Two leading UK banks, Nationwide and Virgin Money, have introduced a free online benefits check tool that could help customers unlock an average of £555 per month in additional financial support. Since its launch last year by Nationwide, which has branches in Birmingham, the tool has identified over £115 million in extra annual income for households across the country.
Known as the Better Off Indicator, this service assists individuals in discovering benefits and other forms of financial aid that they may be eligible for but are not currently receiving. The tool is accessible online, via the Nationwide mobile app, over the phone, or in branch, making it broadly available to customers.
Designed to simplify the process, the Better Off Indicator guides users through potential entitlements from the Department for Work and Pensions (DWP), helping them navigate the often complex benefits system without needing expert assistance.
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Kathryn Townsend, Nationwide’s Head of Customer Vulnerability, emphasised the tool’s importance: “Too many people are missing out on financial support simply because they don’t realise they’re eligible or find the system difficult to navigate. At a time when many households are struggling to make ends meet, even a relatively small increase in income can make a real difference. We’re helping remove barriers and making it easier for everyone to access the support they may be entitled to.”
The recent extension of this service to Virgin Money customers aims to broaden its reach, ensuring more people can benefit from this personalised, no-cost support.
To use the calculator effectively, customers should have details of their income ready, including wages, pensions, benefits, and tax credits, as well as information about their partner’s income if applicable. Additional useful information includes the amount paid for rent or mortgage, the annual Council Tax payment alongside any discounts or exemptions, and details of household members and their incomes.
Users are also advised to note if anyone in the household receives Carer’s Allowance for providing care at home, as this could influence eligibility and entitlements.