HelpOverdrafts and loansGetting help with an arranged overdraft because of coronavirus

Getting help with an arranged overdraft because of coronavirus

The Financial Conduct Authority (FCA) announced new guidance for UK banks to help support overdraft customers affected by coronavirus. As part of this guidance we’re offering an interest-free overdraft buffer of up to £500 to eligible customers.

To be eligible you must have an arranged overdraft, use your Monzo account as your main current account (where your income or welfare is normally paid) and be financially impacted by coronavirus.

If you’re considering asking for this interest-free buffer, please do so when you need it most. We’re asking you, based on your personal circumstances, to decide when's most appropriate to ask for it. The 3 month interest free buffer will be available to eligible customers until 14 July 2020.

While these measures are designed to help you during this difficult time, they may result in increased costs in the longer term. So please:

  • carefully consider before entering into one of these arrangements
  • only do so if you need immediate and temporary financial assistance

We’ve also capped arranged overdraft charges until 14 July 2020 for all customers, including those not using Monzo as their main account. Find more information about that here.

If you'd like to find out if we can help with your arranged overdraft, please get in touch through the Monzo app:

  1. Tap the Help icon in the menu bar
  2. Search ‘getting help with an arranged overdraft because of coronavirus’
  3. Tap chat to us at the bottom of the article

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