Introducing the Gateway Edge Overdraft Account, a bank account with 24/7 access, no monthly fees and with the flexibility of an overdraft facility*, giving access to funds when you need them without being charged overdrawn penalties.


An extension of our Edge Account, the Edge Overdraft provides all the features of a regular banking account, including access via Online Banking and the Gateway App, no monthly fees and access to your money with a Visa Eco Debit Card, but with the safety of knowing that you have access to additional funds when you need them.


Flexible overdraft facility terms help you repay your way

Flexible terms on your Edge Overdraft means there is no maximum or minimum loan term, no exit fees and no draw down fees. Be approved for a credit limit of up to $20,000 (subject to credit approval) and only use the overdraft facility for what you need, when you need it.


Interest on the Overdraft is only charged on the funds you have used, rather than paying interest on a personal loan lump sum, with only a 3% minimum monthly repayment required on the outstanding end of month balance. Payment credits can be made by having your salary paid directly into your account or via direct debit. Getting you salary directed to the account is a great way to manage your account balance and minimise any interest payable on overdrawn balances. You can even set up all your external direct debits from your Edge Overdraft account to make it your one-stop banking destination.


Ditch the need for multiple Credit Cards & Bank Accounts by adding a personal overdraft facility* 

Having a credit limit* on your Edge Overdraft account means you don’t need to juggle multiple accounts. Monitoring fees and rates on different accounts can quickly become overwhelming. By having one account that can switch from acting as a regular bank account that pays you interest on credit balances, into an overdraft with a competitive interest rate that is lower than many credit cards, the Edge Overdraft gives you the best of both worlds.


Having an approved* overdraft facility credit limit means you can avoid overdrawn penalties that may be charged on other banking accounts. Multiple expensive credit cards can be eliminated when you link an Eco Visa Debit Card to your Edge Overdraft account enabling online shopping or the purchasing of goods in-store with your convenient personal overdraft facility. Instead of relying on high interest credit cards for daily groceries, petrol, clothes or the odd splurge, simply use the Visa Eco Debit Card linked to your Edge Overdraft account for the convenience of only needing to track one account with complete flexibility, no matter your balance.


Access to your money anywhere, anytime

With full visibility over your account with the Gateway App, Online Banking and Telephone Banking available 24 hours a day, you can choose your favourite method to view your account balance and expenses. Plus with only one account to view, you can easily identify your position and plan your saving goals quickly and easily.


By linking a Gateway Visa Eco Debit Card, you have instant access to your funds wherever Visa is accepted, allowing you to shop online, over the phone or in-store, and pay your bills simply and easily. The Visa Eco Debit Card is also accepted at all ATMs that accept Visa, including a wide network of ATMs in Australia can be accessed, fee-free.


Want to apply for a Gateway Bank Edge Overdraft online? Use our simple and easy application, and make sure you have the following information ready to speed up your approval:

  • Your living expense figures
  • Details of your assets, income and liabilities
  • Statements for the last 3 months for your assets & liabilities
  • Your last payslip or evidence of income statement


Alternatively, if you do not wish to take out an Edge Overdraft, you can simply open an Edge Bank Account online in less than 5 minutes and link a Visa Eco Debit Card for easy, everyday banking.

13.49 % p.a. Interest rate
Edge Overdraft

All the features of a Gateway Bank account with overdraft capabilities - apply for an Edge Overdraft account today 

Product Features:

Car & Personal Loans
Establishment Fee : $149
Monthly Fee : $0
Annual Fee : $0
Minimum Amount : $1,000
Maximum Amount : $20,000
Maximum Term (Years) : None
Periodic Payments : Yes
ATM/EFTPOS Access : Yes
Branch Access : Yes
BPAY® : Yes

Credit cards, overdraft accounts and personal loans are all ways of accessing additional funds when you need them. While they may seem alike on the surface, there are a number of key differences between these options, and the best one for you will depend on your personal circumstances and preferences.



Personal Loan

Credit Card


An overdraft allows you to take out more money than is currently available in your bank account. For instance, you may make a purchase of $800 with only $500 in your account. Your overdraft account will have a pre-approved limit which allows you to draw and spend money even when your balance is zero. You will only be charged interest if you use funds from your overdraft.

Personal loans provide a one-off lump sum amount with interest charged on the entire loan amount. A personal loan is generally paid off over a set time period with regular repayments or can be paid off in one go if you’re able to. Typically personal loans are repaid with monthly payments.

Credit cards provide a revolving, or ongoing, line of credit whereby the cardholder is pre-approved with a card or credit limit. A minimum repayment amount is required each month. Any balance remaining at the end of each month will accrue interest.

Revolving credit




Best for

  • Small purchases of under $2,000
  • Short term debts
  • Unexpected expenses such as car repairs
  • Larger one-off purchases such as holidays and unexpected expenses like medical bills
  • Debt consolidation
  • Everyday purchases
  • Small to medium purchases under $5,000


  • Cheaper interest rate than a credit card
  • Easier cash flow management
  • Pay for unexpected expenses
  • Interest is charged only if overdraft funds are used
  • No monthly account keeping fees
  • Cheaper interest rate than a credit card
  • Pay off the debt with regular scheduled repayments
  • Avoid overspending by not having a revolving credit line
  • Faster loan approval process
  • Take advantage of interest-free periods


  • Easy fund access can encourage overspending
  • Typically higher interest rate than a personal loan
  • Potentially time-consuming waiting period for approval
  • Incurs an establishment fee


  • Potentially time-consuming waiting period for approval
  • Set up fees and other fees
  • Longer repayment periods means you’ll potentially be in debt longer than with revolving debt options like credit cards or an overdraft


  • Higher interest rates than overdrafts and personal loans
  • Easy fund access can encourage overspending
  • Minimum monthly repayment requirements can cause your debt to linger



A bank account with overdraft facility could be the simple solution you need to facilitate easier everyday spending without the need for multiple credit cards and bank accounts. Read more about the differences between overdraft accounts, credit cards and personal loans to see which solution is best for you, or talk to one of our experienced consultants. 

Having trouble comparing all the options?

Compare our savings accounts side by side to help find your best fit.

Rates advertised apply to principal and interest repayment types only. Gateway reserves the right to vary these interest rates at any time. Applications for finance are subject our standard credit assessment criteria. Interest rates quoted are for new lending only. Existing borrowers should contact Gateway to discuss their requirements. Full terms and conditions are included in the loan offer. Fees and charges apply.

1 A minimum monthly payment of 3% of outstanding balance is required when account is overdrawn. Full outstanding balance is repayable on demand. Overdraft interest is calculated daily and credited monthly (on the last day of the month) to the outstanding balance.

2 ® Registered to BPAY Pty Ltd ABN 69 079 137 518.

*Applications for finance are subject our standard credit assessment criteria. Full terms and conditions are included in the loan offer. Fees and charges apply. A minimum monthly payment of 3% of outstanding balance is required when account is overdrawn. Full outstanding balance is repayable on demand.