Charity Bank provides an ethical savings account for businesses. There is no current account available. Your money will be used to create loans for charities and social enterprises, and you’ll earn interest as they repay. So far, over £288 million has been invested in over 1000 businesses up and down the UK.
Charity Bank Business Banking Services
There are four savings accounts to choose from. Some are flexible, while others lock your money away for a longer period and earn a higher rate of interest. All savings accounts will contribute to charities and social enterprises.
Ethical Easy Access Account
Access your money anytime and earn 0.75% Gross/AER. You can open an account with a minimum deposit of £10,000, and keep paying into your account.
Ethical 100-Day Notice Business Account
Withdraw your money with 100-days notice and earn 0.65% – 0.80% Gross/AER. You can save from £1,000, but you’ll need to save £25,000 – £500,000 to access the higher rate of interest.
Ethical 1-Year Business Fixed Rate Account
Save your money for 1 year and earn 1.20% Gross/AER. The minimum deposit is £10,000 and you can’t withdraw or change your balance until the term is over.
Business finance and loans
If your business is a charity or social enterprise, you can raise money through Charity Bank. Repayment details aren’t available online. Fill out the form on their website for more details.
Charity Bank Reviews and Ratings
There are no public reviews on Trustpilot, Reviews.co.uk, or Smart Money People. Charity Bank isn’t included in the Which? list of ‘Best & Worst Banks’.
Charity Bank ranked top in a list of the most ethical savings accounts, compiled by Ethical Consumer.
In 2019, independent charitable trust Power to Change saved a £5 million deposit with Charity Bank.
The Bank saw a 43% increase in lending between 2017 and 2018. 72% of their borrowers took out a loan to buy assets, and more than half applied for finance to improve growth and innovation.
- Invest in good causes that make a difference.
- Competitive interest rates.
- Wide choice of fixed and notice accounts.
- No public reviews, so it’s not clear how good the customer service is.
Website: Charity Bank Trust Business Banking