Cost of living support

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.