THE CHARITY ISA, from Charity Bank
In response to customer demand, we are proud to launch the first ever Charity ISA.
That means the Charity ISA is the only tax-free savings account where your deposit, as well as your interest, will be used for a charitable purpose.
Charity Bank is the only UK regulated bank that is a registered general charity, and the only bank which uses 100% of its depositors’ savings solely to support charitable organisations that are changing lives in communities around the country.
Because we just work with community enterprises or charities, that means all your money will be helping to make a real difference to the lives of society’s most vulnerable people, in some of the most deprived communities.
We are offering an attractive rate of interest of 4.50% AER[i]. In addition, you will be earning a social return on your savings by helping charities not just survive, but prosper.
- You can open your Charity ISA with as little as £100
- You will receive a rate of interest of 4.50% AER, whatever the balance
- Earn the charity of your choice a Loyalty Bonus of 1.25%, paid at the end of year 5[ii]
- Interest is calculated daily and added to the account annually
- You can choose to donate your interest to the charity of your choice[iii], or paid into your CAF Charity account
- Withdrawals permitted, with a notice period of 30 days
- Save up to £3,000 tax-free this tax year, providing you have not subscribed to another Mini Cash or Maxi ISA in this tax year
Additionally, any existing Mini Cash ISA or TOISA (Tessa Only ISA) which you presently hold with any other institution, can be transferred with one simple form to our Charity ISA. On April 6th 2008 the annual amount of cash which can be invested into a Cash ISA increases from £3,000 to £3,600. Additionally, any existing Mini Cash ISA or TOISA (Tessa Only ISA) which you presently hold with any other institution, can be transferred with one simple form to our Charity ISA.
[i] Rates correct as of 1 January 2008. Interest rate quoted is Annual Equivalent Rate (AER) and illustrates what the interest rate would be if interest was paid and compounded once each year. Tax free rate is the contractual rate of interest payable where the interest is exempt from income tax
[ii] Provided no withdrawals are made, a bonus of 1.25% of the average balance over the period will be paid at the end of year 5. This will be paid to the charity of your choice.
[iii] Your interest may be able to be Gift Aided
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