Banks to give up to £500 interest-free overdrafts to customers due to coronavirus cash crisis

BANKS are to give customers an interest-free overdraft worth £500 to help them through a cash crisis caused by coronavirus.

The move has been approved by the city watchdog and will give banks the option to offer the emergency measures to those who are struggling financially.

Since the plan was proposed last week, Lloyds, HSBC and Santander has already started offering the overdrafts free of charge.

More to follow…

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