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 organisations tax position.
Key changes;
What’s the same;
Five Years.
£5,000
£500,000 (dependent on available CITR capacity).
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.
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.
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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 Organisations
CITR Base Rate Tracker – Scheme Details & Summary Box
CITR Base Rate Tracker Account for Businesses/Credit Unions – Application Form