Banks introduce measures to help flood victims | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 20/02/2020

Following the flooding that has impacted many regions of the UK over the last few weeks, NatWest and RBS have announced that some measures are being introduced to help consumers and business owners who use their banking services.

Consumers who bank with NatWest or RBS and who have been affected by serious flooding in England and Wales will be able to defer their mortgage and loan repayments for up to three months. In addition to this, customers can close fixed savings accounts to access cash with no early closure charge. Both high street banks are also offering customers:

  • Refunds on credit card cash advance fees
  • Customers can apply for increased temporary credit card limit
  • Customers can request an increased cash withdrawal limit of up to £500
  • Insurance teams have deployed field personnel in branded vehicles to the flooded areas to give immediate response and advice to customers
  • Insurance teams have identified and made contact with vulnerable customers.

Helping businesses affected by floods

NatWest and RBS have also created measures to help business customers who have been affected by the floods in England and Wales. The measures designed to help businesses are:

  • Loan repayment holidays
  • Interest rate reductions
  • Temporary emergency loans with no fees
  • Overdraft facilities
  • Working capital support
  • Helping with financing strategies via access to specialist bank staff
  • Customers with deposit balances in Notice and/or Fixed Term products have immediate access to cash before 31 March, with no penalty for immediate access, and credit interest will accrue to the date of balance withdrawal.

Commenting on these measures, Alison Rose, CEO of NatWest Bank, said: “We are helping customers and business owners affected by the recent flooding by providing additional credit or access to finance where needed, so they can concentrate on getting their homes or businesses back to normal. We would urge affected customers to get in touch with us, either by phone or in a branch, to discuss how we can help.”

Currently, Moneyfacts.co.uk is not aware of any other announcements from banks introducing measures to help customers caught up in the flooding. As such, consumers and business owners who do not bank with RBS or NatWest should consider contacting their banks directly to see if there are any measures being introduced to help flood victims.

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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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