High Interest Charity Bank account

goldthornwolf

Please could anyone advise please - i am looking for an account similar to those offered to everyday people such as 90 day accounts that pay more interest as i am looking to put away £100K for a year or 2. We are a registered charity.

Any advise is much appreciated.

beansy

goldthornwolf wrote: »

Please could anyone advise please - i am looking for an account similar to those offered to everyday people such as 90 day accounts that pay more interest as i am looking to put away £100K for a year or 2. We are a registered charity.

Any advise is much appreciated.

Try the Stewardship account service and see if they can do anything for you. They too are a charity and provide a great account for individuals for charitable giving at very little cost.

Good luck.

Petmidget

The charity commission have bank accounts specifically for surplus charity funds, I dont know if they are particulaly competitive but I would have thought they are.

In my experience another popular choice for charities is Triodos, who are a Swiss ethical banking company.

Savvy_Sue

Second all of the above, also Charities Aid Foundation (that might be what's meant by the Charity Commission, didn't realise they would look after money for you but stand to be corrected if they do!), and Unity Trust bank. We use the latter as a current account, it pays a sufficiently good rate of interest that our Treasurer doesn't bother with a deposit account.

veganline

I'm probably missing something:

I don't see why trustees don't simply open an account in their own name at ICCI or wherever.

Savvy_Sue

veganline wrote: »

I'm probably missing something:

I don't see why trustees don't simply open an account in their own name at ICCI or wherever.

:eek::eek::eek::eek::eek:

Trustees have to act in the best interests of the charity.

They also have to act in an absolutely transparent way, ie not just doing the right thing, but SEEN to be doing the right thing.

If a trustee opens an account using a charity's funds then the interest is seen by HMRC as theirs, and they'll be taxed accordingly, also they'll have to declare it for any benefits applications. And what's to stop the trustee running off with the cash?

Even if two unrelated trustees open a joint account in their own names, the above applies.

And the Charity Commission would DEFINITELY have something to say about it!

trust_treasurer

veganline wrote: »

I'm probably missing something:

I don't see why trustees don't simply open an account in their own name at ICCI or wherever.

Legally not allowed!