In this blog, Ed Siegel, CEO of Charity Bank, shares how our customers have been a source of inspiration and how, as a social lender, we are adapting to meet the multiple challenges presented by the COVID-19 pandemic.
We are all aware the coronavirus outbreak means this is a very challenging time for all. We know this will include the charities and social enterprises we work with, many of whom work with the most vulnerable people.
No matter what the mission or size of your charity or social enterprise, renting can often feel like a drain on your resources. A huge outgoing expense that provides no real security or return, it can also restrict opportunities to develop or expand.
Your eligible deposits with Charity Bank are currently protected up to a maximum of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. Total balances above £85,000 are not protected.
For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (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 a maximum of £85,000.
Visit the FSCS website for more information or call the FSCS on 0800 678 1100 or 0207 741 4100.