Charity Bank expands product range

Charity Bank is widening its range of products to include a savings account and an ISA.

Until now, the bank has offered a single interest rate of 2 per cent to depositors, irrespective of how much money they paid into an account or how long they left it for. However, the bank announced at its AGM on 21 May that it is now hoping to reward long-term, large-scale depositors with rates of up to 4.75 per cent per annum.

The bank also plans to offer a charity ISA, which would pay 4.5 per cent per annum and would also offer a donation to the charity of a depositor’s choice at the end of its five years.

“We’re not here and never have been here to maximise financial returns, but we want to widen the marketplace by rewarding people for leaving more money with us for longer,” said Malcolm Hayday, chief executive of Charity Bank.

Charity Bank has also unveiled a new look for its website and launched a new service to help charities that would be refused credit elsewhere to acquire badly needed assets.

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