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Banking for the homeless
29/06/2009
A banking service to meet the needs of homeless people is being rolled out across Scotland.
Grand Central Savings provides homeless people, who may be excluded from traditional banks, with free, easy to use and accessible bank accounts.
Branches of the Glasgow bank, the first of its kind in Scotland, will now open in Renfrewshire, Inverclyde and Aberdeen.
The personal bank accounts help homeless people to store money in a safe place, gain employment and save up deposits to rent a flat.
Housing and Communities Minister Alex Neil said:
"Not having a bank account can often make it very difficult for homeless people to put down a deposit in order to rent a flat.
"That is why this Government is highly supportive of Grand Central Savings, an innovative approach to tackling and preventing homelessness, which is leading the way in the UK.
"Learning to manage personal finances is often a crucial aspect of re-settlement programmes after homelessness. It is key to sustaining tenancies and preventing homelessness."
Grand Central Savings Chief Executive Jackie Cropper said:
"We are delighted to welcome Alex Neil, Housing and Communities Minister to Grand Central Savings.
"Up till now, we have only been able to offer our service to people living in the Glasgow area.
"Now that we are ready to expand our service, financially-excluded individuals the length and breadth of Scotland will be able to benefit from our operations."
Lloyds Banking Group Scotland Managing Director Susan Rice said:
"Our savings bank heritage means we have a proud track record of helping Scots gain access to financial services.
"By working in partnership with Grand Central Savings, we are only doing what comes naturally to us and we are delighted to help build on their excellent work in this field."
Originally launched as a project of the Big Issue Foundation Scotland, Grand Central Savings is now an independent stand-alone charity.