A High Street bank is using what it describes as “unclaimed funds” to buy private rental properties.

Lloyds Banking Group says it’s taken “exhaustive steps over several years” to trace clients and return these funds.

But where this has not been possible – and after at least six years without the client accessing the money – it can legally be used for charitable purposes.

So Lloyds is working with homelessness charity Crisis to buy homes to be used as private rentals “to help people experiencing homelessness rebuild their lives.”

Crisis plans to buy its first homes by  the summer, with plans to eventually secure at least 100 homes across London and Newcastle over the next three years.

This comes on top of a separate initiative announced some months ago – Lloyds Banking Group helped to fund Good Place Lettings, which it describes as “a new socially responsible private lettings agency and property management company.”

Launched in October 2025, the agency has supported some 40 individuals into settled homes, including people at risk or experiencing homelessness.

Matt Downie, Chief Executive at Crisis, says: “We can now kick-start our plans to become a not-for-profit landlord in the next few months. 

“What this means is that we’ll be able to start to offer some of the people we support – people experiencing the very worst forms of homelessness – genuinely affordable, secure homes so that they can rebuild their lives.

“While this intervention is only part of the picture, and more needs to be done by the UK government to deliver social housing at scale, with the ongoing support of Lloyds Banking Group and the passion and commitment of their staff, we can start to make this important shift and put homes firmly at the heart of the solution to end homelessness.”

And Charlie Nunn, Group Chief Executive Officer at Lloyds Banking Group, adds: “This level of ambition and imagination [by Crisis]  is an inspiration. 

“We need more of it, with strong collaboration, across the public, business and charity sectors. And it is in everyone’s interest to help initiatives like these to succeed.”

Lloyds says that customers retain the right to reclaim these funds and it will investigate and meet future claims where valid.