THE CAF 12 MONTH FIXED RATE SAVER

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

This deposit account is provided by Shawbrook Bank Limited and is part of a range of deposit accounts available through CAF exclusively for charitable organisations.

With this account, you can:

  • earn 3.60% AER1/Gross2
  • start saving with as little as £1,000
  • make further deposits at any time, as long as your issue is still open and the total balance across all your CAF 12 Month Fixed Rate Saver accounts does not exceed £10 million
  • get help from a UK-based Customer Service team
  • know that any profits of CAF Financial Solutions Limited are reinvested into the charity sector

FEATURES

Earn interest on your charity funds

Competitive interest

Make your money work for you while you plan how to use it.

Flexible top-ups to your charity bank account

Top up your account

As long as your issue is open, and the total balance is £10 million or less, you can make further deposits into your accounts.

SUMMARY BOX

Account name
CAF 12 Month Fixed Rate Saver - Issue 7
What is the interest rate?
Annual interest (fixed)    Monthly interest (fixed)  
 Gross1  AER2  Gross1 AER2
 3.60%  3.60%  3.54% 3.60%

  • You can select your interest to be paid monthly or annually on the account.
  • Interest is calculated on your daily balance.
  • Interest can be paid into this account or transferred to your nominated account which is identified on your application form.




Can Shawbrook Bank change the interest rate?
No. This account has a fixed rate of interest. This means we will not change your interest rate for the term of the account.
What would the estimated balance be after 12 months based on a £1,000 deposit?

An illustration of the future balance is shown below.

Initial deposit Gross1 Rate/AER2 Balance at 12 months
 £1,000  3.60%  £1,036


This is an illustrative example assuming that:
  • You don’t withdraw or deposit any additional money.
  • The interest rate stays the same and is paid annually.
  • Interest is calculated on a cleared deposit for a full 12 months and rounded to the nearest pound.


How do I open and manage my account?
  • You can only open an account if you are a UK registered or unregistered charity.
  • For both registered and unregistered charities all trustees/directors must
    be permanent UK residents (excludes Channel Islands, Isle of Man and
    other Crown dependencies) and only liable to pay tax in the UK.
  • We reserve the right to reject any non-UK signatories.
  • All trustees/directors/additional signatories must be 18 or over.
  • You must notify us immediately if any trustee/director circumstance changes and they are no longer a permanent UK resident and/or no longer only liable for UK tax.
  • You can open an account by printing the 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 minimum initial deposit and ongoing balance is £1,000.
  • A maximum of £10,000,000 overall can be deposited and held in your CAF 12 Month Fixed Rate Saver accounts. This can be deposited into a single account or spread across multiple accounts, providing the total balances held within all of your CAF 12 Month Fixed Rate Saver accounts do not exceed £10,000,000 at any time.
  • There is no limit to the number of accounts that your organisation can open and hold.
  • Further deposits can be made at any time from your nominated UK account, subject to the maximum balance, and provided that the account has not been closed to new funding.
  • Additional deposits will not affect the maturity date of your account.
  • You can manage the account by telephone or by post.
Can I withdraw money?
  • No. Withdrawals or early closure are not permitted during the term.
  • This account has a fixed term, so you can only withdraw your money at the end of the fixed term (also known as ‘maturity’).
  • If the end of the fixed term falls on a non-working day, your funds will be made available on the next working day.
  • Shawbrook Bank will write to you before maturity to remind you of the date that your fixed term ends. At maturity, you can either withdraw your funds or transfer them into a new CAF account provided by Shawbrook Bank (subject to any specific account terms and conditions). If you do not let Shawbrook Bank know what you wish to do by the maturity date, your account will convert to a CAF Matured Funds account and the interest rate will be confirmed to you in writing. The CAF Matured Funds account is subject to the following conditions:
  • You cannot make additional deposits into the account
  • Withdrawals can be made without giving prior notice
  • Interest earned on the Matured Funds account will be paid annually on 31st December and at closure of the account.
Additional information
Interest is paid Gross.

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

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

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Download the application pack now

Start making more of your charity’s money today.

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PROTECTING YOUR MONEY

Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme.

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 12 Month Fixed Rate Saver?
    • You can open an account with as little as £1,000.
    • A maximum of £10,000,000 overall can be deposited and held in your CAF 12 Month Fixed Rate Saver accounts. This can be deposited into a single account or spread across multiple accounts, providing the total balances held within all of your CAF 12 Month Fixed Rate Saver accounts do not exceed £10,000,000 at any time.
    • There is no limit to the number of accounts opened and held.
  • Who is Shawbrook Bank?

    Shawbrook Bank is a specialist UK lending and savings bank founded in 2011 to serve the needs of small and medium businesses and individuals in the UK with a range of lending and savings products.

    Further information is available on Shawbrook Bank’s website.

    Shawbrook Bank Limited Registered office Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex CM13 3BE. Registered in England – Company Number 388466. Shawbrook Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

  • How do we withdraw money from a CAF 12 Month Fixed Rate Saver?

    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.

  • Are there any changes to the application process due to the Coronavirus?

    Following the Coronavirus outbreak, the health and safety of Shawbrook’s customers and partners is our priority. We have therefore introduced some changes to our current requirements and processes for account opening:

    • We do not currently accept cheques as a method of depositing funds. Please ensure you fund your account via an electronic transfer.
    • We currently will accept a printed version of an online single month’s bank statement for the bank account details in section 5 of the application form. Please note that this printed statement must be in colour, and must be dated within the past 3 months, addressed in your charity’s name and contain an IBAN number.

    Please note, applications may take longer than usual to process during this time.

  • Does CAF Financial Solutions Ltd (CFSL) take a commission from Shawbrook Bank?
    Each year, Shawbrook Bank pays CAF Financial Solutions Ltd (CFSL) a contribution to the equivalent value of up to 0.2% of the value of your deposit. This amount will not affect your own savings balance or the interest payment you receive.

    Any surplus CFSL makes (after tax) will be used to benefit the voluntary sector.
     

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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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 promoted by CAF Financial Solutions Ltd (CFSL) and provided by Shawbrook Bank Limited.

CFSL is authorised and regulated by the Financial Conduct Authority under registration number 189450. 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).

Shawbrook Bank Limited Registered office Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex CM13 3BE. Registered in England – Company Number 388466. Shawbrook Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Each year Shawbrook Bank Limited will pay CFSL a contribution to the equivalent value of 0.2% 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.