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Advice needed for charity wishing to invest £5K
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nik_k
Posts: 301 Forumite
I am vice-chair of our local kids playgroup. We are registered as a charity. We currently have an excess of money in our Barclays current account, and are consequently looking at withdrawing £5K and investing it somewhere where it will gain a higher level of interest.
What would be our best option in the current financial climate? Other than the options available to individuals, are there any special schemes for charities to invest in at preferential rates?
What would be our best option in the current financial climate? Other than the options available to individuals, are there any special schemes for charities to invest in at preferential rates?
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Comments
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You talk about interest rates which implies savings account.
Did you want to save the money or invest it (e.g. stock markets, property commodities)?0 -
Charities are normally treated like a special type of company by banks and building societies.
One account that I do know of is the Yorkshire BS Charities Account http://www.ybs.co.uk/savings/easy_access/charities/index.jsp
Currently 3.75%, not great but it is instant access.0 -
Thanks for the quick replies!
I'm open-minded about what scheme to 'invest' in, be it a savings account or a more structured investment.
Instant access isn't necessary, just as long as the notice period isn't TOO excessive!0 -
would the charity allow investments?
Savings accounts fair enough but investments may not be an option allowed.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hmmm...I'm not sure to tell you the truth! Food for thought...
If savings is the only viable option, what would be the best account to go for right now?0 -
$5,000 seems a lot of spare money for a charity.Why do you qualify as a charity?
I only ask because I looked up a kids play group charity which had fees which would seem to exclude less well off children.0 -
I have just discovered that Bank of Scotland Community Banking do a "savings account" that charities can use that pays 4.8%. Not fantastic, but a lot better than the 1.1% they are currently paying on their Treasurers Accounts.
Can be operated in your HBOS branch by transferring in/out through a current account.
If you ask in the branch, mainly they know nothing at all about it, it is handled from their H.O in Edinburgh, the branch can send them a request to call you with info.0 -
$5,000 seems a lot of spare money for a charity.Why do you qualify as a charity?
I only ask because I looked up a kids play group charity which had fees which would seem to exclude less well off children.
Eton College is technically a "charity".
The elite public school rakes in so much cash that it features in the Top 100 Charity Index 2008.
With fees of £27,000 a year, it offers little "public advantage". If anything, the school aggravates social division.
"Charity" has a slap-happy definition in English law. It's more about tax avoidance than benevolence."If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
above spam reported. Its American and not applicable to this thread (as per usual)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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