Charity Bank is targeting the public with a new campaign to encourage people to transfer their cash ISA to an ethical provider.
It is asking people to use their money as ‘a powerful force for good’ by opening a Charity Bank Ethical Cash ISA, with a video showing examples of the types of organisation the Charity Bank supports and offering a 0.9% interest rate.
In addition, the Ethical Cash ISA lets people save up to £15,240 a year (2016/17 tax year allowance) with a minimum opening balance of £250, and is open to transfers-in from current ISA managers. It has a 33-day notice period; and is available to UK residents aged 16 and over.
Research commissioned by Charity Bank into the attitudes of the public towards various aspects of banking found that:
- 74% of the British public don’t know how the money they save in their bank is being used or invested
- 71% would like their bank to make it clearer where their money is invested
- 56% would like to be an offered an ethical option when choosing a savings account
- 61% would consider opening a savings account that paid a fair rate of interest and lent money to charities and other good causes
Patrick Crawford, Charity Bank chief executive, said:
“People don’t know what banks do with their money but the findings tell us that there is an appetite to find out and that people would like their savings to be used for good causes.”
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