These are all the banks introducing £500 overdrafts for customers during coronavirus outbreak

Banks and building societies are to offer interest-free overdrafts up to £500 to customers pushed into debt by the impact of coronavirus.

The move has been approved by the Financial Conduct Authority (FCA), who last week warned it wants banks to do more to help those who are struggling financially.

The interest-free overdrafts will be offered to customers who already have an arranged overdraft and whose finances have been negatively impacted by the Covid-19 outbreak.

They won't be offered to those customers who are already in serious and immediate financial difficulty.

Banks are offering up to £500 interest free overdrafts to those in difficulty

Christopher Woolard, interim chief executive at the FCA, said that the measures offer "short-term financial support".

He added: "Customers should think carefully before making use of these measures and only do so if they need immediate help.

"Where they can still afford to make payments, they should continue to do so."

Banks and building societies have until next Tuesday (April 14) to fully implement the measures - though some are already doing it.

Here’s the latest list of what banks and building societies are offering:

Bank of Scotland

£500 interest-free overdraft buffer for three months, from April 9 - July 9.

Royal Bank of Scotland/NatWest/Ulster Bank

Reduced interest rate of 19.89 per cent on all arranged and unarranged borrowing. No overdraft fees or charges. Available from now until July 1.

Barclays

No interest on overdrafts from now until the end of April.

Clydesdale Bank

£500 for three months if you're in hardship. Available from now until July 1.

Santander

£500 interest-free overdraft, interest rates reduced to 19.9 per cent. Available from now until July 9.

Co-op Bank

£500 interest-free overdraft buffer, delaying rate increases. Available from now until July 2.

HSBC UK

£500 interest-free overdraft buffer for Bank Account and Advance Account customers. Available from April 9 - July 9.

Halifax

£500 interest-free overdraft buffer. Available from April 9 - July 9.

Virgin Money

£500 interest-free overdraft buffer for three months. Available from now until July 1.

Lloyds Banking Group

£500 interest-free overdraft buffer. Available from April 9 - July 9.

Starling Bank

Interest frozen for three months if income drops. Available from now until July 1.

M&S Bank

No new extras, but M&S offers a £250 overdraft with 0 per cent interest.

Nationwide Building Society

No overdraft interest charge from April 20 until July 1. Available from April 20 - July 1.

Yorkshire Bank

£500 interest-free overdraft buffer for three months. Available from now until July 1.

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