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Charity bank, is it really non-profit?
kaloss
Posts: 54 Forumite
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?
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?
0
Comments
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Non-profit still has salaries to pay.
Bills to pay.
Overheads.
Insurances.
Staff.
Computer systems.
Accountants.
etc etc etc0 -
Last year's annual report: http://www.charitybank.org/sites/default/files/pdf/Annual%20Report%202012.pdf0
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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/We need the earth for food, water, and shelter.
The earth needs us for nothing.
The earth does not belong to us.
We belong to the Earth0
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