CAF has partnered with cash deposit platform provider Flagstone to provide the platform, which is just for charities and will provide access to a choice of more than 170 deposit accounts from 22 banks and building societies for those with savings starting at £50,000.
With CAF Charity Deposit Platform, charities will be able to open multiple accounts in minutes, which will be accessible through a single application.
They will also be able to spread their savings across a number of different providers, allowing 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.
The platform is fully online, lets charities manage their cash deposits 24/7 and provides consolidated statements, an annual interest summary and financial strength information on each deposit taker. The platform also offers Euro and US Dollar accounts for charities holding reserves in those currencies.
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 CAF Charity Deposit Platform will be widely available via the CAF website from January 2020.
However, there is capacity to enrol a small number of charities before the New Year and interested charities can contact firstname.lastname@example.org for more information.
Source: Charities Aid Foundation