Is my bank providing help with Coronavirus?

If you’re worried about your financial situation due to the Coronavirus crisis, there may be a few options available to you. Many banks have stepped forward to offer help in these uncertain times. We’ve made a summary for you on the different banks’ support packages.

It is important to make sure you check official sources like the UK government and the World Health Organisation to ensure you get the most accurate and updated information regarding the developing situation.

How is the Coronavirus wreaking havoc on the economy?

The effects of the Coronavirus are already being felt across the world. We already know that it’s going to have severe consequences economically but just how much chaos it will create is not yet certain. The British Chambers of Commerce (BCC) has downgraded its UK GDP growth forecast from 1.0% to 0.8% for 2020.

The reason for this economic disruption is because the Coronavirus forces people to stay home. That means many can’t get to work and most are not going out and spending money. This has a knock-on effect on smaller businesses, in particular. Companies are also asking employees to take holidays now or making people redundant out of necessity.

It’s not all doom and gloom though. Wherever there is adversity, there is hope and a fighting spirit that comes out. We’re all in this together and many companies have put in place strategies and help packages for customers at this difficult time. The banking industry has moved swiftly and pledged to help those in need

Let’s take a look at what some of the key players are doing to combat the coronavirus impact.

Halifax Coronavirus support

If you bank with Halifax, it has outlined key measures it is putting in place. If your income has been affected due to the Coronavirus crisis, it can offer:

1. To waive fees for missed payments on credit cards, loans and mortgages.
2. Payment holidays on mortgages and loans so you don’t have to make repayments for a certain period of time.
3. No charge to access savings in fixed-term accounts.
4. Deposit limits of up to £500 for mobile banking, so that you can scan and pay in cheques.

Royal Bank of Scotland (RBS) and Natwest Coronavirus help

Banks under the RBS Group (including RBS and Natwest) are also offering relief measures for customers in financial difficulty. The steps put in place at the moment include:

1. Payment holidays on mortgages and loans for up to three months
2. No early closure charge on fixed savings accounts so you can access cash.
3. Refunds on cash advance fees for credit cards.
4. You can apply for a temporary increase on your credit card limit.
5. You can request an increased cash withdrawal limit on your debit card, up to £500, reducing the number of trips you need to make to cashpoints.

Barclays Coronavirus relief measures

Barclays has also introduced new initiatives for customers facing financial hardship. Here are some of the main ways it proposes to help:

1. It has specialist teams who can offer a range of supportive measures to customers. You can contact the teams and discuss your specific situation and options.
2. Removing penalty charges if you need to access a fixed savings account early.
3. You can apply for a temporary increase on your credit card limit.

Lloyds Coronavirus support

Lloyds can offer the following options if your income has been impacted due to the Coronavirus:

1. No fees if you miss payments on mortgages, loans or credit cards.
2. Payment holidays on mortgages and loans.
3. No fees if you need to access savings in a fixed-term account.
4. Deposit limits of up to £500 for mobile banking, so you can scan and pay in cheques.

HSBC Coronavirus help

HSBC has a range of practical ways it could help if you are in financial difficulty:

1. Reduced or deferred mortgage payments in the short-term. If you need longer-term assistance, this could be offered by extending the remaining term or switching rates (including to interest-only)
2. Providing you access to your fixed-rate savings account with no closure charges.
3. Tailored solutions if you have unsecured debt and need reduced or deferred payments for a time.

Santander Coronavirus tailored approach

Santander says it has a team of experts available to help customers impacted by the Coronavirus. It will look at each individual’s circumstances and try and offer solutions.

It asks that customers get in touch via its online chat function or social media in the first instance. If you need urgent help, please call its helpline on 0800 01 56 382.

Bank of Scotland Coronavirus options

Bank of Scotland has a number of options to support customers whose income has been affected by the Coronavirus:

1. No fees if you miss payments on mortgages, loans or credit cards.
2. Payment holidays on mortgages and loans.
3. No fees if you need to access savings in a fixed-term account.
4. Deposit limits of up to £500 for mobile banking, so you can scan and pay in cheques.

It’s great to see the banks rallying around their customers and proactively offering so much support. We understand that this is a difficult time and hope that you and your loved ones stay safe. If you are worried about your finances, contact your bank. There may be some delays as it’s a very busy time for customer service teams so grab a cuppa and help will be on its way.