Charity savings account

Joycefam11

Hi, I'm the Treasurer for my local scout troop, 30th Glasgow Scout Group.  We are raising money for a minibus and we have managed to raise just over £10k so far.  We still have another £10k to raise but in the meantime I want to put this money in a high interest account to earn some interest.  The money is currently in our main treasurers account with no interest being paid on it.  The groups current bank have offered me a high interest account with a rate of 2% and a 30 days notice period to withdraw funds.  Given current interest rates I'm hoping someone can point me to other charity high interest accounts with better rates available?

I had a look at the guide on the site but it referred to business and personal accounts nothing specified for charities.  When I have enquired about business accounts I have been advised as a charity we are not eligible for these.  We are a registered charity and submit our accounts to Scotlands charity body OSCR every year.  

Thanks in advance for any help you can give me.  

Angela

xylophone

Anything  suitable here?

https://www.finder.com/uk/savings-accounts-for-charities

RacingDriver

https://savingschampion.co.uk/best-buys/charity/charity-easy-access-accounts

sibby_cash

Joycefam11 said:

Hi, I'm the Treasurer for my local scout troop, 30th Glasgow Scout Group.  We are raising money for a minibus and we have managed to raise just over £10k so far.  We still have another £10k to raise but in the meantime I want to put this money in a high interest account to earn some interest.  The money is currently in our main treasurers account with no interest being paid on it.  The groups current bank have offered me a high interest account with a rate of 2% and a 30 days notice period to withdraw funds.  Given current interest rates I'm hoping someone can point me to other charity high interest accounts with better rates available?

I had a look at the guide on the site but it referred to business and personal accounts nothing specified for charities.  When I have enquired about business accounts I have been advised as a charity we are not eligible for these.  We are a registered charity and submit our accounts to Scotlands charity body OSCR every year.  

Thanks in advance for any help you can give me.  

Angela

Sadly the rates available to charities are a lot lower than for private individuals. Many of the banks won’t deal with unincorporated charities at all. The only vaguely competitive rates I have found are Skipton Community Saver Account for instant access 3.2% and United Trust Bank for a 40 day notice account 3%. 

The account opening process is tedious and involves providing a lot of paperwork. Best of luck with that and with the fundraising. 

valiant24

Joycefam11 said:

Hi, I'm the Treasurer for my local scout troop, 30th Glasgow Scout Group.  We are raising money for a minibus and we have managed to raise just over £10k so far.  We still have another £10k to raise but in the meantime I want to put this money in a high interest account to earn some interest.  The money is currently in our main treasurers account with no interest being paid on it.  The groups current bank have offered me a high interest account with a rate of 2% and a 30 days notice period to withdraw funds.  Given current interest rates I'm hoping someone can point me to other charity high interest accounts with better rates available?

I had a look at the guide on the site but it referred to business and personal accounts nothing specified for charities.  When I have enquired about business accounts I have been advised as a charity we are not eligible for these.  We are a registered charity and submit our accounts to Scotlands charity body OSCR every year.  

Thanks in advance for any help you can give me.  

Angela

We're getting around 2.8% at Nationwide.

Joycefam11

Thanks for the help, I'll present the options at our next trustee meeting but I think the Skipton one looks like the best option.  We may have to jump through some hoops to set it up but it will be worth it to make a bit of extra cash.

Thanks again

aroominyork

The Charities Aid Foundation has set up a platform managed by Flagstone that lets you access over 90 products, these being the best. They have £400m AUM. (£150k minimum so not appropriate for the OP.)

I was on the phone to CAF this morning and found out that Flagstone has a 3 month fixed term through HSBC paying 4.95%. The charity I work for banks with HSBC (business banking) and I wanted to know if HSBC offers this rate direct; I phone HSBC who explained their money market rates change daily so they are not published but they read them to me and I was surprised by how high they are:

1 month, 4.67%

2 months, 4.78%

3 months, 4.88%

6 months, 5.17%.