If you are looking at charity savings accounts, you may not be too excited by the interest rates that they currently offer.
As a result, the hard-won funds of your charity may only be earning an inadequate amount of money… but it does not have to be that way!
While well-known banks and building societies do not tend to give the best rates on the market, there are other providers that you can choose from. As a trustee, you will need to be prepared to shop around to discover the best charity savings rates.
If you take the time to look, there are a number of higher-paying accounts that are available to charities, with the majority being granted by providers that are smaller and lesser-known.
The best rates on charity deposit accounts will be given when your organisation:
- Can commit to not having near-term or immediate access to its funds. Fixed rate and notice accounts offer higher rates than accounts allowing easy access.
- Consider Business Deposit Accounts as an alternative
- Has a sizeable amount of money to save. For example, charities with £50K to invest will presumably secure better interest rates than those with more modest amounts to invest.