New name for CafCash
Howard Lake | 6 November 2003 | News
CafCash Ltd, the banking subsidiary of Charities Aid Foundation (CAF) is to
be renamed CAF BANK on 10 November 2003, in response to feedback from new customer research.
Peter Mitchell, CAF’s Head of Banking Services, believes that the new name will better reflect its status as a bank that provides services exclusively to charities and non-profit organisations.
He said: “The CafCash brand has served us well for 17 years, but our hope is that the new CAF BANK brand will communicate to charities, clearly and quickly, what we are and what we do. We will still aim to deliver the same high quality of service and market-leading interest rates as when we were
CafCash.”
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CAF BANK was unique in its focus when it was founded in 1986: it was a bank created for the benefit of the non-profit sector with no commercial agenda. It now has over 15,000 accounts, £800 million on deposit and an estimated 10% share of the charity banking market. It is estimated that the extra interest it pays, when compared to its high-street competitors, is worth an extra £18 million a year to the sector.
As well as its main current and deposit accounts, the bank now offers other value added features, including Internet Banking, an ATM cash card and QuickPay – an electronic regular payment system.
The name change arose after CAF had commissioned research to help it understand its customers’ perceptions. The research revealed that charities were unable to guess the nature of the bank’s business from its name alone.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.