Easy access and longer term savings accounts for a charity

Kevinjordan

Hi, I am a treasurer of a small charity and have been tasked to find somewhere to deposit surplus funds. our current account does not offer anything really so have been looking at around £20,000 in a longer term (say three months notice) account and about £10,000 in an easy access account. Been looking online but I gave acquired "google eyes" and am finding it a confusing mine field. But that is probably me…

Any help and advice greatly received.

Robin9

Do you occupy your own premises ? If so could you invest in it to reduce your running costs - JED, heating systems. controls ?

Kevinjordan

https://forums.moneysavingexpert.com/discussion/comment/81919990#Comment_81919990

Thanks for your reply. No we don't, And the money is not for that sort of thing

Grumpy_chap

https://forums.moneysavingexpert.com/discussion/6659273/easy-access-and-longer-term-savings-accounts-for-a-charity

As a small charity, how long are these surplus funds likely to be held? What is the intended purpose for the funds to support the charitable aims for which the funds were received?

Savvy_Sue

I have no idea what the rates are, but our small charity keeps some in CAF https://www.cafonline.org/home/caf-bank and some in Bank of Scotland https://business.bankofscotland.co.uk/savings.html and another possibility is Unity Trust https://www.unity.co.uk/business-banking/

Have you checked what your current bankers offer?

Note that business rates are often significantly lower than what is available to personal customers.

SCJB

it is worth shopping around. We. Have found Charities do not always get offered the best rates. For Easy Access Accounts we have found United Trust Bank offering 3 .5% the best rate with minimum £5000 deposit when our bankers Lloyds are only offering 0.5%. These are variable rates. Even Charity Bank offer 2.94% although require a £10000 minimum deposit. If funds can be tied up for 6 or 12 months or longer you can get fixed rates of 3.86% or 4.25% with Hampshire Trust Bank and United Trust Bank. Both excellent banks to deal with. All covered by the FSCS protection scheme.