Yorkshire Building Society is launching a fixed rate bond in support of End Youth Homelessness, (EYH) which will enable savers to help homeless young people who want to achieve independence.
The one-year End Youth Homelessness Fixed Rate Bond builds on the work Yorkshire Building Society has carried out in partnership with EYH since 2017.
A spokesman said: “High rents and upfront costs associated with starting a tenancy can make it difficult for homeless young people to secure their own home.
“Through the partnership between Yorkshire Building Society and EYH, we help vulnerable young people to live independently by providing rental deposit guarantees, home essentials grants and dedicated support.”
To date, the partnership has helped more than 355 young people into their own rented homes and has raised more than £730,000.
The limited issue bond can be opened with a minimum balance of £1,000.
Yorkshire Building Society’s Chief Executive, Mike Regnier, said: “This new account is a great way for the society and our members to support EYH whilst, at the same time, helping to grow your savings.
“We are committed to providing people with a home of their own, including those who rent a property as well as buying one, because we believe that to build a successful future everyone needs a safe place to call home.”
Nicholas Connolly, Managing Director for End Youth Homelessness, said: “Tragically, thousands of homeless young people across the UK are locked out of the housing market.
“If we are to end youth homelessness, we must break down the barriers young people face and empower them to stand on their own two feet.”
He added: “Our partnership with Yorkshire Building Society does that by helping homeless young people secure their own tenancies.”