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Guide to Savings Accounts

Ethical & Charity Savings Accounts

These accounts are definitely growing in their popularity over the last two decades. Increasing numbers of people are becoming aware of the impact which man is having on the world and have decided that they want to do something about it. This account is basically a savings account which has morals and values linked to it!

The Lender uses the money that is deposited into the accounts to invest in ethical funds, ie; avoiding any company who is involved in gambling, pornography, arms trade or destroying the environment etc. All money which is paid into these accounts are 'deposit backed' which means all the money you pay in you will get back.  Accounts can vary in the type of access they allow, from notice accounts which require a set time frame until funds are available to instant access where cash is available whenever you want it. Ethical Cash ISA's are also now available.

With both types of accounts it is advisable to look at what interest is offered and the accessibility to the funds.

Charity Savings Accounts

Charity Savings Accounts are similar to Ethical Savings as they too invest the money deposited in them to "good causes". Any funds which are paid into a Charity Bank are 'deposit backed', this ensures you will get at least your money back. The Charity Bank then lets the charitable sector take advantage of this money and loans the money out at a cheap rate. Some of these accounts are classed as notice accounts which require a set period of notification before any funds are accessed.

The interest which is paid on these accounts isn't as high as other saving accounts. Any interest earned can be donated to charity under the Gift Aid scheme, making the interest free of tax and eligible to receive a further contribution of 28% from the government.

PDF Guide to Saving Accounts Download the Saving Accounts PDF Guide here - see our other free PDF guides here

Guide Contents

Why Save?
Tips to help you start saving
The different types of savings accounts
Instant Access
Regular Savings Account
Notice Accounts
Affinity Savings Accounts
Ethical Savings Accounts and Charity Savings Accounts
Cash ISA's
National Savings & Investments
Children's Savings Accounts
Term or Bond Savings Accounts
Guaranteed Equity Savings Account
Frequently Asked Questions
Further help with Savings Accounts

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