How To Give To Charity Through Your Savings Account | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 08/12/2020

Consumers who are fortunate to have spare money to put into savings in the run up to Christmas this year may want to give something back by choosing a savings account that donates money to charity.

There are a number of savings accounts currently available in the savings chart that donate to charity, a selection of which are highlighted in the table below. Although these accounts can be a great way to donate to charity while building up a savings fund, savers should keep in mind that none of these accounts offer competitive rates, with the highest-paying charity savings account offering a rate of just 0.40%.

“Charity savings accounts permit the provider to donate on the consumer’s behalf, for example for savers who want instant access to their cash, Coventry Building Society has a Supporters Account that pays 0.25% to the saver and the society will pay a yearly rate of 1% to a chosen charity, such as Willow Trust,” explained Rachel Springall, finance expert at Moneyfacts.co.uk. “It is worth pointing out that some of these accounts are only available to local customers or those who open in branch or by post. Sadly, charity savings accounts have been hit by rate cuts just like the rest of the market, so consumers will need to weigh up their options and compare deals carefully.”

 

Charity savings account selection
Provider Product Gross rate at £10,000 Minimum investment Donation
Newbury Building Society Charity Account (35-day notice) 0.40% £100 0.40% paid to chosen charity yearly on 31 October. Charity options are: Alton Foodbank, Alzheimer's Society, Countess of Brecknock Hospice, Helen & Douglas Hospice, Friends of PICU, Priors Court Foundation, St. Michael's Hospice, Sue Ryder and Newbury Cancer Care.
Ipswich Building Society Mutual Advantage (30-day notice) 0.30% £100 1.00% paid to nominated charity yearly on 1 July.
Coventry Building Society Supporters Account (Willow Trust) 0.25% £1 1.00% paid to Willow Trust yearly on 31 December.
Monmouthshire Building Society Affinity Instant - Sparkle Appeal 0.25% £100 1.00% paid to Sparkle Appeal yearly on 31 March. Based on average daily balances.
Cumberland Building Society Hospices Account (Issue 5) 0.10% £1 1.00% paid to Cumberland Hospices yearly. Donation split equally between Eden Valley Hospice, Hospice at Home Carlisle & North Lakeland and West Cumbria Hospice at Home.
Leek United Building Society Air Ambulance Affinity Account 0.10% £1 1.00% paid to County Air Ambulance Trust yearly in March.
Furness Building Society St. Mary's Hospice Community Account 0.10% £1 0.50% paid to St Mary's Hospice yearly.
Chorley Building Society St Catherine's Hospice 0.10% £1 0.50% paid to St Catherine's Hospice yearly on 31 December.
Furness Building Society NSPCC Community Account 0.10% £1 0.50% paid to NSPCC yearly.
Chorley Building Society Age UK Lancashire 0.10% £1 0.50% paid to Age UK Lancashire yearly on 31 December.

 

An alternative way for consumers to donate to charity can be through their current account, as some donate rewards gained to charity. As Springall explained: “Banking customers can help good causes with a simple donation by forgoing a reward payment on some current accounts and instead, give it straight to charity. The Co-operative Bank offers its Everyday Rewards scheme, which can be added onto a selection of bank accounts, pays a monthly reward of £2, plus up to £3 in debit card rewards can be donated to one of its five chosen charities, Amnesty International, Hospice UK, Oxfam, Refuge or Woodland Trust.

“NatWest offers a Reward Current Account where customers can opt to donate rewards to one of 11 charities and it will match every donation through the Rewards scheme up to the value of £50 until 31 December 2020 up to a total of £100,000 to celebrate Giving Tuesday. If customers take advantage of the Rewards scheme, it’s easy to see how they could build up enough rewards either to keep or to donate to charity every month.

“Those looking to refer their friends to a more ethical bank may wish to consider the offer from Triodos Bank, whereby if existing customers take advantage of the Refer a Friend scheme, £25 will be donated to a charity on their behalf and a £60 voucher will go to their friend when they open a current account. The account does carry a fee, so its important consumers compare deals before they apply.”

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