Summary

Community Investment Tax Relief Account (CITRA) 16th Issue (Business/Credit Union)

  • Available by way of our Qualifying 5-year Community Account (Business/Credit Union).
  • CITRA 16th Issue capacity has limited availability and is offered on a first come first served basis.
  • Savers can claim Income Tax relief of up to 5% of the invested amount for each of 5 tax years starting with the year in which the investment is made. This gives a total tax relief of up to 25% of the invested amount (see our CITRA 16th Issue - Key Features document for full details).

Qualifying 5-year Community Account (Business/Credit Union)

Step One - Apply Online - Qualifying 5-year Community Account (Business/Credit Union)Step Two - Apply Online - Community Investment Tax Relief Account (CITRA) 16th Issue (Business/Credit Union)

Fixed PeriodCITRA 16th Issue (Business/Credit Union)
£3,750 - £500,000
Qualifying 5-year Community Account (Business/Credit Union)
£3,750 - £500,000
5-years0.05% deposit interest (Gross*/AER**)3.35% deposit interest (Gross*/AER**)
5-years5.00%*** Income tax relief p.a.N/A

*Gross is the interest rate without tax deducted.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
***Please refer to our CITRA 16th Issue – Key Features for full details and worked examples of potential returns to savers. Minimum and maximum returns for each income tax banding are shown below along with those for corporation tax payers.

  • Basic rate tax: 4.05% to 4.83% (subject to an individual’s utilisation of their personal savings allowance)
  • Higher rate tax: 4.05% to 5.87% (subject to an individual’s utilisation of their personal savings allowance)
  • Additional rate tax: 6.25% (no personal savings allowance)
  • Corporation tax: 4.79% (tax rate of 19% used) (changing to 25% from 01/04/2023)

UK tax legislation, which may be subject to change, may have an impact on your personal tax position.

Community Investment Tax Relief Account (CITRA) 16th Issue (Business/Credit Union)
Payment of interest:Interest will be paid gross.
Fixed Term:Five years
Minimum initial deposit (Existing savers):£3,750.00 - the deposit in the CITRA 16th Issue must not exceed the 1.00:1.00 basis.
Minimum initial deposit (New savers):£7,500.00 - the deposit in the CITRA 16th Issue must not exceed the 1.00:1.00 basis.
Maximum deposit:£500,000.00 can be placed in the CITRA 16th Issue.
Number of account holders:One.
Paying money in:You can fund the account by electronic transfer or cheque. Additional payments to the account cannot be made once it has been opened.
Withdrawals:No withdrawals for the first three years. See the CITRA 16th Issue Key Features for information about amounts that can be drawn without penalty thereafter.
How we calculate interest:Interest is calculated daily and added to your account quarterly in March, June, September and December and at maturity.
What would the estimated balance be after 60 months based on a £3,750 deposit?Based on an interest rate of 0.05% gross, the estimated balance on a £3,750 deposit after 60 months would be £3,759.38. This illustrative example assumes no withdrawals, no changes to the managed interest rate over the period and interest is paid and compounded quarterly. (The illustrative example does not take into account the individual circumstances of a customer)
How does the Income Tax benefit work?For example if a saver put £15,000 into a CITRA 16th Issue on 9th April 2022. The amount for each tax year for which relief may be claimed is £15,000 i.e. tax relief of £750 (5% of £15,000) may be claimed for the tax year 2022/23 (the tax year in which the saving was made) and for each of the four subsequent tax years. (UK tax legislation, which may be subject to change, may have an impact on your personal tax position.)
Managing your account:Once opened all accounts are operated by post. We can answer any questions directly by email or over the phone.
What happens at maturity of the fixed-term?We will write to you before maturity to remind you of the date that your fixed-term ends and confirm the options available to you for your maturing funds at this time. These will include withdrawal of your funds to your Nominated Account, transferring them into an alternative Charity Bank account of your choice (subject to any specific account Terms), or new opportunity to invest into CITR, if available. If you do not let us know what you wish to do by the maturity date, your account will automatically revert to an Ethical 40-Day Notice account and the managed interest rate will be confirmed to you in writing. The account is subject to the following condition: A signed letter giving 40 days’ notice is required for withdrawals and closures.
Qualifying 5-year Community Account (Business/Credit Union)
Payment of interest:Interest will be paid gross.
Fixed term:Five years
Minimum initial deposit (Existing savers):The minimum amount that can be put into a Qualifying 5-Year Community Account is £3,750.00.
Minimum initial deposit (New savers):The minimum amount that can be put into a Qualifying 5-Year Community Account is £7,500.00.
Maximum deposit:£500,000.00 thus, qualifying for a deposit in the CITRA 16th Issue of £500,000.00 too.
Number of account holders:One.
Paying money in:You can fund the account by electronic transfer or cheque. Additional payments to the account cannot be made once it has been opened.
Withdrawals:No withdrawals or closures before the maturity date.
How we calculate interest:Interest is calculated daily and credited to your account on each anniversary and at maturity.
What would the estimated balance be after 60 months based on a £3,750 deposit?Based on an interest rate of 3.35% gross, the estimated balance on a £3,750 deposit after 60 months would be £4,421.64. This illustrative example assumes no withdrawals, no changes to the managed interest rate over the period and interest is paid and compounded annually. (The illustrative example does not take into account the individual circumstances of a customer)
Managing your account:Once opened all accounts are operated by post. We can answer any questions directly by email or over the phone.
What happens at maturity of the fixed-term?We will write to you before maturity to remind you of the date that your fixed-term ends and confirm the options available to you for your maturing funds at this time. These will include withdrawal of your funds to your Nominated Account, transferring them into an alternative Charity Bank account of your choice (subject to any specific account Terms), or new opportunity to invest into CITR, if available. If you do not let us know what you wish to do by the maturity date, your account will automatically revert to an Ethical 40-Day Notice account and the managed interest rate will be confirmed to you in writing. The account is subject to the following condition: A signed letter giving 40 days’ notice is required for withdrawals and closures.

