Are you a graduate studying Medicine? With this account you can borrow to pay for your course fees. You can also take out a bit extra to help with general expenses.
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 limit set to help paying for the course
No fees for setting up or increasing your overdraft
Borrow up to £500 each year for general expenses
Up to £25,000 overdraft facility available in total
Money Insights 365 on our mobile app
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.
If this account is not suitable for you, please check our comparison section to help you find the right account.
With the GMS Borrowing account you can apply for an arranged overdraft of up to the amount of your course fees plus £500 per year.
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. |
|---|---|
| 6.00% | 6.17% |
Our GMS Borrowing 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 29%. 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 |
|---|---|---|
| £0.57 | £2.50 | £5.01 |
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 | £18.09 | 6.00% a year | 6.17% 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
