Best Return for Charity Deposits

Charleyboy_3

We have around £20,000 in our charity and I want to find the best place to put for the best return - any suggestions?

Savvy_Sue

Don't know about the 'best' place, because you'd need to balance the rate of interest offered against how quickly you can withdraw on it, and how conveniently, BUT we have all our money in Unity Trust and they pay a sufficiently good rate of interest that our treasurer doesn't think it's worth having separate current and deposit accounts.

They only do internet and postal banking - if you want to pay cash in or withdraw it you'll need to make an arrangement with a local bank branch. But for mostly cheques, it's convenient.

I've used Alliance and Leicester in the past - quick and easy transfers between deposit and current accounts on their Clubs and Societies accounts, but I don't know what they offer these days, and I find navigating their website a bit of a nightmare, so I've sent you straight to their 'Public Sector' offerings. Also worth looking at Triodos Bank and Charities Aid Foundation. Also there's a sticky on the Small Biz & Charity Organisers board which might list others, but I'm too braindead to go look now ...

trust_treasurer

Charities Aid Foundation. Check out "Fixed Rate Selector" account. Good interest at present 6.5% for a year with monthly interest. Good rates for cash account and can use "sweep facility" to put all but £100 into higher rate Cafgold account (approx 5.26% I think).