Best Rates - Charity Accounts

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Charity accounts basics

nigel woollsey

Nigel Woollsey

Online Writer

At a glance

  • Higher savings balances can earn better rates of interest.
  • Fixed savings bonds and notice accounts can offer higher interest rates for money your charity doesn’t need short term access to.

Charity and club accounts

Probably the first and most important consideration is how much access your organisation will need to the money. Will it be needed at a set date? Or will you potentially need to access funds at short or no notice?

As with regular savings accounts, the longer your charity or club can afford to not have access to its money, the higher the rate of interest you may be able to earn.

Interest rates can also be improved with a higher savings balance. Often charity savings accounts offer higher rates, the more money you have invested in the account.

Depositor protection for charities

Charity and club savings accounts may fall under the protection of the FSCS. Whether a charity is eligible for protection under the compensation scheme is not straightforward (even the FSCS’s site can’t give a definitive answer!). FSCS will assess whether a charity is eligible for protection on a case-by-case basis, but most non-financial firms or charities will be covered up to the £85,000 limit.

Moneyfacts tip

Moneyfacts tip nigel woollsey

The FSCS protects the first £85,000 an eligible charity or club has held under a single UK banking licence. Some banks and building societies share a licence, so it’s best to spread money between institutions to make sure it’s protected.

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