The Government expects interest from a wide range of
financial providers, including high street banks, mobile phone operators and
pre pay card providers. Lord Freud,
Minister for Welfare Reform, said:
"Accounts
that provide people with extra budgeting services could help to ensure people’s
essential bills are covered – helping them to build up their credit rating and
break the cycle of financial exclusion.” As part of the criteria any potential
new accounts must have a series of essential features to help people on low incomes
to budget, but the final design will be left open to the market to devise,
including:
*Support for
claimants to budget and manage their money
*Regular payments
for housing and other main bills
*Options for
multiple income streams from work and benefits
*Access to all
claimants, irrespective of credit history
*Options to build
up a credit rating
*Availability to
people once they have moved off Universal Credit
Read more on the DWP website.
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