This Good Money Week (8th to 14th October) Charity Bank, the savings and loans bank with a mission to use money for good, is challenging charities to consider what their current bank is doing with their money and whether this is aligned with their organisation’s values.
Research commissioned by Charity Bank earlier this year into the attitudes of the public towards various aspects of banking found that 74% of the British public don’t know how their bank is using or investing their savings; whilst 71% would like their bank to make it clearer where their money is invested. In Charity Bank’s experience, there is a growing number of charities that are concerned about the social and environmental impact of where their savings are invested.
Launched this week, Charity Bank’s Ethical Easy Access Account offers a competitive rate of interest (of 0.50% gross/AER) to businesses looking for same-day access to their deposits. Money saved with Charity Bank is used to provide loans to support the work of charities and social enterprises across the UK. Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme .
Patrick Crawford, Chief Executive of Charity Bank, said: “Our new Ethical Easy Access Account enables charities to apply swiftly online, as well as receive personal support from members of our savings team if they wish. Because we are using our savers’ money to fund loans to other social sector organisations, charities can ensure their reserves are working for good all the time whilst obtaining a competitive rate of interest.
“This new product is part of Charity Bank’s goal to offer charities better support across their banking, mission and ethical needs whilst not compromising on their ability to withdraw funds promptly or on the rate of interest they receive. During Good Money Week we invite those running and managing charity finances to think hard about what their current bank is doing with their money.”
Annette Uttley from Voluntary Action Rotherham, a long-standing savings customer, said: “Our aim is to support groups and charities within the Rotherham borough and it’s important to us that every aspect of our work remains in line with our charitable mission. Charity Bank’s reputation and ethos encouraged us to open a deposit account with them in 2010, and its continued positive impact and fantastic customer support have kept us with them ever since.”
Since 2002, Charity Bank has provided over £195 million of loans to support organisations working to enrich and improve society. These loans have facilitated social impact across the UK covering a wide range of sectors, including arts, community, education, environment, faith, health, housing, regeneration, social care and sports.
Charity Bank is one of the world’s most ethical companies, according to research carried out by The Good Shopping Guide . It is owned by charitable foundations, trusts and social purpose organisations; its staff do not receive discretionary bonuses.