Business Loan & Overdraft

Lending Rates 


Rate % 

AA1 Overdraft / Loan
(effective from 20th May 2009)


Cost of Funds
(effective from 18th July  2024) *  


Cost of Funds
(Pre 2012 calculation and definition)
(effective from 18th July 2024) *  


* To find out what rate applies to you, click here

To view historic Cost of Funds and Cost of Funds (Pre 2012 calculation and definition) rates, please click here.


Variable rate borrowers



Please note: If you exceed your overdraft limit without prior authorisation, fees and charges will apply. See A Guide to Business Current Account Fees (PDF, 291KB) brochure for more details. 

Business Lending Interest Rate Review

Background to the Business Lending Interest Rate Review

In March 2012, Ulster Bank advised business customers (by letter and press announcement) that it was changing the definition of Cost of Funds, a variable component of the interest rate charged on their accounts, to better reflect the bank’s funding costs.

However, not all customers’ facility documentation allowed for this definition change and therefore should not have had this change applied to their account. Approximately 18,000 customer accounts were impacted and may have been overcharged interest.

We sincerely apologise to our customers for this. This impacted previous and present customers. The Business Lending Interest Rate Review was  established to identify the impacted customers and to remediate customers who had been overcharged.


Managing Business Debt

As part of our commitment to your business we provide a transparent and open appeals process.

The Central Bank of Ireland has published regulations for firms lending to SMEs,

The regulations contain specific requirements for regulated lenders, including:

  • Giving SME borrowers greater transparency around the application process;
  • Providing SME borrowers with reasons for declining credit, in writing, that are specific to their application;
  • Providing greater protections for guarantors;
  • Contacting SME borrowers who have been in arrears for 15 working days;
  • Warning SME borrowers if they are in danger of being classified as not co-operating; and
  • Expanding the grounds for appeal and setting up an internal appeals panel.

Our approach

For further information on the SME regulations and how we support SME borrowers facing financial difficulty you can download our:

Information booklet (PDF, 213KB)

Each SME that is experiencing or facing financial difficulties is urged to get in touch with us immediately so we can try and help. Each customer will be treated on a case by case basis.

The regulations are available in full on the central bank website.

The SME regulations (PDF, 348KB)

Appeal a Lending Decision

As part of our commitment to you we provide a transparent and open appeals process.  

Whether you have:

  •  Applied for lending and your application has been declined or 
  •  Applied for lending and you feel the terms of approval are unacceptable or 
  •  Your existing facilities have been reduced or withdrawn.

If your appeal is not successful you may, subject to eligibility, refer your case to the Credit Review Office.  Please take time to review the eligibility criteria set by the Credit Review Office by referring to their website or brochure below:  

Are you Eligible?


  • Your business is an SME*
  • You have made a formal lending request to Ulster Bank
  • Your appeal relates to a lending application declined / approved in the last 30 days
  • Your lending request was for an amount between €1,000 and €3,000,000
  • Your lending request does not relate to Business Credit Cards

* An SME is defined by the EU as a business with less than 250 employees, turnover of less than €50 million and/or balance sheet less than €43 million

Speak to Us

If you're an existing customer call your relationship manager or our dedicated team for any queries:

  • 0818 211 690 (Republic of Ireland)
  • 0345 366 5592 (UK)
  • 0044 2890 538459 (if calling from abroad)

Lines are open  8.30am - 5pm  Monday to Friday. Note calls may be recorded.

Alternatively, email us