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The UK Government has proposed to increase the deposit protection level from £75,000 to £85,000 of eligible deposits from 30 January 2017.
Club and charity savings accounts don’t tend to have interest rates that are as high as those available for your personal savings. So it’s even more important to shop around for the best home for your charity or club’s hard-won funds.
Probably the most important consideration is how much access your organisation will need to the money. Will it be needed at a set date? Or will you potentially need the money at short or no notice?
The longer your charity or club can afford to not have access to its money, the higher the rate of interest you may be able to earn.
Interest rates can also be improved with a higher savings balance. Often charity savings accounts offer higher rates, the more money you have invested in the account.
Charity and club savings accounts may fall under the protection of the Financial Services Compensation Scheme. Whether your charity or club is eligible will depend on how it is constituted (it’s not enough for a charity to be registered).
If your charity is constituted as an unincorporated association or limited company, it would be eligible for compensation if it meets two of the following:
The Financial Services Compensation Scheme protects the first £85,000 an eligible charity or club has held under a single UK banking licence. This level of protection will reduce to £75,000 from 1 January 2016. Some banks and building societies share a licence, so it’s best to spread money between institutions to make sure it’s protected.
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