This week almost one in four families across Scotland, England, Wales and Northern Ireland received £326 directly to their bank account as the first part of a cost of living support package. The package will be split into parts, however for some it may not go far enough.
Inflation expected to rise to 11 percent in the autumn, and with skyrocketing energy bills millions could find themselves facing financial hardship. Those looking for further support may receive some from their bank or building society.
Consumer specialists at Which? have looked into cost of living support options offered by leading banks in the UK. They found that most banks offer help for those struggling during the current cost of living surge, with most stating that they plan to ramp up their guidance and support services.
Read on to see what your bank offers.
Royal Bank of Scotland - and other NatWest group banks
The NatWest group has released a Cost of Living Hub where customers can find a range of online tools and guidance that may help alleviate some of the pressures caused by current inflation. Using the hub, customers can also book a video call with a personal banker who could provide money and budgeting guidance.
For those who are struggling to pay bills they have encouraged customers go get in touch, using the keyword 'struggling financially' should direct you towards their support services.
Bank of Scotland - and other Lloyds Banking Group banks
Lloyds Banking Group have not introduced any new measures, however they continue to provide support for customers who are struggling. Those who are in persistent debt, or continue to dip into their overdraft receive regular advice on how to save money.
They also say that users can use their banking apps to set contactless limits on cards and to cancel subscriptions without having to contact the individual providers.
HSBC
HSBC, like NatWest banks, have launched a Cost of Living Hub that offers advice on saving money and ways that customers may be able to secure extra support. They are also suggesting that customers use their banking tools so that you can keep a closer eye on bills and other upcoming payments.
Their Balance After Bills tool may help you manage your day-to-day expenses more easily. They have also brought more people onto their financial support team so that you can reach out to an expert for guidance and assistance on money and personal finances.
Barclays
While Barclays have not announced any new services, they say that they are adjusting affordability assessments for things like mortgages to reflect current rates of inflation. This is to avoid unaffordable lending which could put people in even worse financial struggles.
They have already provided customers with a Money Worries hub as well as an option to book money management sessions with their financial experts. They also assess customer expenditure to provide tailored guidance to customers that may help them save money.
Their app can also allow users to set spending limits or turn off online payments.
Nationwide
Nationwide is set to launch a cost of living hotline which will be open 9am-4.30pm weekdays and 9am-12 noon on Saturdays. Their support team will aim to provide assistance to those impacted by the cost of living.
They will also directly contact customers who are clearly struggling in order to get a better understanding of their situation so that they can provide support. This comes as staff are set to be trained to give the right tailored advice to those affected by the crisis.
Customers will also be able to set up video or phone meetings with cost of living experts, who will provide them with actionable money guidance.
Santander
Santander told the consumer experts that they have recruited 'hundreds' of new staff to work in its financial care teams. They will also reach out to struggling customers, providing guidance and support.
As well as their money-saving content, they urge customers to make use of their My Money Manager feature in the mobile app which helps users budget and notifies them when bills change. They can also set up alerts when their balance drops below a certain amount.
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