Savings For Good
Boost your credit union’s social impact with ethical savings with Charity Bank.
Gross/AER**
*If you are wishing to place deposits greater than £500,000, please contact our Savings Team on 01732 441944.
**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.
Open an account with £25,000.
Lock your savings away to make an impact.
Your money will be used to support charities and social enterprises.
Interest is paid Gross i.e. without tax deducted.
3 years.
£25,000.
£500,000.
No withdrawals, transfers out or closures are permitted before the maturity date.
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 £25,000 within this period, it will be closed, and any funds returned to you. No further payments permitted once the funding period has ended.
Unlimited.
Interest is calculated daily and added to your account on each anniversary of the investment and at maturity. There is no bonus interest payable.
Based on an interest rate of 3.36% gross, the balance on a £25,000 deposit after 36 months would be £27,605.62. The illustrative examples assume no withdrawals, no changes to the fixed interest rate over the period and interest is paid at maturity for the 1-Year Fixed Rate and paid annually and compounded for the 3-Year Fixed Rate. (The illustrative examples do not take into account the individual circumstances of a customer).
The interest rate is fixed and cannot be altered in accordance with Section 9 Changes to interest rates of our Terms for organisations.
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.
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 40-Day Notice account and the managed interest rate will be confirmed to you in writing. The Ethical 40-Day Notice account is subject to the following condition: A signed letter giving 40 days’ notice is required for withdrawals and closures.
Talk to our UK based Savings Team about your needs.
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.
View Credit Union Savings AccountsHow do I operate my account?
All accounts are operated by post. We can answer any questions directly by email or over the phone, with our friendly UK based Savings Team, who are always willing to support you. Currently we do not offer online services once your account is open.
How does Charity Bank support vulnerable customers wishing to apply for an account?
We understand that challenging situations, whether temporary or permanent, can make it more difficult to apply for and maintain your account with us. Please refer to our Customer Support guidance or contact us by phone: 01732 441944 or by email: [email protected] should you need any support before completing your application.
How can I make my initial deposit into a new savings account?
Once we confirm to you by email that your account is open, you will have 14-calendar days to fund it. During this window you can make one or multiple payments by any of these methods.
OR
Once this period has ended, if your account hasn’t been funded at least to its minimum account balance, it will be closed, and confirmation will be issued to you. We will send you a reminder to fund your account after 7-days to ensure such cases are kept to a minimum.
We partner with NatWest as our clearing bank. From 3 May 2024 we were live on the Confirmation of Payee (CoP) service. You can read more about how it works and what this means to you on our dedicated CoP webpage. We continue to encourage you to please take due care and diligence when making payment by electronic transfer. Your confirmation of account opening email, will provide your unique 8-digit account to be used with our sort code: 60-83-16 and you are welcome to contact us by phone: 01732 441944 or email: [email protected] to double-check anything.
Please always quote your application reference number* and/or surname as a payment reference and ensure your bank correctly quotes the reference when they are making a payment on your behalf, otherwise it may be rejected and returned to you without interest. You’ll earn interest from the business day on which the payment was received.
*If you completed your account application online, you will have been given an application reference number.
For the latest Charity Bank savings accounts documents, please click on the button below.
Savings Document LibraryPlease click the links below to download an application pack:
Ethical 3-Year Credit Union Fixed Rate Account – Additional Terms and Summary Box
Charity Bank Terms for Organisations
Ethical Fixed Rate Account for Credit Unions – Application Form