This Christmas, anyone worrying about what to buy for a child should consider another option. Charity Bank, the not for profit savings bank, offers an account for those under the age of 16. The Small Steps account provides an ethical alternative to traditional savings accounts, making it a thoughtful gift that helps charities at the same time.
Charity Bank’s Small Steps account can be opened by any adult on behalf of a young saver. Funds will be kept safe until the child reaches the age of 16, with a nominated adult being responsible for operating the account until then. Money in the account will earn 2% gross interest per annum which is added quarterly, so the saver can watch their gift grow.
Until the saver is ready to claim the money, it will be invested in charitable organisations, so the child knows that their gift has been used for good. The minimum deposit to open an account is just £10, making it available to any budget.
Malcolm Hayday, Chief Executive of Charity Bank, said: “The Small Steps savings account gives people a great alternative to giving cash at Christmas. The money belongs to the child, but supports charities while it earns interest. It helps young people appreciate the amazing work that charities do in so many walks of life and is a fantastic way to support charity this Christmas, without any added cost to the depositor, or the saver.”
Charity Bank also offers a range of savings accounts that allow adults to earn interest on their deposits while providing charitable organisations with much needed financial support at no extra cost. To open an account with Charity Bank visit www.charitybank.org, call 01732 774040 or email enquiries@charitybank.org .
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About Charity Bank
Charity Bank is the only regulated bank in the UK that is also a registered charity. It lends to charities, social enterprises and community organisations, including those that would find it difficult to secure funding from traditional banking sector. It invests its depositors’ money in loans to support charities and enterprises that benefit society and publishes details of every loan it makes.
Charity Bank is committed to transparency and community involvement. It provides hands-on support to the business and charities it lends to, as well as encouraging its own staff to volunteer within the community. Charity Bank’s innovative approach to banking and its mission to benefit society have enabled it to lend over £160m to charities and social enterprises, touching the lives of 3.5 million people in communities across the UK.
For more information on Charity Bank’s work, visit www.charitybank.org
About Charity Bank’s Small Steps Account
The Small Steps Account is open to children and young savers aged under 16 years. At 16, he or she can then decide to continue to save with us, or to use the money in other ways
Interest Rates (gross)
| |
|
1 year |
3 year |
5 year |
|
| £10+ |
|
2.00% |
2.00% |
2.00% |
|
Interest is calculated daily and added to your account quarterly in March, June, September and December. Interest rates are fixed for the full term of the deposit. Early repayments are not permitted.
Do children have to pay tax? Visit the HM Revenue & Customs (HMRC) website for full details.
Charity Bank – Ethical Bank is an active member of Ethical Junction, learn more