Bank gives current account to prisoners

THE Co-operative Bank – known for its ethical banking model – is signing up criminals to get their cash into current accounts.

The scheme, launched with Forest Bank Prison in Salford, allows offenders to open bank accounts while still in prison.

The bank says it is reducing re-offending rates. Of the 256 prisoners that have opened bank accounts since 2006, 193 have been released with only 72 returning to prison.

The 37% re-offending rate is much lower than the national average of 67%, according to a report published today by Liverpool John Moores University.

Both the university and Co-operative Bank are now calling for other banks to replicate the scheme.

David Anderson, chief executive of The Co-operative Bank, said ex-offenders can only have access to housing and employment if they have bank accounts, and that these are important factors in reducing the risk of re-offending.

“The Co-operative Bank now has a relationship with 29 prisons, which represents nearly 20% of all the prisons in the UK but we cannot tackle this important issue alone. Therefore, I would encourage other banks to play their part in providing accounts for prisoners so all inmates can have this opportunity,” he said.