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Charity Deposits

How can you save money here?


While it makes sense for Charities to have a Current Account with a mainstream bank to manage your day-to-day banking, it doesn’t mean you have to use the same bank to look after your reserves (particularly if it’s a ‘Business’ Account earning zilch interest). The average easy-access savings rate on the high street is just 0.12%, whereas you could be earning 1% in an equivalent charity deposit account and up to 2.75% if you put it away for a fixed period of time. It’s easy to do and there’s help available if it sounds like a hassle.


So to help you find the highest-paying accounts on the market, we’ve introduced a Charity Best Buy Table in association with Savings Champion. As a basic rule, the longer you’re able to lock away your reserves, the better return you’ll get. So think about the kind of access you’ll need to your funds before choosing the account that’s right for you.

Typical interest rates for charities


Below is an indication of top rates available. If you'd like the full up-to-date Best Buy table with information on each provider, click here.

Savings Type
High Street Av
TOP RATE
Min Deposit
            Easy Access
0.12%
1.00%
£1
        90 Day Notice
0.40%
1.60%
£250
            1 Year Fixed
0.67%
2.00%
£1,000
           2 Year Fixed
N/A
2.21%
£1,000
           3 Year Fixed
N/A
2.25%
£1,000
           5 Year Fixed
N/A
2.75%
£10,000

Using a switching service for charity deposits


Savings Champion - the UK’s leading independent expert on cash-based savings, has a dedicated phone line for Back of the Sofa customers: 0808 178 1358. This is free to use, totally unbiased and includes interest rates from every UK savings provider.


If you would like help in setting-up accounts, particularly if you would like your reserves protected by the Financial Services Compensation Scheme, Savings Champion provides a specialist Advice Service for charities. There is a one-off fee charged by Savings Champion for this service - 0.2% of the total sum being deposited - ensuring that you optimise the best rates and that your application forms are submitted correctly. Call 0808 178 1358 to speak to an advisor or request a call back.

What have other charities found?

Speech marks

We needed to maintain the capital whilst earning as much interest as possible. Our priorities are that the money is secure, but also that we have flexibility to get the funds out when we need
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We needed to maintain the capital whilst earning as much interest as possible. Our priorities are that the money is secure, but also that we have flexibility to get the funds out when we need them. If I’d sat down by myself, I could possibly have achieved similar returns, but would have had to put in a huge amount of man hours to do so. We’re getting a better return and not having to put the effort in. Using the service removes any hassle which is what we see as one of the key benefits.
Click to read less...

Duncan Phillippo

Gibraltar Naval Trust

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