Giving made easy for spenders and savers
National Giving week is upon us, and with Children in Need just around the corner consumers may be considering the best ways to give to their chosen charity. By using one of the growing numbers of charity savings accounts or credit cards consumers can donate every day as part of their everyday banking.
Savings
Rachel Thrusell, Head of Savings at moneyfacts.co.uk comments:
“The affinity account market is still dominated by sporting causes, but charity affinity accounts are beginning to grow in popularity. Today, you can choose from 32 accounts which donate funds to a variety of charities, ranging from worldwide causes to local based charities.
“At the start of National Giving week, we see the launch of two new charity affinity accounts from West Bromwich BS and Coventry BS.
Provider |
Charity |
Min Deposit |
Rate |
Donation |
West Bromwich BS |
Help the Aged |
£25 |
£25 – 3.75%; £5K – 4.00%; £25K – 4.25% |
Up to 1% of average balances paid to Help the Aged (Rates include a 0.50% bonus to 31.3.07) |
Coventry BS |
St Cross |
£100 |
3.75% |
1% of average balances paid to Friends of the Hospital of St Cross in Rugby. Consumers also have the option to donate any interest earned to charity. |
“Whilst the charity affinity savings accounts do not pay market leading rates of interest, they are by no means the lowest on offer. Some consumers would be more than happy to sacrifice a little of their interest rate in the knowledge that their chosen charity will benefit as a result.”
Cards
Samantha Owens, Head of Personal Finance at moneyfacts.co.uk comments:
“Today almost 70 charity donation cards are available, covering most well known charitable organisations. Most cards will donate a specified sum when you first use the card, followed by a further percentage of spend being payable to the charity each time the card is used.
“While we have seen the affinity card deals improve, as competition strengthens, the majority of charity donation cards do charge a higher than average interest rate. So for those consumers without a competitive deal and holding a balance on their card, this can be a costly way of giving.
“In this case it may be beneficial to make use of a balance transfer deal, or at the very least a low rate purchase card and use the cost savings to give independently to charity. Alternatively a standard cash back card, which typically offer higher returns could be another simple method to raise funds.
“Whilst the idea of giving to charity simply by spending on your credit card or investing your savings can be a simple and effective method, make sure that the contents of your purse or wallet don’t suffer in the process. Always look into whether using alternative products with preferential rates could save you money and enable you to make individual donations to the charity of your choice.”
Charity savings Selection
Moneyfacts: National Charity Affinity Accounts - % GROSS |
||||||
CHARITY |
Institution |
Min Deposit |
Rate % pa | Donation paid per annum |
||
Min |
Max |
|||||
NCH |
CHESHIRE BS |
£1 |
2.60% |
3.55% |
1.00% of average total balances. |
|
ELLEN MACARTHUR TRUST & RAINBOWS CHILDREN’S HOSPICE |
DERBYSHIRE BS |
£1 |
3.25% |
3.75% |
1.00% of average total balances split equally between both charities. |
|
SHELTER |
NEWCASTLE BS |
£1 |
1.65% |
3.95% |
1.00% of average total balances. Option to donate 0.25% of interest earned pa. |
|
THE WORLD LAND TRUST |
STAFFORD RAILWAY BS |
£250 |
3.25% |
3.25% |
1.00% of average total balances. |
|
AMNESTY INTERNATIONAL |
TRIODOS BANK |
£100 |
2.35% |
2.85% |
