Savings For Good

Ethical 40-Day Notice Business Account

Support the unsung heroes in your community with our 40-day notice ethical savings account.

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 £1,000.

Flexibility

Add to your savings at any time.

Notice period of 40-days

The more you save, the higher your interest rate.

Social Impact

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

Summary Box

Payment of interest (personal account):

Interest is paid Gross i.e. without tax deducted.

For individual partnerships if the total amount of interest you receive in any tax year exceeds any Personal Savings Allowance to which you’re entitled, you may have tax to pay at the applicable rate. This would need to be paid directly to HMRC. For more information, please visit gov.uk and search for ‘Personal Savings Allowance’.

Notice Period:

40 days

Minimum initial deposit:

£1,000. (If your balance falls below £1,000 we’ll pay you 0.10% Gross/AER)

Maximum deposit:

£500,000.

Withdrawals:

Access your savings (after the 40-day notice period) by electronic transfer or post to your Nominated Account.

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 £1,000 within this period, it will be closed and any funds returned to you. If not fully funded up to the maximum account balance of £500,000 in the 14-calendar day funding period additional credits are permitted and can be made by cheque, electronic transfer, direct debit or standing order from your nominated account up to this limit.

Number of account holders:

Unlimited

How we calculate interest:

Interest is calculated daily and added to your account quarterly in March, June, September and December and on closure of your account. There is no bonus interest payable.

What would the estimated balance be after 12 months based on deposits of £1,000 and £25,000?

Based on our lower tier attracting an interest rate of 3.11% gross, the balance on a £1,000 deposit after 12 months would be £1,031.46 Based on our upper tier attracting an interest rate of 3.26% gross, the balance on a £25,000 deposit after 12 months would be £25,825.02. The illustrative examples assume no withdrawals, no changes to the managed interest rate over the period and interest is paid and compounded quarterly. (The illustrative examples do not take into account the individual circumstances of a customer)

Can Charity Bank change the interest rate?

The interest rate is managed and may be altered in accordance with Section 9 Changes to interest rates of our Terms for organisations.

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.

Dundee Women’s Aid

Dundee, Scotland

“The loans team at Charity Bank were there for us every step of the way. We could call them by Teams or send an email and they’d respond really quickly; our daft questions didn’t faze them!”

Read Story

Abbeyfield The Dales

Yorkshire, England

“Buying Fern House has given us greater autonomy. We’re able to make decisions much quicker and have a direct relationship with our residents without being answerable to The Abbeyfield Society. I see the loan as a springboard for longer term improvements and growth for Abbeyfield The Dales. Charity Bank aligns with our values, clearly understands the charity sector and took time to get to know us.”

Read Story

Aspatria Dreamscheme

Cumbria. England

“Without this loan, we couldn’t have bought the building so wouldn’t be able to deliver some of our community programmes. It’s great to know that the interest we’re paying means that Charity Bank can help other organisations like us.”

Read Story

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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