CAF 60 Day Notice Account (Issue 8)

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

This deposit account is provided by Shawbrook Bank Limited, specialists in savings and lending in the UK, and is part of a range of deposit accounts available through CAF, exclusively for charitable organisations.

With this savings account, you can:

  • earn 3.30% AER1/Gross2
  • access your money by giving 60 days notice
  • switch from previous issues without notice*
  • start saving with as little as £1,000
  • choose whether the interest is paid into your account or another nominated UK bank account
  • get help from a UK-based Customer Service team
  • know that any profits of CAF Financial Solutions Limited are reinvested into the charity sector
* contact Shawbrook on 0345 266 6611

Benefits

Be a smart saver

Earn interest on your surplus balances while you plan how to use it.

Easy transfers in and out

Give 60 days’ notice to transfer your money to a nominated current account.

Summary box

Account name
CAF 60 Day Notice Account - Issue 8
What is the interest rate?
Balance Annual interest (variable) Monthly interest (variable)  
   Gross1 rate/AER
 Gross1 AER2
£1,000+  3.30% 3.25% 3.30%
Less than £1,000  0.05% Gross1 rate/AER2 (variable)    





  • 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 to this account or transferred to your nominated UK account which is identified on your application form.
Can Shawbrook Bank change the interest rate?
Yes. We can move the interest rate up or down at any time. The Business, Charity and Trust Savings Terms and Conditions explain how and when we will do this.
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  Gross rate1/AER2 Balance at 12 months
 £1,000  3.30%  £1,033

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 the 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 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 minimum initial deposit is £1,000.
  • The maximum account balance is £10,000,000. Maximum of one account per charitable organisation.
  • You can manage the account by telephone or by post
Can I withdraw money?
  • Yes, you can make withdrawals from this account to your nominated UK account identified on your application form, subject to 60 days’ notice.
  • The minimum withdrawal amount is £1,000.
Additional information
  • You can close the account at any time with the required 60 days' notice.
  • There is a 14 day cancellation period from the account opening date during which the account can be closed without any charge.
  • Interest is paid Gross1.

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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Start making the most of your charity’s funds.

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PROTECTING YOUR MONEY

Your eligible deposits held by Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please view the FSCS leaflet for further information or visit www.fscs.org.uk.

 FSCS Protecting your money

Common questions

  • Are there any account limits on a CAF 60 Day Notice Account?
    • You can open an account with as little as £1,000.
    • The maximum individual account balance is £10 million.
    • Charitable organisations can open a maximum of one account.
  • 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 60 Day Notice Account?

    Withdrawals can be made by electronic transfer to your nominated UK bank account, subject to 60 days’ notice.

    You can make a withdrawal, in accordance with your Mandate, by writing to Shawbrook Bank Limited, Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex CM13 3BE or by calling 0345 266 6611.

  • 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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About CAF Cash

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

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

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.

Telephone lines are open Monday to Friday, 9am to 5pm (excluding UK bank holidays). Telephone calls may be monitored or recorded to comply with relevant legislation and for training purposes.