CCLA charity deposit fund passes £2.5bn

Balance increases by 10 per cent in a year

A deposit fund for charities to keep cash in the short term has seen its balance increase by 10 per cent in the past year to more than £2.5bn.

Not-for-profit investment house CCLA, managers of the CCLA Charities Deposit Fund, said the product had been successful because it had beaten the Bank of England's official bank rate and offered depositors the security of holding money with a large number of banks.

In the past year, several other social finance organisations, including CAF Bank, Unity Trust Bank and Triodos Bank have also reported large increases in deposits because of a ‘flight to safety' and competitive interest rates.

Michael Quicke, chief executive of CCLA, said: "The current climate has created nervous times for charities and their trustees. Our deposit fund for charities is carefully managed, with a strong focus on security. It also consistently delivers competitive interest rates."

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