Savings For Good
Make a positive difference to communities across the UK. Use your savings to inspire changes and reduce your income tax liability while your savings make an impact in communities.
below BoE base rate
per annum
You can monitor the Bank of England base rate on its website.
*The savings interest payable tracks 3.25% below the prevailing Bank of England base rate for the duration of the account being open, but will not fall below 0.00% if the base rate falls below 3.25%. Currently this results in 1.50% gross / 1.51% AER interest being paid. 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.
**Please refer to our CITR Base Rate Tracker – Scheme Details & Summary Box for full details and worked examples of potential returns to savers. Minimum and maximum returns for each income tax banding are shown below along with those for corporation tax payers. These examples below are based on the current Bank of England base rate of 4.75%.
– Basic rate tax: 4.69% to 6.19% (subject to an individual’s utilisation of their personal savings allowance)
– Higher rate tax: 6.25% to 7.75% (subject to an individual’s utilisation of their personal savings allowance)
– Additional rate tax: 6.82% to 8.32% (no personal savings allowance)
– Corporation tax: 5.00% to 6.50% (Main rate of 25% used)
UK tax legislation, which may be subject to change, may have an impact on your personal tax position.
Your eligible deposits with 
The Charity Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. View and download the Charity Bank Deposit Guarantee Scheme: Information Sheet here. For further information visit www.fscs.org.uk.
Key changes;
Available to individuals who are tax resident in the UK. Open an account with a minimum £5,000.
Your savings will benefit from interest tracking 3.25% below base rate and 5.00% income tax relief from the tax year of investment and four subsequent tax years.
Your money will be used to support charities and social enterprises.
Five Years.
£5,000.
£500,000 (dependent on available CITR capacity).
One, due to this being a tax relief product.
Initial deposit(s) can be made by cheque or electronic transfer from your nominated account only. From the day we confirm your account is open you have 14-calendar days to fund it with one or multiple deposits up to a maximum account balance of £500,000 or in excess of this limit if pre-approved by us. If your account is not funded to the minimum account balance of £5,000 within this period, it will be closed, and any funds returned to you. No further payments permitted once the funding period has ended.
Interest will be paid gross. If the total amount of interest you receive in any tax year exceeds any Personal Savings Allowance to which you’re entitled, you may have tax to pay at the applicable rate. This would need to be paid directly to HMRC. For more information, please visit gov.uk and search for ‘Personal Savings Allowance’.
Interest is calculated daily and added to your account quarterly in March, June, September and December and on closure of your account. There is no bonus interest payable.
Based on an interest rate of 1.50% gross / 1.51% AER (4.75% base rate), the estimated balance on a £5,000 deposit after 12 months would be £5,075.42. The estimated balance on a £100,000 deposit after 12 months would be £101,508.46. These illustrative examples assume no withdrawals, no changes to the Bank of England base rate over the period and interest is paid and compounded quarterly. (The illustrative examples do not take into account the individual circumstances of a saver.) Please note savings interest would form part of the overall return for savers and needs to be factored alongside tax relief as shown in our ‘worked examples’.
To obtain maximum tax relief the funds must be held in an account for a period of 5-years. No withdrawals are permitted for the first 3 years. Up to 25% can be withdrawn in Year 4 and up to 50% withdrawn in Year 5, upon 91 days written notice. Any funds being withdrawn must be credited to your nominated account.
| For example if a saver put £15,000 into a CITR Base Rate Tracker Account on 18th April 2024. The eligible amount for each tax year for which relief may be claimed is £11,250 (75% of £15,000), which would means tax relief of £562.50 (5% of £11,250) may be claimed for the tax year 2024/25 (the tax year in which the saving was made) and for each of the four subsequent tax years. (UK tax legislation, which may be subject to change, may have an impact on your personal tax position.) Please note tax relief would form part of the overall return for savers and needs to be factored alongside any savings interest as shown in our ‘worked examples’. |
All accounts are operated by post. We can answer any questions directly by email or over the phone. Currently we do not offer online services once your account is open.
We shall write to you ahead of the certificates’ expiry date with options available to you at the time.
Talk to our UK based Savings Team about your needs.
Our ethical savings accounts give you the ability to help create lasting social change. Explore our full range of ethical savings accounts to find right account for you.
View Personal Savings AccountsAre my savings protected by the Financial Services Compensation Scheme?
Charity Bank benefits from its own banking licence and is a member of the Financial Services Compensation Scheme (FSCS).
A. Yes, your eligible deposits with Charity Bank are currently protected up to the £85,000 limit of the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Any balances above £85,000 are not protected.
For joint accounts eligible deposits for each account holder are protected up the £85,000 FSCS limit (making a total of £170,000).
Deposits from large companies and small local authorities are covered by the FSCS deposit protection from 30 January 2017 up to the FSCS limit of £85,000.
Please refer to our Deposit Guarantee Scheme: Information Sheet
You can visit the FSCS website for more information and check whether your covered.
How do I operate my account?
All accounts are operated by post. We can answer any questions directly by email or over the phone, with our friendly UK based Savings Team, who are always willing to support you. Currently we do not offer online services once your account is open.
How does Charity Bank support vulnerable customers wishing to apply for an account?
We understand that challenging situations, whether temporary or permanent, can make it more difficult to apply for and maintain your account with us. Please refer to our Customer Support guidance or contact us by phone: 01732 441944 or by email: [email protected] should you need any support before completing your application.
How can I make my initial deposit into a new savings account?
Once we confirm to you by email that your account is open, you will have 14-calendar days to fund it. During this window you can make one or multiple payments by any of these methods.
OR
Once this period has ended, if your account hasn’t been funded at least to its minimum account balance, it will be closed, and confirmation will be issued to you. We will send you a reminder to fund your account after 7-days to ensure such cases are kept to a minimum.
We partner with NatWest as our clearing bank. From 3 May 2024 we were live on the Confirmation of Payee (CoP) service. You can read more about how it works and what this means to you on our dedicated CoP webpage. We continue to encourage you to please take due care and diligence when making payment by electronic transfer. Your confirmation of account opening email, will provide your unique 8-digit account to be used with our sort code: 60-83-16 and you are welcome to contact us by phone: 01732 441944 or email: [email protected] to double-check anything.
Please always quote your application reference number* and/or surname as a payment reference and ensure your bank correctly quotes the reference when they are making a payment on your behalf, otherwise it may be rejected and returned to you without interest. You’ll earn interest from the business day on which the payment was received.
*If you completed your account application online, you will have been given an application reference number.
For the latest Charity Bank savings accounts documents, please click on the button below.
Savings Document LibraryPlease click the links below to download an application pack:
Charity Bank Terms for Personal Savers