Deposits in CAF account double to £250 million
Howard Lake | 18 August 2007 | News
Deposits of charities’ funds in Charities Aid Foundation’s (CAF) Fixed Rate Selector Account have doubled in under a year, from £125 million last September to £250 million today.
The Account offers charitable organisations the financial security of a bank deposit account with the guaranteed income of a fixed-interest investment. Developed in partnership with Birmingham Midshires, CAF says “the Account has enjoyed consistently high rates of interest since inception”. The current one-year deposit rate is 6.43% AER.
Charitable organisations can deposit any amount between £10,000 and £10 million for an agreed term of three or six months, or one, two or three years. Interest is fixed and paid gross monthly, annually or on maturity, depending on the duration of the Account.
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Ron Green, Senior Manager of CAF’s Charity Financial Services Division, said: “The growth in Fixed Rate Selector Accounts has continued to accelerate as more charities across the sector realise the great rates on offer. We are committed in the coming months to making even more charities aware of the benefits they can gain from utilising this Account for their cash reserves.”
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.