If you are a Bank of Ireland UK customer studying medicine or dentistry, you can borrow money to cover the cost of your Elective. You can also borrow to pay for the year when you don’t get government funding because you’re doing an Intercalated degree.
Pay nothing for maintaining the account
Only pay interest on what you borrow
Bank in-branch, over the phone, online or using our app
Only pay the full amount back once you graduate
Overdraft set up to help fund Elective or Intercalated studies
No fees for setting up or increasing your overdraft
Apply to borrow for either your Elective or Intercalated year, or both
Up to £20,000 overdraft facility available in total
Money Insights 365 on our mobile app
You should carefully consider how much you need to borrow using this account as the total amount will need to be fully repaid, at once, at the end of your course. Make sure you borrow only what you can pay back.
The amount borrowed must be repaid in full at the completion of your course. At this point you might decide to apply for a loan somewhere else (allowing you to repay this debt to the other bank over a period of years) or to repay it by any other means.
When you graduate the arranged overdraft limit on your account will no longer be in place. Any negative balance will put your account into an unarranged overdraft. Unarranged overdrafts can affect your credit score and whether other places will let you borrow money.
If this account is not suitable for you, please check our comparison section to help you find the right account.
With the E&I Borrowing account you can apply for an arranged overdraft of up to £20,000. £5,000 can be used for your intercalated degree and up to £15,000 for your Elective degree.
Interest applies to the account monthly and we issue a pre-notification at least 14 days before we take this amount from the account. You should repay the interest monthly to avoid the account going in an unarranged overdraft position.
| Overdraft Interest Rates | APR APR stands for Annual Percentage Rate (variable). The APR is an annual percentage expressing the total charge for credit. It includes interest and any additional fees (we don’t charge additional fees). The APR allows you to compare the cost of the overdraft with other providers or other types of borrowing. |
|---|---|
| 5.75% | 5.90% |
Our E&I overdraft interest rate is variable and made of two parts: the Bank of Ireland UK base rate which from 8 November 2024 is 4.75% and a margin rate of 1.00%. It will change if either part changes.
Any changes to either of these parts will normally take effect immediately but if we increase the margin rate we’ll give you 60 days’ notice.
As an example, the interest cost of borrowing £500 is:
| 7 days | 30 days | 60 days |
|---|---|---|
| £0.55 | £2.39 | £4.79 |
The 60-day example includes the interest charged in the first 30 days.
You can use our overdraft cost calculator to find out how much it would cost to borrow for different amounts of time and you can find out how likely you are to be approved by using our overdraft eligibility tool.
Representive example:
| Overdraft Amount | Total Cost for Credit | Rate of Interest | Annual Percentage Rate APR stands for Annual Percentage Rate (variable). The APR is an annual percentage expressing the total charge for credit. It includes interest and any additional fees (we don’t charge additional fees). The APR allows you to compare the cost of the overdraft with other providers or other types of borrowing. |
|---|---|---|---|
| £1,200 used in full for a three month period | £17.32 | 5.75% a year | 5.90% APR (variable) |
You can compare our APR with other banks’ overdrafts or other way of lending to make sure you find the right type of borrowing for you.
For more information please go to our overdrafts section.
Need help and prefer to apply over the phone with one of our staff? Call 0800 0850 444 for free Mon to Fri 9am to 5pm.
Bank of Ireland UK adheres to the Standards of Lending Practice which are monitored and enforced by the Lending Standards Board. A copy of the Statement of Lender and Borrower responsibilities is available here.
Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Bank of Ireland UK and Post Office Money. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please click here for further information or visit www.fscs.org.uk
