Many banks are offering help to customers in financial difficulty due to coronavirus, by offering mortgage, loans and credit card payment holidays, increasing limits for overdrafts, credit cards and cash withdrawals, waiving overdraft charges and offering other financial difficulty solutions.
It is recommended to contact your financial provider or lender, first visit their website to explore the various ways you can get help or support if you are impacted financially by coronavirus and can’t afford to keep up with repayments or manage your finance.
Coronavirus help and support UK major banks are offering:
- Barclays Bank – Mortgages; Payment holiday of up to three months. Personal Loan; 3 months repayment holiday. Credit card; No late payment or cash advance fees for the next 90 days starting from 19 March, and you might be able to increase your credit limit to help you in an emergency. Overdraft; No interest between 27 March and 30 April 2020. You don’t need to do anything – it’ll happen automatically. Savings; No penalty charges for withdrawing your money early. Visit Barclays website here for more information and updates.
- Natwest Bank – Mortgages; Payment holidays for up to 3 months. Personal Loans; Payment deferrals of up to 3 months. Credit card; Refunds on request for cash advance fees to access cash in an emergency, and you can apply to increase your credit card limit. No late payment fee from 1st April until 30th June 2020, you don’t need to get in touch, it will be done automatically. Overdraft; From Monday 30th March, for 3 months, if you are a personal Banking customer using your overdraft, you will pay less as overdraft interest will be at current rates (Representative 19.89% APR (variable) for most customers) and you won’t pay any fees or charges. Savings; Close and access cash with no early closure charge from your fixed term savings account. Visit Natwest website here for more information and updates.
- Lloyds Bank – Mortgages; 3 month payment holiday. Personal Loans; Repayment holiday of up to 3 months. Credit card; Payment holiday for 3 months. If agreed, you won’t need to make the usual payments to your personal credit card. Apply to increase your existing Credit Card limit using internet banking. Overdraft; Automatic £300 overdraft buffer if you have an existing arranged overdraft on your current account. This buffer will be interest-free from 6th April to 6th July 2020. Apply online for new overdraft and existing overdraft limit increase. Savings; Access your savings held in a fixed term account, charge will be waived. Visit Lloyds website here for more information and updates.
- HSBC Bank – Mortgages; Payment holiday of up to 3 months. Personal Loans;
You can request to defer your next 3 repayments. This gives you the chance to pause repayments for 3 months. Credit Card; You can request a 3-month payment holiday. Overdraft; From 26 March 2020 until further notice, no interest charges on the first £300 of overdraft borrowing. Savings; Access restrictions and early closure fees waived for the Fixed Rate Saver product if you need to access your money. Customers can still close their Regular Saver account and withdraw the funds if they need to, as normal. Visit HSBC website here for more information and updates.
- Santander Bank – Mortgages; Get up to 3 months holiday from your mortgage payments. Personal Loans; Online application forms for repayment holiday will be available soon. Credit card; From 31 March until 6 July, late payments fees and cash advances will be automatically removed. Online application forms for repayment holiday will be available soon. Overdraft; Automatically waive interest on the first £350 from 6 April until 6 July. If you need to add an overdraft to your account further information on this is being prepared and will be shared next week. Savings; Access your money held in Santander fixed rate bonds and fixed rate ISAs before the end of the fixed term, free of charge. Visit Santander website here for more information and updates.
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