in line with the Bank of England Bank Rate. This means the rate of interest could go up and so cost you more, or it could go down and cost you less.
If you have a product where the interest rate is fixed, the rate has been set at a certain amount for an agreed period of time. This means the interest rate won't be affected if there's a change to the Bank Rate during the fixed rate period.
However, the interest rate you move to after the fixed rate period ends may be variable and means it could change if the Bank Rate changes.1
Use our ‘rate change calculator’ below to work out how a change in the Bank Rate could affect your loan repayments and cost of your Business Overdraft.
1Interest rates could go down leaving a fixed rate loan at a higher level compared to a variable loan. However, if interest rates rise, a fixed rate loan will remain at the same rate.
Rate Change Calculator
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What is this?
Please enter the Business Overdraft rate excluding Bank Rate as shown in your most recent statement. This may show next to PLUS in your statement
What is this?Use the + or – buttons to add or deduct incremental changes of 0.25%. Or just type the actual Bank Rate you’d like to see illustrated
These results are for illustrative purposes only. We will only charge you interest when you use your Overdraft.
Indicative cost of arranged Overdraft
Current cost
New cost
Change in cost
Indicative cost of arranged Overdraft
7 days
Current cost
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New cost
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Change in cost
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Indicative cost of arranged Overdraft
30 days
Current cost
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New cost
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Change in cost
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Indicative cost of arranged Overdraft
60 days
Current cost
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New cost
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Change in cost
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Where do i find this?
Log in to Internet Banking to view your most recent balance. Alternatively, you can find your balance in your most recent annual statement, you’ll need to take into account any payments made since the date of the statement.
Remaining termThe length of time you have left to pay back your borrowing. You can calculate your remaining term by taking your total loan duration as listed in your loan agreement and subtracting time elapsed since your loan start date.
Where do I find this?
Please enter the total interest rate as shown on your most recent loan statement.
What is this?
Use the + or - buttons to add or deduct incremental changes of 0.25%. Or just type in the actual rate change you'd like to see illustrated. Interest rate change can be a positive or negative number.
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What happens when the Bank of England announces a Bank Rate change?
- For our existing customers any change in interest rate will usually take place immediately following the Bank of England’s announcement
When the Bank Rate changes, notices will be placed on our website, and in our branches within three business days of Bank of England’s announcement.
Managing your loan or overdraft online
You can check your loan or overdraft balance, monthly payments and interest rate with Business Internet Banking. Log on to Internet Banking.
If you are not registered for Internet Banking yet, you can register with our simple three-step registration process. Find out how to register.
Re-financing your loan or overdraft
If you have a named Relationship Manager you should contact them in the first instance. If not, please speak to someone in the Business Management Team on 0345 072 5555 or +44 1733 347 338 if you're outside the UK. The Business Management Team are available from 7am to 8pm Monday to Friday and 9am to 2pm Saturday.
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 status. Security may be required.
There is always a possibility that interest rates may go down leaving a fixed rate loan at a higher level compared to a variable rate loan. However, if interest rates rise, a fixed rate loan will remain at the same rate.