Reserve Account for Charities

A versatile current account that gives charities instant access to their funds while minimising banking costs.

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  • Up to 30 free day-to-day transactions a month.
  • No annual or monthly account fees, with instant access to funds.
  • Open an account in three to five days, with no appointment needed.
  • Available in pounds only.
  • Minimum opening balance of £5,000.
  • Interest paid on balances in pounds above £500,000.

Eligibility

Available to charities.

We will not open the account without the correct value of deposit being received and will write to you to request the correct value of deposit if it is not supplied with your application.

Account holders must be 18 or older and be resident in the UK permanently.

All Cater Allen Accounts are subject to status.

This account is subject to availability and may be withdrawn from sale at any time without notice.

More information

  • The account can be managed online, by phone or by post.
  • Day-to-day debit transactions on this account are: cheque withdrawals; standing orders; Direct Debits; bill payments and electronic payments. For details of other transactions which incur charges, for example CHAPS, please refer to our Banking Tariff.
  • Overdraft facilities are not available.

Interest rates

Rates may vary and are correct as at 29 June 2020. Interest rates are variable and tiered. If interest is payable, it’s calculated daily and credited monthly.

Reserve Account for Charities - £ pounds

Balance Gross % p.a. AER % p.a.
£500,000+ 0.05% 0.05%
£0+ 0.00% 0.00%

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

    How to apply

    Read and save the following documents:

    It's important that you fully understand the account, interest rates and the relevant Terms and Conditions before submitting an application.

    Please scroll down to 'Literature Downloads' below, where you can download the charity application form and mandate, and Customer Identification Requirements.

    Once you have sent in your application, it will usually be processed within 5 days of us receiving it, as long as the application form is completed correctly and accompanied by all required documents.

    View the interest rate for the account you would like to apply for

    Literature downloads

    Account Fact Sheets

    Application Forms

    Additional important literature about your account

    Terms and Conditions

    Why choose Cater Allen?

    We have over 200 years of experience working in the UK, aiming to deliver a high level of customer service whenever you need help.

    About us