Around 4,500 staff at TSB will get a £1,000 cost of living bonus this year.

The payment will be made to all employees earning less than £35,000 - around 76 per cent of staff - as reported by The Times.

Employees of the bank, which has a headquarters in Barnwood and branches in Gloucester, Cheltenham and Tewkesbury, will receive £500 in October and another £500 in February.

The high street bank is the latest employer to help staff out financially as the cost of living crisis shows no sign of easing, following Lloyds Banking Group and Barclays.