Cost of living support

A message from HSBC UK’s Chief Executive

The rising cost of living is affecting all of us in some way.

We’re leaning in to support our customers, our people and the wider communities we’re part of – helping them when they need us most.

From increasing the number of people on our financial support teams and proactively contacting customers about how we can help, to giving customers appropriate time and breathing space to return to financial health, agreeing affordable solutions, or restructuring credit commitments to suit their ability.

Looking forward, we will continue to make banking more inclusive as well as help individuals and businesses build their financial health.

If you are experiencing financial difficulty, please reach out to us as soon as possible – we stand ready to help.

Ian Stuart
Chief Executive

Ian Stuart, Chief Executive, HSBC UK

Helping our personal banking customers

We are offering a range of support for personal banking customers, including those who may be more vulnerable at this time.

Supporting our business customers

We are helping businesses of all sizes across the UK cope with uncertainty due the current economic environment, offering a range of solutions and supports.

Some of the ways we’re helping:

  • Rising Cost of Living hub: offering tools and information to help people save money and better manage their finances, as well as signposting to additional supports.
  • Free financial health checks and webinars: giving personalised insight and guidance to customers and non-customers alike, including the opportunity to book a call with a financial wellbeing consultant for additional 1:1 support.
  • Personal lending and savings: £500 arranged overdraft buffer (12 months no interest), extended mortgage switching window to 6 months to enable customers to secure a new rate sooner, waiving early closure penalties on Fixed Rate savings accounts, and increased rates across a range of savings products.1,2,3
  • Digital tools: a new in-app subscription management tool is helping customers see and cancel their recurring card payments, and the popular Balance After Bills feature is forecasting how much money they will have left until payday after regular outgoings.
  • Business customers: capital repayment holidays to free up cash, reviewing overdrafts or trade loans to allow stock to be held for longer, providing trade finance solutions to support customers with their supply chains, extending bounceback loan (BBL) repayments through the pay as you grow scheme, and partial or total refinancing or restructuring of a facility.4
  • Employees: One-time payment of £1,500 to our most junior colleagues, as well as providing 1:1 support and financial education seminars to all colleagues as part of our comprehensive wellbeing programmes.
  • Vulnerable groups: Opened over 9,000 accounts for Ukrainian refugees, helped over 3,900 people as part of our No Fixed Address service, as well as made all our branches ‘Safe Spaces’ for those experiencing domestic abuse this past year.
  • Young people: Helped 400,000+ young people access financial capability and employability skills through HSBC UK education programmes and charitable partnerships in the last year.

Free financial health checks helping those feeling the pinch

We’re stepping up to help people tackle the rising cost of living by offering free financial health checks for anyone who wants them, regardless of whether they are a customer or not.

One in four SMES say cost of living has impacted their wellbeing

6 December 2022

Small business owners report financial threats such as rising inflation and reduced customer spend are impacting their mental health.

HSBC UK increases savings rates for the sixth time in 2022

1 December 2022

HSBC UK is increasing interest rates across its range of savings products for the sixth time this year, the bank has announced.

  1. Customers must complete an online form via this page: Overdraft Support | Money Worries - HSBC UK before 31 March 2023. Requesting support will not automatically add an overdraft limit to a customer’s account or increase an existing overdraft limit. Customers who don’t currently have an overdraft on their account but wish to apply for one, or increase their existing limit, can apply for this online through the “Manage Overdraft Service” where they will find the information needed.
  2. Terms and conditions apply. For more information:
  3. Terms and conditions apply. For more information: 
  4. Solutions offered to customers are on a case-by-case basis.