New deposit account for charities from Alliance & Leicester
Howard Lake | 5 January 2007 | News
Alliance & Leicester Commercial Bank is introducing the Money Market Account, a new deposit account for Public Sector organisations and charities.
The Money Market Account offers a managed interest rate is paid on the account, linked to prevailing money market rates. Interest is calculated daily and credited monthly.
To open an account organisations need to deposit at least £500,000, with the maximum balance £10 million, unless by prior agreement.
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Account holders receive monthly statements, a weekly email detailing current rates. Accounts can be managed by phone or internet, with both deposits and withdrawals made by electronic transfer.
The Money Market Account was piloted in September 2006. Geoff Kontzle, Head of Public Sector at Alliance & Leicester Commercial Bank said: “Feedback tells us that organisations like the new account because it offers money market rates, but still with direct access. This gives them all the benefits but none of the limitations of a traditional longer term investment account.”
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.