Charities unhappy with savings account rate

In a quick poll on fairinvestment.co.uk, 62 charities said they were unhappy with their organisation's savings account rate, just four charities said they were happy.

"Considering that the average charity savings account is currently offering a 0.57% in interest, I am not at all surprised that the vast majority of charities are unhappy with their savings account rate," says James Caldwell, director of Fair Investment Company.

"Savings account rates are low for everyone at the moment, but it would seem that charities are getting a really bad deal. While the average personal account is paying 0.73, the average charity savings account is even worse - only 0.07% above the historically low base rate.

"Although there is nothing we can do to make the rates go up, we can help charities find the best rates available, which is why we have launched a charity savings comparison service," said James.

"Our service compares leading charity savings accounts and offers up to 3.50% on fixed rates and up to 2% on notice accounts and 1.5% on easy access deposit accounts, which means that even the lowest rates on our site are nearly three times the average. If your charity is receiving low interest, it is worth taking a look at some of the deals we have - it could make a big difference."