ASB Overdrafts

A flexible loan that you can access from your everyday account.

Benefits at a glance

  • An overdraft can provide access to extra money to help if you're caught short by unexpected expenses.
  • It's a loan, with an agreed limit that you can use any time, and pay off at your own pace.
  • Tailored limits to suit your needs.
  • With an agreed limit you can access up to that amount without the need to re-apply, anytime you wish.

Frequently asked questions

  • 1. How do I get one?

    If you wish to apply for an Overdraft then get in touch by calling us on 0800 100 600 (select option 1) or by visiting your nearest ASB Branch. ASB's terms, lending and eligibility criteria will apply.

  • 2. What's an overdraft and how does it work?

    An overdraft is a revolving loan that appears as a limit and available balance on your everyday account. It lets you borrow money up to your approved limit when your account balance goes below zero. You can use it when it suits you, and repay it when you can (provided you keep it within your approved limit). It's important to note that there are usually interest costs and fees associated with your overdraft - refer to the next FAQ 'What does it cost' to find out more.

    An unarranged overdraft can occur if you spend more than your available balance or more than your arranged overdraft limit. It may lead to extra fees and interest costs.

  • 3. What does it cost?

    When you use your overdraft limit, we charge you interest once a month to the account but calculate it every day - so you only pay for what you use, and you can save interest by paying it off sooner. 

    If you exceed your limit and go into an unarranged overdraft, you will be charged the monthly unarranged overdraft fee as well as the applicable unarranged overdraft interest rate. 

  • 4. How can I manage my overdraft?

    It's important to keep an eye on your balance. It helps you make good use of your overdraft, and minimise your costs. Know when you are dipping too low by setting up an alert in FastNet Classic internet banking or the ASB Mobile banking app.

    When money goes into your account, it's applied to your overdraft first, saving you interest. 

    To find out more about managing an overdraft and its potential costs, take a look at these borrowing options.

  • 5. How often will I be sent bank statements?

    When you have an overdraft on your account, we are required to send you a statement every two months. 

    When you opened your account, you may have selected a three or six month bank statement frequency. Once an overdraft is activated this will be automatically increased to every two months.

Rates and Fees

Interest rates

Graduate ($200 - $2,000)
Tertiary ($200 - $2,000)

The 0% interest on Tertiary and Graduate overdrafts apply for eligible customers and only for the period the customer qualifies for an ASB Tertiary or Graduate account. After this time, our standard unsecured overdraft interest rate will apply. See further terms below.


Establishment Fees: Standard fee, including for temporary limits
Establishment Fees: Tertiary and Graduate
Monthly unarranged overdraft fee


Apply for an overdraft

Call us

Select option 1 when calling us to speak to the right team.

0800 100 600

Visit a branch

Visit us at one of our many branches across New Zealand.

Find a branch

Get more with ASB

Bank when it suits you

Whether you’re a night owl or an early bird, you can do your everyday banking at any time with FastNet Classic online banking. Sign in and you can pay your bills, set up automatic payments, order foreign exchange and more. You can even apply for a home loan after hours.

Bank on the go

We’re there wherever you need us with the ASB Mobile app. Check your balance while waiting for a bus, move money between your accounts while you’re shopping, or pay a friend for lunch using just their mobile number.

Set up alerts and get notified

Life is so busy these days it's easy to forget that your everyday account is starting to run short or that your automatic payment may fail because there aren't enough funds in your account. Set up alerts and we'll send you emails, and/or notifications through the ASB Mobile Banking app so you won't get caught out again.

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ASB's lending criteria and terms apply. Rates and fees may change. Refer to asb.co.nz for other fees and charges.

In addition for Tertiary and Graduate Overdrafts: only persons 18 years or older who are NZ residents or citizens can apply for credit and income must be credited to the ASB Tertiary or Graduate account. If eligible, interest free overdraft is only available for the period the customer qualifies for an ASB Tertiary account (where proof of study is provided) or ASB Graduate account (up to two years). After this, our standard interest rates will apply.

Bank AccountsOverdrafts