Online savings account for charities?

lad22

Hello,

I have just started a charity and our bank account gives us a pathetic amount of interest. Does anyone know of a good online rate available to charities? The banks I've called so far don't permit a charity to have an online account.

Many thanks.

fengirl_2

How are you going to control an online account? It's almost impossible to enable two people to authorise transactions. I always go with CAFBank which pays about 3.5% on current accounts at the moment.

jimclark1967

CAF certainly used to pay those kind of rates until the base rate went south. Current rate is barely better than a high street bank at 0.2%

http://www.cafonline.org/Default.aspx?page=7000

JC

fengirl_2

But at least with CAF you are not contributing to shareholder dividends.

Savvy_Sue

fengirl wrote: »

How are you going to control an online account? It's almost impossible to enable two people to authorise transactions. I always go with CAFBank which pays about 3.5% on current accounts at the moment.

I cannot comment on the interest rates but we use Unity Trust and do a lot of online banking with them.

and now ...

MOVING THREADS FOR BETTER RESPONSES

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to the Small Biz & Charity Organisers board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

lad22

Hello,

I recently started a charity (called Mental Health Research UK by the way!:money:) and we have a bank account but the rate is very poor. We wanted to find an internet bank account with a better interest rate in which we could keep the money until needed, but most of the banks and building socities only offer them to actual people. Does anyone know of a good rate and deal open to a charity? Many thanks.

fengirl_2

CAF Bank - they even pay interest on current accounts.

lad22

Thank you!

lad22

Hi Fengirl,

I've just had a look at the CAF bank interest rates, but we would get under 1% interest... Does anyone know of anything better?

Thanks!

Savvy_Sue

You could try Unity Trust, but be warned that all rates are very poor at the moment.

Also

MOVING THREADS FOR BETTER RESPONSES


Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to the Small Biz & Charity Organisers board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

There's a similar thread there already so I'll probably merge too.

Savvy_Sue

Savvy_Sue wrote: »

There's a similar thread there already so I'll probably merge too.

Actually I see that you started that one too!