Yorkshire Building Society launches bond to help end youth homelessness

Yorkshire Building Society has launched a fixed rate bond in support of the End Youth

Homelessness (EYH) Covid-19 appeal, enabling savers to help homeless young people through the coronavirus outbreak.

The one-year End Youth Homelessness Fixed Rate Bond will see savers receive a 0.70% gross p.a/AER* interest rate, fixed until 30 June 2021. The Society will make a one-off donation to the EYH Covid-19 Appeal of 0.10% of all balances held in the bonds after the account has been withdrawn from sale.

EYH is a national movement of local charities working together to end youth homelessness in the UK.

Yorkshire Building Society has been working in partnership with EYH since 2017, to date; the partnership has helped over 431 young people and 92 dependent children into their own rented homes and has raised over £1million.

Yorkshire Building Society’s Chief Executive, Mike Regnier, said: “The impact that coronavirus is having across the country including the charity sector is unparalleled. That’s why we are proud to be helping charities such as End Youth Homelessness that are supporting the ongoing needs of the most vulnerable people in our communities. Through our partnership with End Youth Homelessness we’ve already helped many young people facing homelessness into a home of their own and this new account is a great way for the Society and our members to support the charity through this pandemic.” 

Last year, 103,000 young people** asked their local authority for help because they were either homeless or at risk of homelessness. EYH charities collectively work with over 30,000 young people who are amongst the most deprived in the country.

Nicholas Connolly, Managing Director for End Youth Homelessness, said: “For many, self-isolation can mean a time of discomfort. But for Britain’s homeless young people, it can mean much worse.

This global pandemic hitting the UK means EYH charities now face extraordinary costs just to keep services staffed and young people healthy. We are desperately concerned that the Covid-19 crisis will prevent our services from running and leave young people unsupported, without food or worse. Meanwhile, our charities expect a significant drop in voluntary income this year.

“That’s why the launch of the End Youth Homelessness Fixed Rate Bond is so important for homeless young people: it will raise vital funds to give even more young people a chance to escape homelessness and secure a safe place to call home.”

For more information or to open a bond please visit www.ybs.co.uk.

To support the End Youth Homelessness Covid-19 Appeal please visit www.eyh.org.uk/en/covid19-appeal .

Originally published on www.yorkshire-business.co.uk by West & North Yorkshire Chamber

Yorkshire Building Society launches bond to help end youth homelessness