Coutts creates charitable giving bank account

Product designed to make it easier for customers to reclaim tax on donations

Private bank Coutts & Co has launched a charitable giving account to allow customers to make and track donations more easily.

The account works exactly like a normal bank account, except that payments from it can be made only to charitable organisations.

Mark Evans, head of philanthropy at Coutts, said the account would make it easier for people to reclaim tax on donations.

"Now, instead of trawling their bank and credit card statements at the end of each tax year, Coutts clients will be able to see how much they have given at a glance," he said.

"This new account has been launched in response to client feedback, and my prediction is that every major financial institution will be offering some kind of charitable giving account in the not too distant future," he added.

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