Keep Your Money Safe in Grand Central Savings Bank

Greenock branch of the Grand Central Savings bank provides a safe and accessible place for the unbanked to keep their money and offer a place where they may receive friendly help and advice.

Through the support of Community Links Scotland in preparing Wider Role applications, River Clyde Homes, a project partner on the Greenock branch, were awarded £175,028 Scottish Government funding towards the development and delivery of this project in Inverclyde.

Grand Central Savings (GCS) is an independent charity providing access for banking facilities, money advice and assistance to the most financially excluded in communities. Working with the socially excluded and economically vulnerable, GCS provides its customers with a safe place to keep their money, where they will always be treated with dignity and respect.

Originally launched as a project of the Big Issue Foundation Scotland, Grand Central Savings (GCS) is now an independent stand-alone charity.

The launch in 1993 of The Big Issue in Scotland had led to thousands of homeless and vulnerably-housed people gaining a source of income, many for the first time in a period of years. However, it soon became apparent that the money was not enough on its own.

Without access to a bank account (and homeless people found it virtually impossible to open one), it was very difficult to save money for the most basic of needs, such as a deposit to rent a flat. The individual was faced with either carrying around a growing pile of money and risk getting mugged, or else hiding it under the bed in their hostel and risk it being stolen. Under such circumstances, it was often easier not to even attempt to save.

It was clear, that without access to some form of banking facility and the opportunity to save and plan, there was little hope of the average homeless person to get out of their predicament.

Grand Central Savings have two branches, on in Glasgow which opened in 2001 and one in Greenock, which opened in 2010.

 

Filed Under: Funding, Wider Role

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