With the bank rate at just 0.5%, finding high interest savings accounts can be tricky. But while the internet is packed full of comparison tables to help consumers find the best account, the same cannot be said for charities trying to make the most of their donations.
“Charities are often in the situation where they are holding onto donations that do not need to be spent immediately and can instead be deposited,” explains Gemma Screen, commercial executive at Fair Investment Company. “Unfortunately, the vast majority are earning very little interest on their money and with very few tools online to help them compare accounts they just don’t know where to look to find a better rate.”
With this in mind, Fair Investment Company has launched a brand new service to enable charities to find savings accounts that allow them to make the most of their organisation’s money.
Charity savings has an online comparison of leading charity savings accounts including one year fixed rate accounts, offering rates of up to 2.35%, 7 day notice accounts and instant access savings accounts.
Customers can compare these accounts online and if interested can apply by filling in a simple online form. A pack is then sent to the charity by email and post with an application form for the account that the charity is interested in, as well as information about other leading accounts suitable for their needs.
“We send the charity an application form for the account they have applied for plus other product information because we think it can also be useful to have details of a range of other accounts too,” explains Gemma. “This is because more often than not, the decision about which account to go for will be made by at least two people, so having all the options in front of them allows charities to make a joint decision.”
Michael Alabaster, from charity savings account provider Cater Allen Private Bank, part of the Santander group said: “It is important for charities to ensure that, like other businesses, they are being supported by their bank both through a quality of service and by helping make the most of their deposits.
“Fair Investment Company’s site offers a valuable resource to help charities distinguish those banks that will go that extra mile for their clients.”
He continued, “charities require a different approach to banking, with specialist product forms and applications as well as the need for different product ranges to suit each individual need and being able to produce tailored support for these needs is a service that Cater Allen holds as key to being able to offer its customers a unique and all encompassing proposition.”
Gemma continues, “We believe many charities are aware that their current savings solution is less than adequate but don’t know what to do about it – our new service provides them with the much needed tools required to help them make more from their money.”
Fair Investment Company also offers a service where charities can search for charity insurance deals. This includes products that cover charities’ buildings and contents as well as liability risks for the organization and the personal insurance requirements for charity workers.
To use Fair Investment Company’s new charity savings account comparison service go to charity savings accounts, or to find out more about Fair Investment Company’s charity insurance service go to our charity insurance page.