Everyday Overdraft
A safety net for life's unexpected moments.
Everyday Overdraft
A safety net for life's unexpected moments.
Prepared for the unexpected
16.20% p.a.
Variable rate
Enjoy competitive rates and quick access to extra funds with our Everyday Overdraft. Apply today and stay prepared for life’s surprises!
Flexible support when you need it
Stay in control with our Everyday Overdraft, a flexible, unsecured option that gives you a financial cushion without tying up your assets. It’s perfect for handling unexpected expenses or covering costs when your balance runs low, so you can enjoy peace of mind and quick, hassle-free access to extra funds when you need them.
Flexible overdraft limit
Choose an overdraft limit that suits your needs, giving you the freedom to manage your finances with ease.
Debit interest capitalises to account
Any interest accrued on the overdrawn amount is added to your account balance, rather than requiring immediate repayment.
No security required
Access extra funds without the need for any security or collateral, making it easier and quicker to get the financial support you need.
Competitive interest rates
Enjoy competitive interest rates that help you manage your costs effectively.
No fixed repayment requirement
Enjoy the flexibility of repaying the overdrawn amount at your convenience, without the pressure of a fixed repayment.
Easy access
Access your overdraft through your Summerland Bank Everyday Account, ensuring you have funds available when you need them most.
Frequently asked questions
What is an Everyday Overdraft?
An Everyday Overdraft is a financial service that allows you to withdraw more money from your account than you have available, up to a pre-approved limit. It provides a safety net for unexpected expenses or short-term cash flow needs.
What are the eligibility criteria for an Everyday Overdraft?
To be eligible for an Everyday Overdraft, you must have a Summerland Bank Everyday Account and meet our credit assessment criteria. This includes a review of your credit history and financial situation.
How is interest calculated on my overdraft?
Interest is calculated daily on the overdrawn balance and is capitalised to your account at the end of each month. This means the interest is added to your principal balance, increasing the total amount owed.
Can I increase my overdraft limit?
Yes, you can request to change your overdraft limit at any time. This request will be subject to a credit assessment. Contact our Contact Centre or visit your local branch to discuss your options.
What happens if I exceed my overdraft limit?
If you exceed your overdraft limit, you may incur additional fees and higher interest rates. It’s important to monitor your account balance and stay within your approved limit to avoid these extra costs.
How do I repay my overdraft?
You can repay your overdraft by depositing funds into your account. Any deposits will automatically reduce your overdrawn balance. Regularly monitoring and managing your account can help you stay on top of your overdraft.
Is there a fee for setting up an Everyday Overdraft?
There may be a setup fee for establishing an Everyday Overdraft. Please refer to our fee schedule on our website or contact us for detailed information.
Can I cancel or decrease my overdraft limit?
Yes, you can cancel or decrease your overdraft limit through the Contact Centre or by visiting a branch.
Three reasons locals love Summerland
A thriving community is central to our vision and benchmarks for success. Summerland Bank is the people’s bank, serving our local community and together, making it stronger.
Owned by the people, operated by the people
Founded on a belief in the power of the collective, we are a community-owned bank that prides itself on always being there to support our community, in both the good times and the challenging ones.
Banking the way it should be
With branches throughout the Northern Rivers NSW and South East Queensland communities, we offer good old-fashioned customer service with all the bells and whistles of a modern bank.
Quick and easy to get started
Whether it’s your first-ever account or you’re looking for a fresh start with a customer-owned, community-minded bank, we can get you up and running in minutes – online, over the phone, or in a local branch.
The legal stuff
Although this product has no set minimum repayments, customers should aim to repay their overdraft as soon as possible to minimise any fees and interest.
Rates are subject to change. Conditions, fees, and eligibility criteria may apply, see us for details. Terms and Conditions available upon request. Target market determination available on request at our branches. This is general advice only and may not be right for you. Please read the Credit Guide before making decisions.
Ready to get started?
If you’re ready for a braver kind of banking, here are three ways to get started with Summerland Bank.
Apply online
Get started online with your ID at the ready and a quick check of your personal details.
Contact us
Good old-fashioned customer service, the Summerland way.
Visit a branch
Find your closest Summerland Bank branch and our friendly local team will be ready to help.
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