Shawbrook Bank launches new charity and trust savings account
12 December 2011
Shawbrook Bank has launched a new 100 day notice account for charities and trusts, which has been developed in response to the current lack of choice and flexibility available to these organisations when it comes to savings products.
Shawbrook’s new account will allow charities and trusts to earn competitive returns on their cash reserves, with the flexibility of a notice account. Customers are not required to move their other banking products over to Shawbrook to be eligible.
Charities and trusts can invest any amount from £5,000 to a maximum of £2,000,000 into the account, which offers a return of 2.90% GROSS/AER and 2.32% NET. The interest rate is variable and withdrawals are available subject to 100 days’ notice.
Shawbrook’s new notice account offers an alternative for many charities that are currently leaving large sums of money in accounts with low interest rates. If a charity deposited a cash reserve of £2,000,000 with Shawbrook, at the current rate of 2.9% GROSS/AER, they could expect a return of £58,000 GROSS after one year.
Owen Woodley, CEO of Shawbrook Bank said:
“We know that charities and trusts in the UK are currently poorly served when it comes to savings accounts, with a lack of choice and uncompetitive interest rates. As a result, many organisations have no choice but to leave large sums of money in accounts with low rates, which for many charities can mean the difference of thousands of pounds less in interest each year.
“We created the new charity savings account specifically to meet the needs of charities and trusts, to help their cash reserves to go further. We’re looking to broaden our suite of products for these organisations, and we’ll be listening carefully to what charities and trusts want and need in a bank.”
Shawbrook is a new specialist savings and lending bank that offers a straightforward, no-nonsense alternative to the high street. Shawbrook Bank is built on the traditional savings and lending model, which means the bank is free of toxic debt, and savings are secure.