Cover when you need it
Our overdraft is designed to be used as a back-up facility you can use for unexpected expenses or purchases.
Less interest
You’ll only be charged interest on the debit balance, so if there’s nothing owing, you won’t pay any interest.
Flexible repayments
With no minimum repayments, you can repay your overdraft when it’s suitable for you.
Find out if it's right for you
- Your Overdraft will be linked to your Electronic, Current or Smile on Call account, giving you instant access to funds when you need it.
- You'll need your regular income to be credited in The Co‑operative Bank account which the overdraft will apply to.
- If you’re a tertiary student, you can apply for an interest free Overdraft of up to $1000, with no establishment fee. Other credit fees may apply. Standard interest rates apply on amounts over $1000.
- Keep track of your overdraft balance and make purchases on the go via our Internet Banking or Mobile app.
From 1 December 2021, the laws around lending money to consumers changed. These changes are intended to help people avoid unaffordable debt, but do mean that some applications are taking longer to process. You will also need to provide us with more information than you have previously, even if you already bank with us. This is an industry wide change - you can read more about it at the New Zealand Bankers Association website.