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Compare charity savings accounts

If you are a charity, it makes sense to get the best return you possibly can on your savings to increase the amount of good you can ultimately do. Unfortunately, many well-known banks and building societies are not currently offering particularly attractive interest rates for charity bank accounts.

However, there are still plenty of savings accounts out there that can allow you to earn a decent return, if you know what you are looking for.

How to find the best charity bank accounts

There are three main types of savings accounts that charities tend to use – easy access accounts, notice accounts and fixed rate bonds. Which will offer the best choice for you will depend on how you plan to use your charity’s savings and what level of return you would like to achieve.

Easy access account

An easy access savings account allows you to put money in and take money out whenever you like. This is highly convenient if your organisation is likely to need to use some of its savings in the near future, but the downside is that you will tend to get a lower interest rate than with some of the alternatives.

Notice account

Notice accounts allow you to withdraw funds when you need them, but you have to give the account provider notice first. Different accounts have different notice periods, with 30, 60, 90 and 120 days being common.

This means you do not have immediate access to your funds, but will be able to withdraw them if you know you will need them in the not-too-distant future. Notice accounts tend to pay better rates of interest than easy access accounts.

Fixed rate bonds

If you know you will not need your savings any time soon, your best option may be to place them into a fixed rate bond. These pay a set rate of interest which is usually fairly attractive, in exchange for you agreeing not to touch your money for a set period.

Fixed rate bonds are usually offered over 1, 2, 3 or 5 years, so are best for those who have no immediate need to use their charity’s savings.

What to look for in a charity bank account

When looking at charity savings accounts, there are several key features to look out for:

  • Minimum deposit
  • Maximum deposit
  • Interest rate
  • Access (how quickly can you withdraw funds when you need them?)
  • Where the bank invests its funds (do they meet with the ethical standards and goals of your charity?)

Get the best interest rates on charity savings accounts

With such a range of charity savings accounts to choose from, knowing which will offer the best return can be difficult. Our charity savings account comparison tool (found at the top of the page) shows the latest and most attractive deals on charity savings accounts from across the market.

This means you can quickly and easily find the perfect bank account for your charity, allowing you to earn the best possible return on your savings. Head to the top of the page to try it out.

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