Santander UK has launched a suite of new measures for its customers and clients facing financial hardships amid the coronavirus (Covid-19) outbreak
The new measure adds to the previously introduced support package for impacted customers, introduced last week.
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Under the new plan, Santander will be making changes to its overdrafts, personal loans and credit cards in the coming days.
Changes in financial support
Santander UK has introduced automatic £500 interest waiver on any overdraft used between 6 April to 9 July.
The bank has also announced a temporary discount on standard overdraft interest rates to 19.9%.
The bank has also decided to remove unarranged and paid item fees.
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By GlobalDataCustomers can apply for a credit card payment holiday for up to three months, which adds to the removal of late payments fees and cash advances.
Moreover, starting 8 April, customers who have missed unsecured loan payments can also apply for a payment holiday for up to three months.
Santander UK retail and business banking CEO Susan Allen said: “We are very pleased to be announcing these new measures today and hope that they will provide additional help for customers who are facing financial pressures at this time.
“Alongside the product support we are offering, we are also working very hard behind the scenes to re-train staff and update our online chat facilities to ensure that customers can get the help they need and can access the support on offer online, leaving our phone lines free for those most in need of urgent help.”
Banks around the world are initiating similar measures to support customers during the coronavirus outbreak.
Recently, Barclays announced plans to provide financial help to its clients and customers.
Goldman Sachs pledged $300m to support communities and small businesses across the globe.
Digital bank Starling also launched a Covid-19 support scheme for customers.
South African Standard Bank extended its Covid-19 relief measures, while the Reserve Bank of India (RBI) initiated a host of measures to minimise the damage caused by the pandemic.
