United Trust Bank (UTB) has expanded its range of savings solutions for charities with the launch of a new Charity Limited Access Saver Account paying a competitive variable rate of 4.15% Gross/AER*.
The new account has been designed to provide charities with another option when managing cash reserves, sitting alongside UTB’s existing Easy Access, Tracker, Notice and Fixed Term accounts. It is aimed at organisations holding funds which may need to be accessed occasionally but do not require the unrestricted access offered by a traditional easy access account.
The launch reflects UTB’s belief that charities can often benefit from segmenting reserves according to their purpose and expected use. Operational cash may be best suited to an Easy Access account, currently paying 3.50% Gross/AER* variable, longer-term reserves may be more appropriate for Fixed Term accounts, whilst funds which require occasional access could benefit from the new Limited Access Account.
Charities can make up to two withdrawals during each 12-month period whilst retaining the premium variable rate of 4.15% Gross/AER*. Following a third withdrawal, and any subsequent withdrawals during the same period, the account moves to a lower variable rate of 2.75% Gross/AER* until the next anniversary date, when the premium rate is reinstated.
Key features of the new Limited Access Saver Account include:
- 4.15% Gross/AER* variable interest rate
- Available to UK registered charities
- Minimum balance £5,000
- Maximum balance £150,000
- Interest calculated daily and paid annually
- Up to two withdrawals each year whilst retaining the premium rate
- Can be managed online, by email, post or telephone
Stephanie Charsley, Head of Deposit Solutions at United Trust Bank, said: “Charities work incredibly hard to raise and protect funds, so it makes sense that those funds should work as hard as possible while they are being held in reserve.
“Many organisations need some flexibility to access cash during the year, but not enough to justify holding all of their reserves in lower-paying instant access accounts. Our new Limited Access Saver Account has been designed specifically for those charities, offering an attractive rate while still allowing access to funds when required.”
For further information on UTB’s charity savings products, visit the Bank’s website or contact the Deposit Solutions team.