Only 3% of charities happy with savings rates Go compare with our comparison table

Only 3% of charities happy with savings rates

29 June 2010 / by Rachel Mason

Just three per cent of charities are happy with the savings accounts rates offered by their providers, according to research by Fair Investment Company.

In an online poll, the firm found that 97per cent of charities said they were not happy with their savings account rate.

James Caldwell, director at Fair Investment Company, says that given the fact that the average savings account rate being offered to charities is just 0.57 per cent, it is not surprising that most are unsatisfied.

"Savings account rates are low for everyone at the moment, but it would seem that charities are getting a really bad deal," he said.

"While the average personal account is paying 0.73, the average charity savings account is even worse – only 0.07 per cent above the historically low base rate."

Mr Caldwell says that there is nothing he can do to make the rates go up, his site can help charities find the best rates in the market.

"Our service compares leading charity savings accounts and offers up to 3.50 per cent on fixed rates and up to two per cent on notice accounts and 1.5 per cent on easy access deposit accounts, which means that even the lowest rates on our site are nearly three times the average.

"If your charity is receiving low interest, it is worth taking a look at some of the deals we have – it could make a big difference."

© Fair Investment Company Ltd

Business Savings Selection
ProviderAccountRate TermApply
1.10%1 YearMore Info >
1.10% gross/AER. £1,000 minimum opening balance. No withdrawals.
1.00%6 MonthsMore Info >
1.00% gross/AER. £1,000 minimum opening balance. No withdrawals.
0.85%Easy AccessMore Info >
0.85% gross/AER. £1,000 minimum opening balance. Unlimited withdrawals.
0.65%1 YearMore Info >
A highly competitive rate of interest if you can lock your savings away for 1 year, with interest paid on maturity. Open to businesses with fewer than 250 employees and a turnover or assets of up to £45 million.
0.75%95 Day NoticeMore Info >
0.75% AER/gross. Withdrawals subject to 95 days notice. Minimum Deposit £10,000, maximum balance £5,000,000. Available to UK businesses.
0.55%6 MonthsMore Info >
A highly competitive rate of interest if you can lock your savings away for 6 months, with interest paid on maturity. Open to businesses with fewer than 250 employees and a turnover or assets of up to £45 million.
0.55%95 Day NoticeMore Info >
Earn a higher rate of interest if you don;t need immediate access to your savings, with interest paid monthly or annually. Open to businesses with fewer than 250 employees and a turnover or assets of up to £45 million.
0.40%Instant AccessMore Info >
Instant access account for - BUSINESS, CHARITIES, HOUSING ASSOCIATIONS, CLUBS & PARTNERSHIPS - Interest paid monthly or annually. Open to organisations with fewer than 250 employees and a turnover or assets of up to £45 million.