Instant savings for charities

wadewade

I'm looking to invest some £15K for a registered charity in an instant building society account. Yesterday's papers said the Chelsea were offering nearly 3% with bonus but they say this is only for individuals and couples. They have got a special one for charities paying 0.25%!!

Any ideas where I could invest such a sum, we may need it back after 9 to 24 months. I would like more than the Chelsea are offering.

Thanks

calypso_rhapsody

Take a look at Charity Bank - i think they may offer better rates.

I think it is outrageous that charities aren't offered rates that are comparable to those available to individuals and don't really understand the rationale.

Mind you, be warned that opening a charity account is a nightmare in terms of the documentation that you have to provide (in my experience)

Good luck

Sceptic001

Recent thread here
https://forums.moneysavingexpert.com/discussion/3602107
may be useful

Ifts

Not instant access but if you can lock the money away for 12 months, then the Yorkshire Bank offer a 12 month fixed term/fixed rate account for (registered) charities paying 2.7%, BUT I'm afraid the minimum deposit is £25K!

opinions4u

CAF bank and Scottish Widows Bank leap to mind.

The latter is online only.

Ark_Welder

United Trust Bank offer notice accounts, min £5k and one penalty-free withdrawal without notice per 12 month period, up to 20% of the balance, subject to keeping the minimum balance. Probably a few other clauses, but something to consider.

http://www.utbank.co.uk/deposits/charities/