We answer your commonly asked questions about saving with Charity Bank.
- Can I open an account if I am not a UK resident or UK based organisation?
- How do I open an account?
- How do I operate my account?
- What happens if I change my mind about opening an account?
- How will I know what interest rate my account is earning?
- How can I make a withdrawal from my account?
- How can I make my initial deposit into a new savings account?
- How do I add additional funds to an existing savings account?
- How do I notify you if I move residence or my personal details change?
- What happens to the funds held in my account when I die?
- Are my savings protected by the Financial Services Compensation Scheme?
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 accept deposits from non-UK residents, non-UK based organisations or non-UK taxpayers.
Q. How do I open an account?
A. Personal, Business, CTUA (Charities, Trusts and Unincorporated Associations) and Credit Union savers can open an account by:
- Completing a postal application: You can download an application form from our website by clicking on 'Apply by post' or contact us and request that the application form is sent to you by post. Completed forms should be returned to the Tonbridge office with the initial deposit; or
- You can open your account easily online by clicking on 'Apply online'. During the online application process you can choose whether you wish to fund your account by cheque or electronic transfer.
Q. How do I operate my account?
A. You can operate your account by post, and access your account information by telephone.
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.If you opened a Cash ISA and cancel it in this way it will not count as a subscription to an ISA.
Q. How will I know what interest rate my account is earning?
A. You will be provided with details of the relevant interest rate when you open your account. We will notify you in writing of any planned changes to the interest rate at least 30 days beforehand. 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. You should notify us in writing in accordance with the terms of the account. Charity Bank will repay your funds by electronic payment to your nominated account. It is your responsibility to inform us if you change your nominated account details.
Q. How can I make my initial deposit into a new savings account?
A. You can make your initial deposit by Faster Payments, BACS and CHAPS from your nominated account once you receive an instruction we are ready for these funds by a member of the Savings Team. Payments to us from any other account will not be accepted and will be returned. To make a deposit, simply use the details shown below to move money from your nominated account.
Our account number: 55196772
Our sort code: 60-21-28 (NatWest sort code, we partner with them as our clearing bank)
Beneficiary name: The Charity Bank Ltd
Payment reference: Application Reference Number and/or surname*
Please make sure your bank correctly quotes the reference when they make a payment, 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.
Q. How do I add additional funds to an existing savings account?
A. Should your account terms permit, you can arrange a transfer (Faster Payments, BACS or CHAPS) from your nominated account using the following bank details:
• Account number: Your 8 digit Charity Bank account number (this was supplied to you once your account had been opened)
• Sort code: 60-83-16 (Charity Bank Agency Sort code for internal clearing)
If you wish to top up your account by cheque or Direct Debit please contact our Savings Team on 01732 441944 or via email@example.com. Please note maximum limits may apply by savings account.
Q. How do I notify you of changes to my personal details?
A. You should write to us to tell us about changes to your name, address, or other relevant personal data. 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, 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.
Q. How do I contact Charity Bank?
A. You can contact us on +44 (0)1732 441944 or email firstname.lastname@example.org or our postal address is:
The Charity Bank Limited,
182 High Street,
Kent TN9 1BE