Five major UK banks are now working with Shelter to help thousands of people at risk of homelessness open bank accounts.
The pilot, building on an existing partnership with HSBC, aims to remove barriers for people without a fixed address so they can get paid work.
Lloyds, NatWest, Barclays, Nationwide and Santander have joined the scheme, which has already helped over 7,000 people get back on their feet through Shelter and HSBC.
People without a fixed address have struggled to open bank accounts, making it harder to find work or a home.
The new partnership aims to remove those barriers and give people a chance to rebuild.
This comes as part of the Government’s new Financial Inclusion Strategy.
Economic Secretary to the Treasury 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.
“No one should be locked out of the chance to build a better future.
“Our strategy gives people the tools to get on and boosts the economy by supporting more people back into work through our Plan for Change.”
Lauren Thompson, head of corporate partnerships at Shelter, said: “Our Breaking the Cycle initiative is a vital step in providing essential financial support, housing advice, and resources to help people at risk of or experiencing homelessness.
“Every day at Shelter, we see the crippling financial pressures often faced by those hit the hardest by the housing emergency.
“Many are skipping meals just to cover rent, cutting back on essentials, and making impossible choices simply to stay afloat.”
Thompson added: “Access to banking can help people receive financial support, pay bills, and find and keep a safe home.
“Through our partnership with HSBC UK, pioneers in this space, we’ve supported over 7,000 people experiencing homelessness or housing difficulties to open a bank account.
“Breaking the Cycle can help support people to regain control, build financial resilience, and rebuild their lives.”
Jose Carvalho, head of retail banking and wealth at HSBC UK, said: “We are proud to have supported the creation of the Financial Inclusion Strategy, which will help people and families across the UK build financial resilience.
“We are committed to helping people and families improve their financial health.
“Through our partnership with Shelter and our No Fixed Address Account service, we have already supported thousands of people to gain access to banking services, helping them break the cycle of homelessness, build financial resilience, and rebuild their lives.”
Carvalho added: “This is a big step forward as the industry comes together to help as many people in need as possible.”
