Overdraft costs you nothing while you don't use it. When you do use it, you pay interest only on the amount you use, and only for the days you use it.
What you pay
No activation fee, no monthly fee, no commitment fee.
Nothing while you don't use it. Having Overdraft active costs you nothing.
Interest only on the amount you use. Not on your full limit.
A personal rate. Your interest rate is personal to you, and you see it before you activate Overdraft.
How interest is calculated
Interest is counted every day, on your end-of-day negative balance:
If your balance is below €0 at the end of the day, interest is counted for that day, on the amount you've used.
If you're back at €0 or above by the end of the day, there is no interest for that day, even if you used Overdraft earlier that day.
Interest is simple, not compound. You never pay interest on interest.
Examples
These examples use a rate of 12% a year, only to show you how it works. Your own rate is shown before you activate Overdraft. The daily interest is your balance used × annual rate ÷ 360.
Example 1: using Overdraft for 10 days. Your balance is -€500 at the end of each of 10 days. Each day costs €500 × 12% ÷ 360, which is about €0.17. In total, that's about €1.67.
Example 2: using it for part of a day. You pay a €500 invoice in the morning, and a client pays you €500 in the afternoon. Your balance is €0 at the end of the day, so you pay no interest at all.
When interest is charged
Interest is charged once a month, on the 1st. It covers the previous month and comes out of your balance in a single payment.
Repaid before the 1st? Interest that built up while you were using Overdraft is still charged on the 1st.
Not enough money on the 1st? No problem. We'll take the full amount on the next 1st, and interest is never added to your negative balance.
Still below 0 during your 60-day repayment period? No worries. We'll charge the interest next month.
Pay interest early
If you'd like to settle your interest before the 1st:
On web: access your “Overdraft” page and select Pay now.
Mobile app: access the overdraft from the wallet page by clicking on “Manage overdraft”, and then click on “Pay interest now”
This settles the interest that has built up until the end of yesterday. Today's interest is added overnight, so if you're still using Overdraft, a small amount will remain. If you also bring your balance back to €0 or above today, there is no interest for today, and nothing is left to pay.
The 60-day window
You have up to 60 days to bring your balance back to €0 or above.
The 60 days start the moment your balance first goes below €0.
Using more of your limit during this time doesn't restart the 60 days.
Paying back only part of it doesn't restart the 60 days either.
They reset only when your balance is back at €0 or above. If it goes below €0 again later, a new 60 days begin.
What happens after 60 days
If your balance is still below €0 after 60 days, your outgoing payments are blocked, and a higher interest rate may apply until everything is repaid.
Incoming payments are still accepted, and they repay the negative balance as usual.
To get everything back to normal, you need to repay both the amount you used and all the interest. The interest is collected overnight, and only when your balance is above €0. A balance of exactly €0 isn't enough. So when you repay, leave a little extra in your account. As soon as everything is paid, your payments work again.
In the app, you can always see how much you've used, how much interest has built up so far, and how many days you've been in Overdraft.