Society launches bond to help end youth homelessness covid-19 appeal
Yorkshire Building Society has launched (15 May 2020) 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a one-off donation to the EYH Covid-19 Appeal of 0.10% of all balances held in the bonds after the account has been withdrawn from sale.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.
It was just as the Covid-19 pandemic was sweeping across the country that twin sisters Alice and Carrie*** found they needed somewhere to live. They were in a vulnerable position and needed somewhere safe to go.
Things changed when the sisters were connected with EYH member charity The Benjamin Foundation. The charity had been offered rent-free use of private accommodation by a local landlord, who was keen for the accommodation to be put to good use during the outbreak.
Thanks to the generous supporters of the End Youth Homelessness Covid-19 Appeal, we were able to ensure that the sisters were settled in safe accommodation during this unprecedented time.
The twins said:
We couldn’t hold back our excitement and we started jumping up and down when we moved in! It feels like there’s hope for us now. It’s like we are meant to be here and we are so grateful and really appreciate all the help we have had.
Once the restrictions of the pandemic begin to lift, The Benjamin Foundation will continue to be there to give Carrie and Alice dedicated support. The twins now have somewhere safe to call home, and their future is looking brighter:
All information correct at time of publication.
* The limited issue bond can be opened with a minimum balance of £1,000. Interest is payable annually –0.70% AER - and the maximum deposit for this account is £2m. No access is allowed during the term of the bond. The bond is available online, by phone, postal application to branch or in branch and agencies.
**Centrepoint’s Databank report states that 103,000 young people asked their local authority for help in 2017/2018 because they were homeless or at risk of homelessness. Statistics are based on FOI requests made to Local Authorities in England for 2017/18