diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4ac96a650f09c71659fb07d73a97d514b63721aa..8928c2459502d3ad98cfe5e613a492acab406a0f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -9,6 +9,9 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 ### Changed
 - Use of `-Clinker-plugin-lto` flag(reduces the size of the contract) if `lto` is enabled - [#358](https://github.com/paritytech/cargo-contract/pull/358)
 
+### Added
+- Disabled overflow checks in the `cargo contract new` template - [#372](https://github.com/paritytech/cargo-contract/pull/372)
+
 ## [0.15.0] - 2021-10-18
 
 ### Changed
diff --git a/templates/new/_Cargo.toml b/templates/new/_Cargo.toml
index 5999a1634e1e37fe41b53bb89ee20ae2e3c83845..409aa44c01bc346d86e8119cd580ca34d9183c31 100644
--- a/templates/new/_Cargo.toml
+++ b/templates/new/_Cargo.toml
@@ -23,6 +23,10 @@ crate-type = [
 	"cdylib",
 ]
 
+# Needed until https://github.com/paritytech/ink/issues/364 is resolved.
+[profile.release]
+overflow-checks = false
+
 [features]
 default = ["std"]
 std = [