A comprehensive list of the new UK tax allowances and thresholds for 2020 / 2021
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Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme up to a maximum level of protection of £85,000 per business per institution. The deposits of most businesses are covered up to the £85,000 limit, but businesses should check with their bank before they apply as there are exclusions.
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Probably the first and 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 to access funds at short or no notice?
As with regular savings accounts, 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 FSCS. Whether a charity is eligible for protection under the compensation scheme is not straightforward (even the FSCS’s site can’t give a definitive answer!). FSCS will assess whether a charity is eligible for protection on a case-by-case basis, but most non-financial firms or charities will be covered up to the £85,000 limit.
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