Cash from dormant bank accounts to be handed to charities

8 Jan 18

Some £330m from dormant bank and building society accounts will be distributed to charities and social programmes over the next four years, sport and civil society minister Tracey Crouch has said.

Distribution in England would comprise of £135m for long-term accommodation for vulnerable people, £90m to help disadvantaged young people into employment and £55m for financial inclusion work.

There will also be £50m to be distributed by devolved administrations in Scotland, Wales and Northern Ireland.

Crouch said, on Thursday last week: “By unlocking millions of pounds from dormant accounts for a range of good causes, we can make a real difference to lives and communities across the country.

“I am grateful to the banks and building societies, as well as Reclaim Fund, for their work to free up these funds for good causes.”

The money has been raised through powers in the Dormant Bank and Building Society Accounts Act 2008 and will be distributed by the Big Lottery Fund.

Accounts can be deemed dormant if no transactions have taken place for 15 years, but investors can reclaim these assets at any time.

The estimate that £330m will be available over the next four years is based on past experience of the volume of dormant accounts.

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