Savers show generosity through affinity accounts

14 August 2006
A survey conducted by the Building Societies Association of its member societies has revealed that UK consumers have donated nearly £6 million to good causes through affinity savings accounts.

Affinity accounts allow holders to donate part of the interest they earn on their savings to good causes such as local sports clubs or charities.

By the end of 2005 there were over 148,000 of this type of savings account, mostly held through building societies, with a total balance of over £620 million.

"It is no surprise that affinity accounts are growing in popularity and deposits have doubled over the last five years," said Brian Morris, head of savings policy at the BSA.

"They are an excellent way for people to give money to local sports clubs or causes on a regular basis. They are easy to set up and, in contrast to credit card affinity tie-ups, they promote saving rather than spending."

On average, around one per cent of interest from this type of UK savings account is donated to linked "affinities".

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