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Dormant Bank Accounts

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Dormant Bank Accounts

THE DORMANT BANK AND BUILDING SOCIETY ACCOUNTS ACT 2008

Many people forget about, or lose track of, small deposits of money in bank and building society accounts. Despite the efforts of banks and building societies to reunite these funds with their owners, they build up as dormant accounts assets in the banking system. Several countries have successfully set up schemes in recent years to enable assets in dormant accounts to be reinvested in society. The UK Parliament passed legislation to enable banks to pass this money, on a voluntary basis, to the Big Lottery Fund for distribution for social and environmental purposes.  The Dormant Bank and Building Society Accounts Act 2008

Young start is a grants programme run by the Big Lottery Fund to distribute money from dormant accounts.

Young Start aims to create opportunities for children and young people aged between 8 and 24 to help realise their potential. All children and young people, and the communities they live in, have something to offer which we want to tap into, build and develop. We recognise that some children and young people face barriers to achieving their full potential and we want Young Start to help overcome these.