Finance News: Charities can save money on banking, claims Cater Allen

Private bank Cater Allen has claimed that charities are losing out on income by not shopping around for the highest interest rates from banks.

The bank believes that charities could gain as much as £5,000 more in interest by switching to more competitive accounts. It is urging charities to analyse where they could generate extra income by upgrading their bank accounts.

Cater Allen's advice to charities tallies with research from CAF Bank in the spring, which found that the sector was far more interested in low bank charges than high interest rates.

Cater Allen managing director Richard Dunn said: "There seems to be so much competition in the charity sector at the moment and a great deal of energy goes into fundraising. It's disappointing that many charities are overlooking a very valuable opportunity to increase the income that they've worked so hard to generate.

"It's more important than ever that they find an account that offers benefits and interest rates that will make their money work harder."

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