Santander has contacted 146,000 vulnerable customers after identifying them as likely to be spending more than 10% of their monthly income on energy bills.
The bank said the customers could be under significant financial pressure following the 13% rise in Ofgem’s energy price cap from July.
They were contacted through email, online messages and notifications in the Santander mobile banking app. The communications direct customers towards financial support and advice available from the lender.
Santander has around 400 financial and customer care specialists who can offer tailored budgeting help. Customers facing serious arrears can also receive more detailed support to help manage payments and debts.
The action follows a sharp rise in household energy costs driven by higher wholesale gas prices and continuing conflict in the Middle East.
Ofgem’s July price cap increased from £1,641 to £1,862 a year under the regulator’s previous typical household consumption measure. The equivalent figure under its updated consumption values is £1,663.
Gas prices rose much faster than electricity, with the average gas element of bills increasing by around 24% compared with 5% for electricity.
Mark Weston, Director of Financial Support at Santander UK, said: “We are committed to helping our customers through more challenging times and provide a range of options to support those facing financial difficulties.
“We understand that debt can be difficult to talk about, but remind customers that simply reaching out will not impact their credit file.”
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