THE CAF 1 YEAR FIXED TERM DEPOSIT ACCOUNT

We’re dedicated to helping charitable organisations make the most of their funds.

This deposit account is provided by Scottish Widows Bank and introduced by CAF Financial Solutions Ltd, and is part of a range of deposit accounts available through CAF, exclusively for charitable organisations.

  

With this account, you can:

  •  start saving with £10,000
  •  get help from a UK-based Customer Service team
  •  know that any profits to CAF Financial Solutions Limited are reinvested into the charity sector.

     

BENEFITS

Make more of your charity's money

Earn interest

Get your money working for you at a fixed interest rate while you develop your plans for using it.

Plan your charity's finances

Plan your finances

Feel confident that your money is locked away, earning a guaranteed rate of interest until term end.

SUMMARY BOX

Account name
CAF 1 Year Fixed Term Deposit Account
What is the interest rate?
The interest rate for Issue 138 is fixed. The annual rate is shown in the table below.

Balance  Gross1 Rate/AER2
 £10,000+  0.15%

Offer period opens for funding on 31/01/2023 and closes on 03/04/2023.

Maturity date is 03/04/2024.

  • The interest earned during the offer period will be added to this account at the end of the offer period. The interest rate available during the offer period will be the same as the interest rate for the fixed term.
  • The interest earned during the fixed term of the account will be applied to the account on the maturity date.
  • Interest is calculated on your daily balance.
Can Scottish Widows Bank change the rate?
No. This account has a fixed rate of interest. This means we will not change your interest rate during the offer period and the fixed term of the account.
What would the estimated balance be after 12 months based on a £10,000 deposit?

An illustration of the future balance is shown below.

Initial deposit Gross1 Rate/AER2 Balance at 12 months
 £10,000  0.15%  £10,015


This is an illustrative example assuming that:

  • Interest is calculated on a cleared deposit for a full 12 months.
  • This does not include the interest accumulated during the offer period.
How do I open and manage my account?
  • You can open an account by printing our online application form and posting it to Savings and Investment Services, CAF Financial Solutions Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4TA.
  • The product is only available to charitable organisations3.
  • The minimum initial deposit and ongoing balance is £10,000.
  • The account cannot have a balance of more than £5,000,000.
  • The initial deposit must be received within the offer period. Multiple deposits can be made within the offer period.
  • No additional deposits are allowed after the offer period has ended.
  • The fixed term starts immediately after the offer period.
  • You can manage the account by telephone or by post.
Can I withdraw money?
  • No. Withdrawals or early closure are not permitted during the offer period and the fixed term.
  • Scottish Widows Bank will write to you before maturity date to remind you of the date that your fixed term ends. If your maturity instructions are not received before the maturity date, the account will automatically be rolled over to a CAF Maturity Base Rate Tracker with interest payable at the Bank of England base rate.
  • If you close the account and wish to withdraw your money on the same day by CHAPs payment, a charge will be applied to cover our transfer costs. Withdrawals by other forms of electronic transfer will be made free of charge.
Additional information
  • There is a 14 day cancellation period from account opening date during which the account can be closed without any charge.
  • Interest is paid Gross1.
  • Please read this summary in conjunction with CAF 1 Year Fixed Term Deposit Account terms and conditions.

1Gross means that interest will be paid without any deduction of tax. You are responsible for paying any tax due to HMRC.

2AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

3Charitable organisations means organisations that are (a) registered with the Charity Commission for England and Wales, the Office of the Scottish Charity Regulator or the Charity Commission for Northern Ireland or (b) recognised by HMRC to have charitable status in the UK.

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Start making more of your charity’s money today.

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PROTECTING YOUR MONEY

Your eligible deposits with Lloyds Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Lloyds Bank, Mayfair Private Banking, Lloyds Bank Private Banking, WorldWide Service and Scottish Widows Bank. Charities Aid Foundation savings accounts in association with Scottish Widows Bank are also deposits with Lloyds Bank plc. Any total deposits you hold above the limit between these brands are unlikely to be covered.

For more information on the scheme, view the FSCS leaflet or visit the FSCS website.

FSCS Protecting your money

COMMON QUESTIONS

  • Are there any account limits on a CAF 1 Year Fixed Term Account?
    • You can open an account with £10,000.
    • The ongoing balance must be £10,000 or more.
    • The maximum account balance is £5m.
  • Who is Scottish Widows Bank?
    Scottish Widows Bank is a trading name of Lloyds Bank plc, part of the Lloyds Banking Group. Founded in 1995, they serve the needs of businesses and individuals in the UK with a range of lending and savings products.


    Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.
  • How do we withdraw money from a CAF 1 Year Fixed Term Account?
    As this is a fixed term deposit account, you can’t make partial withdrawals during the 12 month term, and you can’t close the account before the maturity date.
  • Does CAF Financial Solutions Ltd (CFSL) take a commission from Scottish Widows Bank?

    Each year Scottish Widows Bank will pay CAF Financial Solutions Ltd (CFSL) a contribution to the equivalent value of 0.1% of the value of your deposit.

    All CFSL’s profits (after tax) are transferred to CAF and used to benefit the third sector in accordance with its charitable objectives. This amount will not affect your own savings balance or the interest payment you receive.

Can’t find the answer to your question?

Get in touch with our team, who will be happy to help you.

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OUR OTHER PRODUCTS AND SERVICES

We offer a full range of financial services specifically designed to help charity or not-for-profit organisations. Here are some that may be of interest to you.

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Make the most of your funds
Manage your charity's banking

Everyday banking

Manage your charity’s day-to-day banking in a way that suits you.

About CAF Cash

This product is introduced by CAF Financial Solutions Ltd (CSFL) and provided by Scottish Widows Bank.

CAF Financial Solutions Limited (CFSL) is authorised and regulated by the Financial Conduct Authority under registration number 189450. Authorisation can be checked on the financial services register at www.fca.org.uk. CFSL Registered office is 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4TA. Registered under number 2771873. CFSL is a subsidiary of Charities Aid Foundation (registered charity number 268369).

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

All CFSL's profits (after tax) are transferred to CAF and used to benefit the third sector in accordance with its charitable objectives. This amount will not affect your own savings balance or the interest payment you receive.