Charities being ripped off by savings providers
17 May 2010 / by Rachel Mason
Charities are receiving some of the lowest savings rates on the market, according to financial service provider Fair Investment Company.
The firm says that while the average personal savings account is fairly poor paying out just 0.83%, charities are getting an even worse deal – just 0.45% on average.
“Charities really are getting a raw deal at the moment. The average rate for charities is less than half a percent, and even for those charities who can afford to fix, average rates are only 1.62%, “says James Caldwell, director of Fair Investment Company.
“Personal accounts are not great at the moment, but the average fixed is 3.05% which is still considerably better than what charities are getting.”
James says that although charities can’t do much about the rates on offer they can be savvy about which ones they choose.
“Although we obviously cannot force banks to start offering charities a better deal, we can at least source the best deals on the market, which is what we have done with our new charity savings comparison service, which compares leading charity savings accounts and offers up to 4% on fixed rates.”
James says that “even the lowest rates” on the Fair Investment site are “more than three times the average” and urges charities to take a look at some of the deals on offer.
“Many charities may not even realise how poor a deal they are getting on their savings, and many who are aware that their current savings solution is less than adequate may not know what to do about it, and that’s where we can help.”
| Provider | Account | Interest Rate | Term | Apply |
|---|---|---|---|---|
 Nationwide » |
Nationwide Business Instant Saver | 0.50% | Instant Access | More 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. | ||||
| Provider | Account | Interest Rate | Term | Apply |
|---|---|---|---|---|
Nationwide » |
Nationwide Business 1 Year Saver | 0.90% | 1 Year | More 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. | ||||
| Provider | Account | Interest Rate | Term | Apply |
|---|---|---|---|---|
Nationwide » |
Nationwide Business 95 Day Saver | 1.00% | 95 Day Notice | More 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. | ||||
| Sorry, your search has returned no results. |
| Provider | Account | Rate | Term | Apply |
|---|---|---|---|---|
Nationwide » |
Nationwide Business 1 Year Saver | 0.90% | 1 Year | More 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. | ||||
Nationwide » |
Nationwide Business 95 Day Saver | 1.00% | 95 Day Notice | More 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. | ||||
Nationwide » |
Nationwide Business Instant Saver | 0.50% | Instant Access | More 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. | ||||
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