The UK's five largest banks will allow homeless people to open accounts without a fixed address under a pilot scheme announced as part of the government's financial inclusion strategy. Lloyds, NatWest, Barclays, Nationwide and Santander will waive the address requirement, partnering with homelessness charity Shelter to verify customers.
The Treasury said the move aims to break the cycle where homeless individuals cannot get a job or rental accommodation without a bank account. The scheme expands on an existing HSBC partnership that has opened 7,000 accounts since 2019.
City minister Lucy Rigby said: 'This plan is about opening doors – helping people experiencing homelessness into work, helping survivors of abuse rebuild their credit and helping families save for a rainy day.' The strategy also includes measures to help domestic abuse victims repair credit scores damaged by forced debt, with credit agencies Experian, Equifax and TransUnion reviewing rescoring methods.
Sam Smethers, chief executive of Surviving Economic Abuse, said: 'For far too long, domestic abusers have stolen victim-survivors’ futures – forcing them into debt and destroying their credit scores.' The government will also support payroll savings schemes and introduce financial education in primary schools as part of curriculum reforms.
