- Government intervention sees tens of thousands of Ukrainian
refugees’ access banking services in the UK
- Basic bank accounts offer fee-free accounts allowing users to
send and receive money, helping people to build their lives
here
- News falls one-year since Russia’s illegal and barbaric
invasion of Ukraine as UK government confirms its support will
not waiver
Tens of thousands of Ukrainian refugees have been able to access
banking services in the UK thanks to government action, data
released today shows.
Basic bank accounts, which the nine largest UK lenders have been
required to provide since 2014, allow people with a limited
credit history to access and carry out everyday banking, widening
people’s access to the financial system and the wider economy.
The accounts do not offer overdrafts, ensuring people do not get
into unaffordable debt.
A year on since Putin’s barbaric invasion of Ukraine, the UK has
granted more than 215,000 visas to refugees of the war, under our
Homes for Ukraine and Ukraine Family Schemes
Following the invasion, the government brought together UK basic
bank account providers, ensuring fast action was taken to remove
the barriers to opening UK bank accounts faced by Ukrainian
nationals, such as the lack of a conventional ID.
This has already helped more than 70,000 people to build their
lives more easily in the UK by enabling them to receive their
income, send money, and pay for goods.
Economic Secretary to the Treasury, said:
“We will continue to help as many Ukrainian refugees as
possible access the banking services they need to build a life
here – and I’d like to thank UK banks and building societies for
their support to date.
“A year on from the invasion, Putin should be left in no
doubt that the West will not waiver in its support for Ukraine
and its people.”
The UK government has been working with its international allies
to punish Putin and his cronies for their illegal invasion of
Ukraine, while supporting the Ukrainian people and its
government.
This includes sanctioning more than 1,200 individuals and 120
entities, including striking the heart of the Kremlin by
sanctioning Putin himself, along with his closest associates.
The UK has also committed £4.6 billion of military support by the
end of 2023, supplying 10,000 anti-tank missiles, almost 200
armoured vehicles, 2,600 anti-structure munitions, and almost
100,000 rounds of artillery.
And we are also a leading bilateral humanitarian donor, having
committed £220 million in assistance.
Contact Information
HMT Press Office
020 7270 5238
pressoffice@hmtreasury.gov.uk
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Treasury: https://www.flickr.com/photos/hmtreasury/
Notes to editors
Under the Payment Account Regulations (PARs) 2015, the nine
largest personal current account (PCA) providers in the UK have
been legally required to offer basic bank accounts to customers
who do not have a bank account or who are not eligible for a
bank's standard current account. Basic bank accounts must be
fee-free for standard operations and not have an overdraft
facility, but otherwise offer the same services as a standard
personal current account, as set out in the PARs. The nine
institutions 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
- Virgin Money UK
The report will be published in full on gov.uk tomorrow.
