The Charities Aid Foundation (CAF) is offering a dedicated cash deposit platform that gives charities exclusive access to market-leading interest rates.
CAF has partnered with Flagstone, the UK’s leading cash deposit platform provider, to offer charities access to interest rates that could make a real difference to the amount of money earned on their reserve funds.
CAF’s platform will give charities access to a choice of more than 170 deposit accounts from 22 banks and building societies – and enable them to open multiple accounts in minutes (rather than weeks or even months) all accessible through a single application.
The CAF Charity Deposit Platform is fully online, lets charities manage their cash deposits 24/7 and provides consolidated statements, an annual interest summary and financial strength information pertaining to each deposit taker. The straight-forward ‘one-stop shop’ platform also offers Euro and US Dollar accounts for charities which hold reserves in those currencies.
Access to this platform allows smaller and medium sized charities with savings starting at £50,000 to put those funds to good use.
The CAF Charity Deposit Platform also gives charities peace of mind by enabling them to spread their savings across a number of different providers. This will allow all eligible charities to ensure they benefit from full FSCS protection on deposits of up to £85,000 in each product held with a different bank or building society.
Sir John Low, Chief Executive of CAF, said:
“We all know that charities need to be prudent with the money they receive and in uncertain times they must keep some in reserve some for the future.
“Charities are rightly looking for the best return on their rainy-day funds and we are pleased to be able to offer them a chance to make the most of their cash through market-leading interest rates with a best in class firm.”
Andrew Thatcher, Co-Managing Partner at Flagstone, said:
“With first-hand experience of working with charity trustees, we understand the importance of making sure that reserve funds held on deposit generate as much interest income as possible. We’re extremely proud to be partnering with CAF to help more charities maximise their income and manage risk – making donations go further and providing finance directors and trustees with greater control and peace of mind.”
The dedicated CAF Charity Deposit Platform will be widely available via the CAF website from January 2020. But there is capacity to enrol a small number of charities before the new year and interested charities can contact clientrelations@cafonline.org for more information.