0.25% of average total balances. Option to donate proportion of interest earned pa. |
|
FAIRTRADE FOUNDATION |
TRIODOS BANK |
£100 |
2.35% |
2.85% |
0.25% of average total balances. Option to donate proportion of interest |
|
FRIENDS OF THE EARTH TRUST |
TRIODOS BANK |
£100 |
2.35% |
2.85% |
0.25% of average total balances. Option to donate all of interest |
|
MEDICAL FOUNDATION |
TRIODOS BANK |
£100 |
2.35% |
2.85% |
0.25% of average total balances. Option to donate proportion of interest earned pa. |
|
WORLD DEVELOPMENT MOVEMENT |
TRIODOS BANK |
£100 |
2.35% |
2.85% |
0.25% of average total balances. Option to donate proportion of interest earned pa. |
|
HELP THE AGED |
WEST BROMWICH BS |
£25 |
3.75% |
4.25% |
Up to 1.00% of average total balances. |
|
Moneyfacts: Local Charity Affinity Accounts - % GROSS |
||||||
CHARITY |
Institution |
Min Deposit |
Rate % pa |
Donation paid per annum |
||
Min |
Max |
|||||
CHOICE OF 21 LOCAL HOSPICES |
CHESHIRE BS |
£1 |
2.60% |
3.55% |
1.00% of average total balance in account to Hospice of your choice. |
|
NORTH WEST AIR AMBULANCE |
CHORLEY&DISTRICT BS |
£100 |
2.30% |
4.05% |
1.00% of average total balances. |
|
ST CATHERINES HOSPICE |
CHORLEY&DISTRICT BS |
£100 |
2.30% |
4.05% |
1.00% of average total balances. |
|
ST CROSS HOSPITAL |
COVENTRY BS |
£100 |
3.75% |
3.75% |
1.00% of average total balances. Option to donate interest earned pa. |
|
EDEN VALLEY HOSPICE, |
CUMBERLAND BS |
£1 |
2.05% |
3.70% |
1.00% of average total balances split equally between 3 local Hospices. |
|
ST TERESA’S HOSPICE, BUTTERWICK HOSPICE, |
DARLINGTON BS |
£1 |
0.60% |
1.70% |
1.00% of average total balances split equally between 4 local Hospices. |
|
MARY STEVENS HOSPICE |
DUDLEY BS |
£500 |
2.15% |
4.40% |
0.25% of average total balances. |
|
THE NOTTINGHAMSHIRE HOSPICE |
NEWCASTLE BS |
£1 |
1.65% |
3.95% |
1.00% of average total balances. Option to donate 0.25% of interest earned pa. |
|
EAST ANGLIA CHILDRENS HOSPICE |
SAFFRON BS |
£500 |
4.00% |
4.00% |
0.50% of average total balances. |
|
ESSEX AIR AMBULANCE |
SAFFRON BS |
£500 |
4.00% |
4.00% |
0.50% of average total balances. |
|
ESSEX WILDLIFE TRUST |
SAFFRON BS |
£500 |
4.00% |
4.00% |
0.50% of average total balances. |
|
STAFFORD DISTRICT VOLUNTARY SERVICES |
STAFFORD RAILWAY BS |
£250 |
3.25% |
3.25% |
1.00% of average total balances. |
|
COTSWOLD CARE HOSPICE |
STROUD & SWINDON BS |
£100 |
2.85% |
2.85% |
1.00% of average total balances. |
|
WILLOW TRUST |
STROUD & SWINDON BS |
£100 |
2.85% |
2.85% |
1.00% of average total balances. |
|
BEACON CENTRE FOR THE BLIND |
TIPTON & COSELEY BS |
£10 |
2.75% |
3.40% |
1.00% of average total balances. |
|
COMPTON HOSPICE |
TIPTON & COSELEY BS |
£10 |
2.75% |
3.40% |
1.00% of average total balances. |
|
Charity cards Selection
Card |
Donation on Opening |
Donation on Purchase |
Further Donations |
Typical Purchase APR |
Cash Per Annum |
Cancer Research UK Visa |
£20 |
0.25% |
Nil |
16.9% |
22.95% |
Greenpeace Visa |
£15 |
0.25% |
If card used within first 6 month a further £2.50 is donated. |
17.9% |
17.946% |
Oxfam Visa |
£15 |
0.25% |
If card used within first 6 month a further £2.50 is donated. |
17.9% |
17.946% |
American Express® Red |
£5 |
1.00% |
1.25% donated if £5K+ spent per annum. |
12.9% |
20.555% |
Barclaycard Charity Visa * |
£5 |
0.30% |
Nil |
17.9% |
27.9% |
*Card donates to Marie Curie Cancer Care, Samaritans, Save the Children, The Woodland Trust and CAF.
Source: www.moneyfacts.co.uk Figures correct at 16.10.06
NOTES TO EDITORS:
Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
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