A simple way to support other Abbeyfield Member Societies and reinforce the ethics at the heart of your business
- Available to Abbeyfield Member Societies
- Lock your savings away for one year and enjoy a fixed rate of interest
- 1.30% Gross / AER*
Abbeyfield 1-Year Fixed Rate Account (Gross/AER)* - Fixed Rate
|Fixed Period||£10,000 - £500,000**|
*Gross is the interest rate without tax deducted.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
**If you are a charity, business or private individual looking to place deposits greater than £500,000, please contact our savings team on 01732 441944.
|Payment of interest:||Interest is paid Gross i.e. without tax deducted.|
|Fixed term:||1 year|
|Minimum initial deposit:||£10,000|
|Number of deposits:||One only|
|Withdrawals:||When your account matures you can arrange an electronic transfer into your Nominated Account, or another Charity Bank account.|
|Paying money in:||First payment by cheque, debit card or electronic transfer.|
|Number of account holders:||Unlimited|
|How we calculate interest:||Interest is calculated daily and added to your account on each anniversary of the investment and at maturity. There is no bonus interest payable.|
|What would the estimated balance be after 12 months based on a deposit of £10,000?||Based on an interest rate of 1.30% gross, the balance on a £10,000 deposit after 12 months would be £10,130.00. The illustrative example assume no withdrawals, no changes to the fixed interest rate over the period and interest is paid and compounded annually. (The illustrative example does not take into account the individual circumstances of a customer)|
|Can Charity Bank change the interest rate?||The interest rate is fixed and cannot be altered in accordance with Section 9 Changes to interest rates of our Terms for organisations.|
|Managing your account:||All accounts are operated by post. We can answer any questions directly by email or over the phone.|
|What happens at maturity of the fixed-term?||We will write to you before maturity to remind you of the date that your fixed-term ends. At maturity, you can either withdraw your funds to your Nominated Account, reinvest them in a new fixed-rate account or transfer them into an alternative Charity Bank account of your choice (subject to any specific account Terms). If you do not let us know what you wish to do by the maturity date, your account will automatically revert to an Ethical 40-Day Notice account and the managed interest rate will be confirmed to you in writing. The Ethical 40-Day Notice account is subject to the following condition: A signed letter giving 40 days’ notice is required for withdrawals and closures.|
- Access: open an account by making a single deposit from £10,000
- Competitive return: lock your savings away for a year and enjoy a fixed rate of interest (see the rates table above)
- Social impact: we seek to use deposits from Abbeyfield Member Societies to make loans to other Abbeyfield Member Societies
Ready to start saving? Find out where your money goes
Things you need to know
- Opening an account: The Abbeyfield 1-Year Fixed Rate Account is available if you are a UK registered charity, trust or unincorporated association. All trustees, directors, beneficial owners, additional signatories, chairman and secretary must be permanent UK residents.
- Access: When your account matures you can arrange an electronic transfer into your Nominated Account, or another Charity Bank account.
- Saving for impact: You can deposit up to £500,000
To view the full Terms for organisations please click here
- Getting started. Once you've opened your account with us, we'll send you a welcome pack explaining how to manage your account and find out where we’re investing your money
- Your impact. You’ll receive annual bank statements with a twist: you’ll see how your savings have grown and you’ll learn about some of the organisations your savings have supported
- Withdrawals. When your account matures you can arrange an electronic transfer into your Nominated Account, or another Charity Bank account
- Staying in touch. You can call us directly to check your account details and rates
- Questions? Talk to us if you have any questions – telephone 01732 441944 or email email@example.com.