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Government cashing in on dormant bank accounts
The coalition has used £400m of cash that was laying in unused bank accounts to set up a Big Society Capital bank.
The millions will be used to provide lending to charities and social schemes and form part of the prime minister’s Big Society project. This aims to remedy the 'deepest social problems' in British society.
Hundreds of Brits’ have unwittingly helped society’s cause by leaving money in their accounts for 15 years or more. This is the minimum period of time that they must be left before they can be accessed by the government.
Leading high street banks such as Barclays, Lloyds, HSBC and RBS have invested the remaining £200m into the scheme.
The Prime Minister said: “Big Society Capital is going to encourage charities and social enterprises to prove their business models - and then replicate them.
“Once they've proved that success in one area they'll be able - just as a business can - to seek investment for expansion into the wider region and into the country.
“This is a self-sustaining, independent market that's going to help build the Big Society.”
The government is also planning to ask savers to boost the above funds by asking them to put their money into 'Society Isas' at a Big Society bank.
Commenting on the phenomena of dormant bank accounts, Brendan Cook, general manager at HSBC, said: “Whether the account has a balance of £5 or £5,000, it is important that we continue to try to trace these customers so that we can make them aware of what is rightfully theirs. Account balances which cannot be traced will be transferred over to the government’s dormant accounts scheme.
“Although the dormant account funds are to be transferred to the Government, the money will always remain the property of the customer and can be reclaimed at any stage.”
Setting up a bank account is a great way to manage your finances and save money.