How the UK Banks are supporting their customers during Covid-19.
In these troubling times during the coronavirus pandemic, it is good to be aware of what support banks are offering to get through Covid-19.
The government has put together a generous package of support to help businesses and individuals get through this period of uncertainty.
SUPPORT AVAILABLE FROM UK BANKS - FOR BUSINESSES
In these challenging times, we appreciate that individuals and businesses alike are concerned about the sudden impact of the Coronavirus (Covid-19). A big question people are asking is “What help is available because of the Coronavirus?”
Banks and other financial institutions have recognised that finances may be disrupted as a direct result, and have announced a series of measures to show their commitment to supporting you, their customers, through these challenging times. We have summarised some of the help you may find useful.
HSBC has allocated £5 billion to help businesses in need of support. They have also announced support with mortgage payments, whether it’s short-term through reduced or deferred payments, or longer-term support by extending the remaining term of the mortgage, switching rates or switching part or all to interest only arrangements. Additional financial support could also include giving you early access to fixed-rate savings accounts without closure charges.
Lloyds Banking Group is also ready to support small UK businesses and has set aside a £2 billion package to help minimise disruption to business operations over the coming weeks and months.
SUPPORT AVAILABLE FROM UK BANKS - FOR INDIVIDUALS
Support for personal customers who have been impacted by Covid-19 includes payment holidays on mortgages and loans; no fees for missed payments on credit cards, loans and mortgages; as well as emergency access to savings in fixed-term accounts without charge.
NatWest has announced £5 billion of Working Capital Support for businesses that are impacted as a result of Covid-19. Further support may include loan repayment holidays, interest rate reductions, fee-free emergency loans or immediate access to deposit balances with no penalty.
Santander is encouraging all of their impacted customers to contact the bank directly. Whether it’s related to a business account, personal accounts or a lending product, they will review each customer’s position and will look at different ways to provide support.
Barclays is offering small business customers a 12-month capital repayment holiday on existing loans over £25k, increased or new overdraft facilities; as well as other working capital solutions.
SUPPORT AVAILABLE FROM UK BANKS - SUMMARY
If you are experiencing financial difficulties as a direct result of Covid-19, please contact your bank directly and seek advice.
Please remember, some criminals are using the coronavirus outbreak to commit fraud.
Be alert to suspicious texts, phone calls or emails with attachments from anyone. Banks will not contact you for personal or financial information, such as bank account details, card numbers, PINs or passwords. They will also never ask you to move money to a “safe” account.
Stay safe & stay informed!
Let’s make a difference.
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