ASB Overdrafts

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

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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.
  • Manage the limit of your overdraft in FastNet Classic internet banking or the ASB Mobile app.
  • Check if you’re eligible for an ASB overdraft in FastNet Classic or the ASB Mobile app, and set it up on the spot.

Frequently asked questions

  • 1. How do I get one?

    If you're an ASB customer and meet our lending and eligibility criteria, you'll see the option to add an overdraft in FastNet Classic internet banking  or the ASB Mobile app. If you're a Tertiary or Graduate  customer and you meet our lending and eligibility criteria, you may be able to access special overdraft offers. If you're not already an ASB customer, or you'd like to speak to us, call 0800 803 804 or visit your nearest branch.

  • 2. Why can't I see an overdraft available in FastNet Classic or the ASB mobile app?

    If you're a brand new customer or recently joined ASB, you may not have the option to add an overdraft yet.  If you're an existing ASB customer, you may not meet our eligibility criteria at this time, to meet our eligibility criteria, here are some ideas that may help.

  • 3. 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.

  • 4. 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. 

    There is a monthly fee for having an overdraft. 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. 

  • 5. 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. You can decrease or remove your overdraft limit in FastNet Classic or the ASB Mobile 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.

Rates and Fees

Interest rates

Graduate (up to $2,000)
Tertiary (from $500 - $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
Establishment fees: 90-day temporary overdraft


Monthly overdraft facility fee (arranged)

The greater of 0.12% of the overdraft limit and 0.12% of the highest daily overdrawn balance (minimum charge $2).

Monthly unarranged overdraft fee

0.12% of the highest daily overdrawn balance (minimum charge $10).

Apply for an overdraft

Apply online

If you're already an ASB customer, you can apply online.

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Call us

We’re here to help.

0800 803 804

Visit a branch

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

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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. Overdraft establishment fee of $25 may apply. A monthly overdraft facility fee applies. 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. 

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