Cost of living | Metro Bank

Dealing with interest rate hikes and rising fuel, food and energy prices

Many people are struggling with their finances right now – we can’t avoid rising interest rates and fuel prices, and the cost of food and other everyday essentials is going up too. We’re living through a ‘cost-of-living crisis’ that will have an impact on us all. We’ve put together some practical advice to help you manage your finances, save money, and make a plan to pay off any debts.

Whether it’s for mortgage support or help with managing debt, it’s better to speak to us sooner rather than later so that we can help you get back on track.

Financial stress can affect your mental health. If you feel you may be affected, please refer to the bottom of this page where you can find resources to help with this – as well as other sources of specialist debt advice.

We offer a range of flexible options that can help you if you are experiencing money worries or need any other additional support with your banking. Our colleagues are available in stores 7 days a week, early 'til late, with no appointment necessary. You can also call our UK-based contact centre on 0345 08 08 500 for help when you need it.

Coping with rising interest rates

Get mortgage and loan support

Interest rates are rising. This means mortgages, loans and credit cards have become more expensive and you might have less money to cover your monthly expenses. If you have a mortgage with a variable rate – or are about to buy your first house or re-mortgage – this could make your monthly repayments higher. Check our mortgage payment support page or call our specialist mortgages team on 0345 319 1201 if you have any questions.

And if you have an existing loan with us and need support with managing your repayments, you can find personal loan help and information on the RateSetter website. If you have any questions, please speak to the RateSetter team. You can call them on 0203 142 6226 between 8am and 6pm Monday to Friday, or email borrow@ratesetter.com.

If you’re worried about making repayments on your mortgage or loan speak to one of our friendly colleagues in store or call us and we can discuss your situation and find the right support for you. Whether you need temporary support to get back on your feet or a long-term change, there are a number of options we can look at with you.

Improve your credit score

One way to get better interest rates on your borrowing is to boost your credit score. The sooner you start taking steps to improve your score the better – so even if you’re not planning to take out any new borrowing now, it’s a good idea to take some simple steps to improve your score in the future.

Read the Bank of England’s explanation of why interest rates have gone up

Looking out for fraud and scams

Many households already facing cost-of-living increases, are also being targeted by scammers. We take fraud seriously and will always do our best to protect you, but there’s also a number of ways you can help protect yourself from becoming a victim of fraud. Learn to spot suspicious emails, text messages, direct messages or phone calls and read our tips on how to avoid fraud and scams.

Reducing your household bills

Since the beginning of April 2022, millions of people in the UK have seen their heating and electricity costs go up by as much as 54 per cent. It’s more important than ever to make sure we remember to turn appliances off when we’re not using them, and use energy in a smart way. You could also save money by switching energy suppliers or asking your supplier to install a smart meter.

Our Metro Bank App and Online Banking allow you to manage your money any time, at home or on the move. And the Insights feature on our App shows you exactly how you’re spending your money, so you can feel more in control of your finances.

You can check your Direct Debits and other regular payments to make sure you’re not paying for something you don’t use any more. Look for things like old subscriptions, gym memberships, and TV packages that you might not even realise you still have.

Use comparison sites to check that you’re getting the best deal on your mobile phone, broadband, insurance, gas and electricity.

Read Energy Saving Trust’s quick tips to save energy

OFGEM’s advice on getting help if you can’t afford your energy bills

Try MoneyHelper's budget planner

Struggling with your finances? There’s no need to be embarrassed about asking for help.

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Managing the cost of living blog

We have teamed up with personal finance expert Simon Read to share tips and pointers that can help you make your money go further. His monthly blog will cover key financial topics that are hitting the headlines, and how you can respond to the squeeze on your finances.

Read blog articles

Specialist help with debt and money worries

Remember, if you’re worried about the cost of living and struggling to manage your finances, you’re not alone. Money worries can have an impact on mental health which can lead to anxiety and depression. Widespread price increases and financial stress are also leading to a rise in domestic abuse, and survivors are being forced to decide between living with their abusers and struggling to manage alone. Below are specialist resources to help with a wide range of issues, as well as help for all kinds of money-related problems.

We’re also here to help. If you are personally affected with any of the topics mentioned above and as a result need any additional support with your banking, please do not hesitate to contact us on 0345 08 08 500. Or visit us in store.