Savings accounts with a charitable twist

5 Nov, 2015
The new savings accounts with charity donation launched recently by Yorkshire Building Society and Coventry Building Society offer a great all round deal – the saver gets a rate that’s within a whisker of the best buy in its sector plus the charity receives a healthy donation into the bargain – so everybody wins.
The 2 year Bond from Yorkshire Building Society pays 2.25% (plus 0.20% to Marie Curie) and stacks up well against the best standard 2 year fixed savings bond from Aldermore at 2.35%
The 3 year Poppy Bond from Coventry Building Society pays  2.35% (plus 0.15% to Royal British Legion) whereas the best standard 3 year bond from Metro Bank pays 2.70%.
This is an effective way for financial providers to raise substantial funds for worthwhile causes as proved by Coventry Building Society having raised more than £12 million for the Royal British Legion over the last 7 years.
It would be a real shot in the arm for charities if more banks and building societies were able to follow this model whereby both the saver and the charity are able to benefit from a decent financial return.