Savings: Frequently Asked Questions

By Jul 15, 2014

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We answer your commonly asked questions about saving with Charity Bank.


Q. Can I open an account if I am not a UK resident or UK based organisation?

A. Charity Bank’s mission is to serve communities in the United Kingdom by attracting deposits from UK residents or UK-based organisations and by lending to UK-based charities and other social sector organisations. Charity Bank does not take deposits from non-UK residents or non-UK based organisations.


Q. How do I open an account?

A. By completing an application form. You can either download this from our website or contact us and request that the application form is sent to you by post. Completed forms need to be returned to the Tonbridge office with the initial deposit.


Q. How do I operate my account?

A. You can operate your account by post, and access your account information by telephone, subject to suitable security checks.


Q. What happens if I change my mind about opening an account?

A. If you change your mind within 14 days of opening the account, you can either transfer your savings to another Charity Bank account or we will refund all of your money together with any interest at the appropriate rate applying to your account.


Q. How will I know what interest rate my account is earning?

A. We will write to you before you open your account advising of the interest rate. Any planned changes to the interest rates are notified, in writing, to our clients 60 days ahead of any changes coming into effect. The current interest rates for all our accounts can be found on our website.


Q. How can I make a withdrawal from my account?

A. We require you to provide us with written instructions, in the form of a letter, and within the terms of the account. Charity Bank will repay your requested funds by electronic payment to your nominated account.


Q. How do I add funds to my account?

A. Please refer to the Key Benefits for each specific account type. For more information or contact our Savings Team on 01732 441944 or via savings@charitybank.org. Please note maximum balance levels apply.


Q. How do I notify you if I move residence or my personal details change?

A. We require you to notify us of any changes by written instruction, in the form of a letter. If you change your name we will require a certified copy of the Marriage Certificate or Deed Poll.


Q. What happens to the funds held in my account when I die?

A. In the event of your death we will release funds once the certificate of probate is received, and then as instructed by your executors/solicitors.


Q. Are my savings protected by the Financial Services Compensation Scheme?

A. Yes, 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.