Community Investment Tax Relief Account (CITRA) 16th Issue (Business/Credit Union)

  • Access: New savers open an account with £7,500, existing savers with £3,750. You can deposit up to £500,000. Deposits in your CITRA 16th Issue (Business/Credit Union) may not exceed the 1.00:1.00 basis to deposits in your Qualifying 5-year Community Account (Business/Credit Union).
  • Return: lock your savings away for five years and enjoy 0.05% gross*/AER** interest and 5% income tax relief for each year of the term.
  • Social impact: your money will be used to support charities and social enterprises across the UK.
  • Ready to start saving? Find out where your money goes

Qualifying 5-year Community Account (Business/Credit Union)

  • Access: New savers open an account with £7,500, existing savers with £3,750.
  • Return: lock your savings away for five years and enjoy 3.35% gross*/AER**.
  • Social impact: your money will be used to support charities and social enterprises across the UK.
  • Ready to start saving? Find out where your money goes

Community Investment Tax Relief Account (CITRA) 16th Issue (Business/Credit Union)

  • Opening an account: The CITRA 16th Issue (Business/Credit Union) is available to Qualifying 5-year Community Account (Business/Credit Union) holders.
  • Saving for impact: You can deposit up to £500,000. Deposits in your CITRA 16th Issue (Business/Credit Union) may not exceed the 1.00:1.00 basis to deposits in your Qualifying 5-year Community Account (Business/Credit Union).
  • To view the full Terms for organisations please click here.

Qualifying 5-year Community Account (Business/Credit Union)

  • Opening an account: The Qualifying 5-year Community Account (Business/Credit Union) is open to limited companies, partnerships, and credit unions. Companies and shareholding companies must be UK registered. All directors, additional signatories, members, partners and shareholders must be permanent UK residents.
  • Saving for impact: You can deposit up to £500,000.
  • To view the full Terms for organisations please click here.

For all Charity Bank savings documentation including historical/current interest rates, terms for savers, and application forms, please visit our documents library.

Community Investment Tax Relief Account (CITRA) 16th Issue (Business/Credit Union)

  • Getting started. Once you've opened your account with us, we'll send you a welcome pack explaining how to manage your account, claim your tax relief and find out where we’re investing your money.
  • Your impact. You’ll receive annual bank statements with a twist: you’ll see how your savings have grown and you’ll learn about some of the organisations your savings have supported.
  • Withdrawals. Withdrawals of up to 25% are permitted in Year 4 and up to 50% in Year 5 upon 90 days notice (see our CITRA 16th Issue - Key Features document for full details).
  • Staying in touch. Call or email us directly to check your account details and rates or if you have any questions.
  • t: 01732 441944 e: enquiries@charitybank.org

Qualifying 5-year Community Account (Business/Credit Union)

  • Getting started. Once you've opened your account with us, we'll send you a welcome pack explaining how to manage your account and find out where we’re investing your money.
  • Withdrawals. No withdrawals before the maturity date.
  • Staying in touch. Call or email us directly to check your account details and rates or if you have any questions.
  • t: 01732 441944 e: enquiries@charitybank.org

Protecting your money

Ready to start saving?

