Finance News: Take-up of second issue CAF account fails to match 2003

The take-up of the second issue of CAF's guaranteed reserve bank account has fallen short of the first, with less than a month to go before the offer ends.

The account, which offers gross monthly income with potential returns linked to international stock markets, was issued for the second time in May, to follow its first issue last summer.

Around 100 charities deposited £7m last year. However, despite a similar campaign push, relative take-up figures at this stage are not as good, according to Mark Morford, product development manager at CAF.

He said the foundation had "taken plenty of calls from charities stating their intent to place funds with us, but we have not yet received their cheques".

Morford added: "In this second issue, charities will get up to 70 per cent of the growth available, plus any additional increase."

The offer ends on 30 June.

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