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The UK government has been providing support to refugees of the war in Ukraine through various initiatives, including the Homes for Ukraine and Ukraine Family Schemes. As part of this effort, the government has been working to remove barriers to accessing financial services faced by Ukrainian nationals in the UK.
One significant step taken by the government was to bring together the nine largest personal current account providers in the UK to offer basic bank accounts to customers who do not have a bank account or Those who do not have a bank account or who are not eligible for a standard current account at the bank. These accounts, which have been available since 2014, offer people with a limited credit history access to everyday banking services.
For Ukrainian refugees who may have faced difficulty in opening a bank account due to a lack of conventional identification documents, the availability of basic bank accounts has been a game-changer. These accounts have helped more than 70,000 people to receive their income, send money, and pay for goods, making it easier for them to build their lives in the UK.
One of the key features of basic bank accounts is that they do not offer overdrafts, which helps to ensure that people do not get into unaffordable debt. This is an important consideration for refugees who may be dealing with financial challenges and may not have a stable source of income.
The nine institutions that are legally required to offer basic bank accounts under the Payment Account Regulations (PARs) 2015 are Barclays UK, The Co-operative Bank, HSBC UK, Lloyds Banking Group (including Halifax and Bank of Scotland brands), Nationwide Building Society, NatWest Group (including RBS and Ulster Bank brands), Santander UK, TSB, and Virgin Money UK.
The availability of basic bank accounts has been an important part of the UK government’s efforts to support Ukrainian refugees in the wake of Putin’s invasion of Ukraine. Along with providing military support and humanitarian aid, the government has been working to ensure that refugees have access to the services and support they need to build their lives in the UK.
Economic Secretary to the Treasury, Andrew Griffith, said: “We will continue to help as many Ukrainian refugees as possible access the banking services they need to build a life here – & I’d like to thank UK banks & building societies for their support to date.”
The UK’s commitment to supporting Ukraine and its people in the face of aggression from Russia is unwavering. By providing support to refugees, including access to basic bank accounts, the UK is helping to ensure that Ukrainian nationals can build stable and successful lives in the UK.
Source: Gov[Dot]UK
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