Charity Bank has expanded its range of charity deposit accounts with its new Ethical Easy Access Account.
The account offers a rate of 0.50% gross/AER to charities looking for same-day access to their deposits. Accounts can be applied for online.
It is an easy access account and not a current account, so does not include, for example, a debit card.
Good Money Week
The announcement comes at the start of Good Money Week which runs from 8 to 14 October. This aims to remind the public that they have sustainable and ethical options when it comes to their banks, pensions, savings and investments “so we can protect the environment and support society when we deposit and grow our money”.
Since 2002, Charity Bank has provided over £195 million of loans to support organisations working to enrich and improve society. These loans have facilitated social impact across the UK covering a wide range of sectors, including arts, community, education, environment, faith, health, housing, regeneration, social care and sports.
The bank is the only one in the UK with the Social Enterprise Mark. This recognises its social purpose and social sector ownership.
Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.
Patrick Crawford, Chief Executive of Charity Bank, said: “Our new Ethical Easy Access Account enables charities to apply swiftly online, as well as receive personal support from members of our savings team if they wish. Because we are using our savers’ money to fund loans to other social sector organisations, charities can ensure their reserves are working for good all the time whilst obtaining a competitive rate of interest.
He added: “This new product is part of Charity Bank’s goal to offer charities better support across their banking, mission and ethical needs whilst not compromising on their ability to withdraw funds promptly or on the rate of interest they receive. During Good Money Week we invite those running and managing charity finances to think hard about what their current bank is doing with their money.”
Sandford Hydro is one of the places that Charity Bank is helping have an impact. Upon completion, Sandford Hydro will be the largest hydro-electric plant on the Thames, generating approximately 1.6 GWh of clean electricity each year, enough to power around 500 households.
Adriano Figueiredo, Operations Director at Low Carbon Hub commented: “We approached several banks for funding to help secure the future of Sandford Hydro, but what became clear very quickly was that Charity Bank really cared about our project and wanted to be a part of making it happen.
Most commercial banks were singularly focused on the ﬁnancial side of it, whereas Charity Bank was also interested in the social and environmental impact that our project would create. There was a clear alignment of objectives and we’ve had nothing but support and invaluable help.”