Explore our other accounts

CITRA 16th Issue (Personal)

CITRA 16th Issue (Personal)

  • 0.05% gross*/AER** & 5.00% tax relief***

Qualifying 5-year Community Account (Personal)

  • 3.35% gross*/AER**

Find out more

Ethical 33-Day Notice Account

  • Make your savings work for charities and social enterprises
  • 0.96% - 1.11% Gross/AER*
  • Individuals who are permanently resident in the UK

Find out more

Ethical 93-Day Notice Account

  • Make your savings work for charities and social enterprises
  • 1.21% - 1.36% Gross/AER*
  • Individuals who are permanently resident in the UK

Find out more

Ethical 1-Year Fixed Rate Account

  • Lock your money away and support the unsung heroes in our communities
  • 2.11% Gross/AER*
  • Individuals who are permanently resident in the UK and only liable to pay tax in the UK

Find out more

Ethical 3-Year Fixed Rate Account

  • Lock your money away and support the unsung heroes in our communities
  • Up to 3.25% Gross/AER*
  • Individuals who are permanently resident in the UK and only liable to pay tax in the UK

Find out more

Ethical 33-Day Notice Cash ISA

  • An account that makes your savings work for good
  • 1.06% Gross/AER*
  • Individuals who are permanently resident in the UK

Find out more

CITRA 16th Issue (Business/Credit Union)

CITRA 16th Issue (Business/Credit Union)

  • 0.05% gross*/AER** & 5.00% tax relief***

Qualifying 5-year Community Account (Business/Credit Union)

  • 3.35% gross*/AER**

Find out more

Ethical Easy Access Account (Business Savings)

  • Available to business savers located in the UK (this account is not available to credit unions)
  • 1.16% Gross / AER

Find out more

Ethical 40-Day Notice Business Account

  • 40-day notice period
  • Available to businesses
  • 0.96% - 1.11% Gross/AER*
  • Higher interest rates apply to higher balances

Find out more

Ethical 100-Day Notice Business Account

  • 100-day notice period
  • Available to businesses
  • 1.26% - 1.41% Gross/AER*
  • Higher interest rates apply to higher balances

Find out more

Ethical 1-Year Business Fixed Rate Account

  • Available to business savers
  • 2.06% Gross / AER*

Find out more

Ethical 3-Year Business Fixed Rate Account

  • Available to business savers
  • 3.15% Gross / AER*

Find out more

Ethical 40-Day Notice Charity, Trust and Unincorporated Association Account

  • 40-day notice period
  • Available to charities, trusts and unincorporated associations
  • 0.96% - 1.11% Gross/AER*
  • Higher interest rates apply to higher balances

Find out more

Ethical 100-Day Notice Charity, Trust and Unincorporated Association Account

  • 100-day notice period
  • Available to charities, trusts and unincorporated associations
  • 1.26% - 1.41% Gross/AER*
  • Higher interest rates apply to higher balances

Find out more

Ethical 1-Year Charity, Trust and Unincorporated Association Fixed Rate Account

  • Available if you are a UK registered charity or trusts or unincorporated association (club or society)
  • 2.06% Gross / AER*

Find out more

Ethical 3-Year Charity, Trust and Unincorporated Association Fixed Rate Account

  • Available if you are a UK registered charity or trusts or unincorporated association (club or society)
  • 3.15% Gross / AER*

Find out more

Ethical Easy Access Account (Charity, Trust and Unincorporated Associations)

  • Available to charities, trusts and unincorporated associations
  • 1.16% Gross/AER*

Find out more

Ethical 1-Year Credit Union Fixed Rate Account

  • Available to credit unions
  • 2.01% Gross / AER*

Find out more

Ethical 3-Year Credit Union Fixed Rate Account

  • Available to credit unions
  • 3.15% Gross / AER*

Find out more

Ethical 100-Day Notice Credit Union Account

  • 100-day notice period
  • Available to credit unions
  • 1.26% - 1.41% Gross/AER*

Find out more