Banking

The financial regulator is set to order banks to take new steps to help customers hit financially by the coronavirus pandemic, offering interest-free overdrafts of up to £500 and allowing payment holidays on credit and store cards, loans and catalogue debt.

Lloyds, Halifax and Bank of Scotland will give customers a £300 interest-free overdraft buffer for three months from Monday 6 April in a bid to help those affected by the coronavirus pandemic, while Barclays is to waive all interest on overdrafts from Friday 27 March to 30 April 2020.

HSBC is to increase the interest-free overdraft buffer on its main current accounts to £300 next week in a bid to help customers impacted by the coronavirus pandemic.

The Bank of England has slashed the base rate for the second time in just over a week in a further emergency response to the coronavirus pandemic, reducing it from 0.25% to 0.1%.

The Bank of England has cut the base rate from 0.75% to 0.25% in an emergency response to the "economic shock" of the coronavirus outbreak.

Several major banks have announced support measures for customers affected by coronavirus, including mortgage payment holidays, increased credit limits and penalty-free access to fixed savings. 

Challenger bank Monzo has taken the crown in our latest banking customer service poll – knocking First Direct off the top spot for only the second time ever. 

Bank of Scotland's new polymer £20 note, featuring an image of the Forth Bridge with the Queensferry Crossing in the background, has entered circulation today.

A temporary funding arrangement for a scheme that reimburses people who are tricked into transferring money to fraudsters will be extended until the end of the year.

TSB is to cut the interest on its Classic Plus current account from 3% AER to 1.5% AER from May.