Charity bank, is it really non-profit?

kaloss

I am thinking to move my saving to an ethical bank.
I found charity bank but I am kind of confused. They offer a 2% interest for saving, but they borrow at 6.5%-7.5%

What do they do with the extra interest? Are they really non-profit?

PasturesNew

Non-profit still has salaries to pay.
Bills to pay.
Overheads.
Insurances.
Staff.
Computer systems.
Accountants.
etc etc etc

innovate

Last year's annual report: http://www.charitybank.org/sites/default/files/pdf/Annual%20Report%202012.pdf

thenudeone

BTW Charity Bank are currently consulting about removing their charitable status because of the conflicts with the solvency and capital requirements of a bank, but claim they will remain not-for profit.

http://www.thirdsector.co.uk/go/social_enterprise/article/1174944/charity-bank-will-relinquish-charitable-status-meet-new-financial-rules/