Savings rates 'causing disgruntlement among many charities'
Date posted: 30 Jun 2010
A large proportion of the country's charities are viewing their savings account rates in a negative light, according to new figures.
Published by Alison Gamble.
Many UK charities are not feeling very positive about the rates they are currently getting on their savings accounts, new research suggests.
As many as 97 per cent of those queried in a recent survey from the Fair Investment Company are said to be unhappy with the present rate they are receiving.
James Caldwell, the firm's director, believes that charities are having to contend with poor deals in the current financial environment.
He stated: "Considering that the average charity savings account is currently offering a 0.57 per cent in interest, I am not at all surprised that the vast majority of charities are unhappy."
Only four of the charities which responded to the Fair Investment Company survey reported that they feel happy about their existing savings account rates.
The Bank of England's base interest rate currently stands at 0.5 per cent, with this remaining unchanged since March of last year.
Please contact Janet Turner, head of not for profit services for further information or call 01223 225027
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