Nationwide Building Society will launch a freephone hotline to offer cost-of-living advice to struggling members as part of a wider package of support.

The mutual encourages members “to get in touch as early as possible for support” and aims to answer hotline calls, which launches in August, within ten minutes. 

It says phones will be staffed by dedicated experts based across the society’s main branches, with the service available from 9am-4.30pm on weekdays and 9am-12pm on Saturdays. 

The move comes after the Bank of England has raised interest rates five times in a row since December to 1.25%, and inflation hit 9.1% in May, a 40-year high. Many economists forecast the UK will fall into recession over the next 12 months. 

Also in August, the lender says branch teams will begin to contact some of its 16 million members who are “demonstrating obvious signs that they may be struggling”. It says these “calls will aim is to better understand their situation and where relevant, support will be offered to help get them into a better position”.

The business adds from September, its frontline staff will receive training to provide additional cost-of-living help for members, in branch or on the telephone. It says the range of personal finance advice available includes the mutual’s cost-of-living-hub on its website, product support and help with money management through the firm’s experts and third parties, such as debt charity StepChange.

From October, the mutual’s cost-of-living experts will offer face-to-face, telephone and video appointments. As well as directing members to relevant support, they will also provide financial health checks.

The business adds that from the autumn, it will offer regular virtual and in-branch events for members, that “provide practical help with managing money and avoiding financial pitfalls”.

Nationwide Building Society chief executive Debbie Crosbie says: “We know the challenges that many of our members face from the cost-of-living crisis. We’re here to help and will make it as easy as possible for people to get the right support when they’re worried about their finances.

“That’s why we provide expert help from our branches, and now through the new hotline, as well as by video. We can do all of this because we are a mutual and our singular focus is our members, and we use all profit for their benefit.” 

Nationwide over the last year says it has provided over £7.5m “to support members and wider society experiencing financial difficulties through charitable partnerships”. 

It adds: “This includes those struggling with debt, vulnerable members as well as through grants to community groups across the UK.”