Charities frequently face obstacles when it comes to getting a good interest rate on their savings. Fair Investment Company is committed to helping charities get the best interest rates on their savings. See below for our selection of some of the latest charity saving accounts available in December 2013*
Latest easy access account deals
An easy access charity savings account could be a suitable option if you are looking for flexible access to your funds. The Scottish Widows Charity Deposit Account offers instant access with no withdrawal penalties. The account requires a minimum deposit of £500 and allows a maximum balance of £5million with an interest rate of up to 0.40% gross AER.
Latest notice account deals
If you are prepared to opt a for a longer notice period, you may be able to gain potentially higher interest rate on your charity savings. The Cater Allen Asset 30 account offers a rate of 0.65% gross/AER with a notice period of 30 days. The minimum deposit for this account in £5,000, with monthly interest payments, and deposits are guaranteed by Santander.
You may be considering a new home for your business savings in order to maximise returns in 2014. If you currently hold most of a your business cash in a current account, it’s worth noting that cash that is not currently required as capital for the day-to-day running of your business will usually generate more interest if you move it into a specialist business savings account. To help you choose the right option for your business, we’ve put together a selection of some of the latest business savings accounts in December 2013.
Latest easy access account deals
If you’re likely to need access to your capital at short notice, Cater Allen’s Asset 30 account could be worth considering. This account offers a rate of 0.65% AER/gross and pays monthly interest, with a minimum opening balance of £5,000. Withdrawals are permitted at any time provided you give notice 30 days in advance.
As we approach the start of a new year, savers may be considering a new home for their money in order to make the most of their hard-earned cash in 2014. While top fixed rate deals might be thin on the ground at the moment, there are alternatives to traditional fixed rate bonds, such as structured deposit plans, which could be an option for those who would normally have chosen to lock their cash away in a fixed rate bond. See below for our selection of some of the latest fixed rate bonds and alternative savings plans on the market in December 2013.*
Short term fixed rate bonds
For those looking for a short term fixed rate bond, Principality offers two options – a 9 month fixed rate bond and an 18 month fixed rate bond – paying 0.75% AER/gross and 1% AER/gross respectively. Both accounts require a minimum deposit of £5,000, and no additional deposits or withdrawals are permitted during the term of the plans.
Cater Allen offers a 1.30% AER/gross rate on its 1 year fixed rate bond to customers with an initial deposit of £50,000 or over, guaranteed by Santander. Withdrawals are not permitted during the fixed term.
For those with a lower initial deposit, Aldermore currently provides a one year fixed rate bond offering 1.75% gross/AER requiring a minimum deposit of £1,000.
The state pension age could rise to 69 by the 2040s, it has been announced.
In his Autumn Statement today, Chancellor George Osborne announced that as well as the potential for a lower age limit of 69, the existing plans to raise the state pension age from 65 to 68 will now be brought forward to the mid-2030s – a decade earlier than the date originally proposed, which was 2046. The move is projected to save the taxpayer about £500bn over the next 50 years.
The change means that, potentially, people who are in their teens and twenties today could face working into their seventies before they become eligible for state benefits.
According to the Telegraph, industry sources say that a consultation on opening up ISAs to peer-to-peer lending – sometimes referred to as crowd funding – is expected to be unveiled by George Osborne in the Autumn Statement on Thursday. It is believed that a consultation lasting three to four months will launch on Thursday, with any changes likely to take effect in April 2015.
Benefits for investors and savers
Peer-to-peer websites operate by linking savers to borrowers directly – often leading to better rates for both. Current tax rules mean individuals involved in peer to peer lending have to pay income tax on profits earned, with customers asked to include any interest on self-assessment tax returns. Supporters of the move to include peer to peer lending in ISAs argue that such a move will offer significant benefits to those already involved, as well as encouraging new investment.