Not directly, but you can with a money transfer card. It pays cash from a credit card into your bank account, which clears the overdraft, and many charge 0% for a year or more in return for a one-off fee of around 4%. With overdrafts at around 40%, that can save hundreds of pounds, as long as you cut the overdraft limit once it's cleared.
A normal balance transfer card won't do it: those only move debt between credit cards.
What it saves on a £2,000 overdraft
Say you owe £2,000 at 39.9% EAR. The best money transfer deals right now are around 14 months at 0% with a 4% fee, so here that's an £80 fee, then 24.9% APR on anything left.
Paid each month | Stay in the overdraft | Money transfer card |
|---|---|---|
£100 | 2 years 6 months, about £1,000 interest | 1 year 10 months, about £130 in fee and interest |
£150 | 1 year 5 months, about £550 interest | 1 year 2 months, £80 fee only |
£200 | 1 year, about £390 interest | 11 months, £80 fee only |
The number to work out is your balance plus the fee, divided by the 0% months. Here that's £2,080 ÷ 14, about £149 a month. Pay that and the fee is the only cost. Pay less and you still save, but some of it is left when the rate rises. Try your own figures in the payoff calculator.
It works when
You can afford close to the 0% payment. The nearer you get to clearing it within the 0% months, the more you save.
You cut the overdraft limit straight away. Once the money lands, ask your bank to lower or remove the arranged overdraft. This is the step that makes it work.
You'll get accepted for enough. Use a lender's eligibility checker first. It's a soft search, so it doesn't affect your credit file, and it shows the limit you're likely to get. A partial transfer still helps.
It backfires when
You leave the overdraft open. It's easy to slip back into it within a few months, and then you owe on the card and the overdraft.
You take cash out at an ATM instead. A cash withdrawal on a credit card isn't a money transfer. It's usually charged a fee, and interest from the day you take it.
You spend on the card. Depending on the card, new purchases may not be at 0%, and they make it harder to clear in time.
You miss a payment. That can end the 0% deal early. Set up a direct debit for your monthly amount, not just the minimum.
If you can't get a card
If you're often at your limit, you may be declined or offered a small limit. A personal loan is the other way to turn an overdraft into fixed payments with an end date. It usually costs more than a 0% card cleared in time; see is a debt consolidation loan worth it? If you're relying on the overdraft for rent, food or bills, more credit probably isn't the answer: talk to your bank, which must treat customers in difficulty fairly, or get free advice through our financial resources page.
For a plan without new borrowing, see how to pay off an overdraft. Already have card debt too? Is a 0% balance transfer worth it? covers the card-to-card version.
Examples assume a £2,000 overdraft at 39.9% EAR, a 4% transfer fee, 0% for 14 months then 24.9% APR, monthly compounding, no new spending and no other fees. Deals checked against MoneySavingExpert in October 2026; real offers, fees and limits vary. This guide is general information, not financial advice.