Savings For Good

Ethical 1-Year Fixed Rate Account

In a Charity Bank Ethical Fixed-Rate Account, your money helps to create lasting social change in our communities.

Your eligible deposits with Charity Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. View and download the Charity Bank Deposit Guarantee Scheme: Information Sheet here. For further information visit www.fscs.org.uk.

Key benefits

Access

Open an account with £5,000.

Fixed rate of 1 year

Lock your savings away to make an impact.

Social Impact

Your money will be used to support charities and social enterprises.

Summary box

Payment of interest (personal account):

Interest will be paid gross, which means interest is paid to you without tax being deducted from it. If the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HM Revenue and Customs. For more information please see the latest Government information, or visit the HMRC website or call them on 0300 200 3310.

Fixed term:

1 year.

Minimum initial deposit:

£5,000.

Maximum deposit:

£500,000.

Withdrawals:

No withdrawals, transfers out or closures are permitted before the maturity date.

Paying money in:

Initial deposit(s) can be made by cheque or electronic transfer from your nominated account only. From the day we confirm your account is open you have 14-calendar days to fund it with one or multiple deposits up to a maximum account balance of £500,000 or in excess of this limit if pre-approved by us. If your account is not funded to the minimum account balance of £5,000 within this period, it will be closed, and any funds returned to you. No further payments permitted once the funding period has ended.

Number of account holders:

Up to two for personal accounts.

How we calculate interest:
Interest is calculated daily and applied to your account annually on the anniversary of the account being opened. There is no bonus interest payable.
What would the estimated balance be after 12 months based on deposit of £5,000

Based on an interest rate of 4.46% gross, the estimated balance on a £5,000 deposit after 12 months would be £5,223.00. The illustrative example assume no withdrawals, no changes to the fixed 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)

Can Charity Bank change the interest rate?

The interest rate is fixed and cannot be altered in accordance with Section 9 Changes to interest rates of our Terms for personal savers.

Managing your account:

All accounts are operated by post. We can answer any questions directly by email or over the phone. Currently we do not offer online services once your account is open.

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. At maturity, you can either withdraw your funds to your Nominated Account, reinvest them in a new fixed-rate account or transfer them into an alternative Charity Bank account of your choice (subject to any specific account Terms). If you do not let us know what you wish to do by the maturity date, your account will automatically revert to an Ethical 33-Day Notice account and the managed interest rate will be confirmed to you in writing. The Ethical 33-Day Notice account is subject to the following condition: A signed letter giving 33 days’ notice is required for withdrawals and closures.

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“We tried getting in touch with quite a few people; Charity Bank was the only one that was genuinely helpful... Everyone we've dealt with at Charity Bank has basically said, ‘Yes, how can we help you?’"

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“Charity Bank and Big Issue Invest were very supportive. There were no problems at all; they were both brilliant. It’s also nice to know that our repayments will be regenerated to help other non-profits.”

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Discuss a savings account

Talk to our UK based Savings Team about your needs.

[email protected]
01732 441944

Savings for good

Our ethical savings accounts give you the ability to help create lasting social change. Explore our full range of ethical savings accounts to find right account for you.

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