Project snapshot

Multiple savings accounts within one platform

To diversify their savings portfolio

The cause

akt (formerly the Albert Kennedy Trust) is a nationwide charity dedicated to supporting LGBTQ+ people aged 16-25 who are at risk of or are experiencing homelessness. Coming out, or being outed, can lead to young people losing the roof over their head. Three quarters of the young people akt works with believe coming out at home was the main factor in causing their homelessness.

Since the charity was founded in 1989, akt has supported over 50,000 young LGBTQ+ people. It works to help them stay safe in a crisis, find emergency and long term accommodation, provide access to specialist support, and help them develop their skills, identity and achieve their life goals.

The charity has seen significant growth in recent years, supported by a quadrupling of its workforce since 2018.


Our support

Having built up significant cash reserves, akt were looking to grow interest income, while depositing their savings with different banks to manage any risk. As a CAF Bank customer, akt had heard about the CAF Charity Deposit Platform, where charities can open a range of savings accounts with a single application.

Provided by Flagstone Investment Management (Flagstone), with introductions made by CAF Financial Solutions Limited (CFSL), the Platform: “sounded ideal for us as we could deposit our cash into lots of different accounts at the £85,000 limit and get the FSCS protection that we needed if anything happened,” said Joanne McKenna, akt’s Director of Finance.

The CAF Charity Deposit Platform offers access to more than 90 notice and fixed term accounts on a fully digital platform. With just one application you can move your savings around securely according to the rates and terms that suit you. 

“The set-up was fairly easy and straightforward, and I can go in on a regular basis and spread the money over different accounts with different lenses. We’ve been able to build up our cash reserves and move more money into it,” says Joanne.

“I keep my eye on Platform updates to see the new accounts coming in and consider which ones we’d want to use with the various filters you can add, such as time, bank accounts, terms and percentages, which is really helpful.” 
Joanne McKenna, Director of Finance, akt

One of the main benefits of the CAF Charity Deposit Platform is the ease of moving money around a wide range of accounts and providers within one platform. “The administration of the site is really easy to use,” says Joanne, “and if I had to set up multiple bank accounts regularly to move money around, it would be a really difficult process.”

Another attraction for akt’s trustees is the deposit protection. Each of the UK banks on the Platform are members of the Financial Services Compensation Scheme (FSCS), which means that eligible deposits of up to £85,000 per depositor are protected. 

“For us it spreads the risk of where we’re keeping our money, without us tying it in for too long,” says Joanne. “We’ve definitely made full use of it. I’ve moved money around to make better use of some of the higher interest rates that are on the Platform. It means we earn a bit more interest and spreads the risk of where we’re leaving the cash.”


The impact

While interest earned is only a small percentage of their overall annual income, akt grew their average annual interest income fivefold in a single year, from £1,300 in 2021, to £6,600 in 2022. 

All the additional interest income gained is reinvested into the organisation to help fund the work they do. It is helping akt expand the number of services they provide and the staffing levels they can maintain. 

During the pandemic, akt saw an 118% rise in the number of LGBTQ+ young people across the country reaching out for housing-related support, from the same period the previous year. As a result, akt began developing their online services, including:
  • A digital service to offer remote casework nationally 
  • A live chat function on their website for LGBTQ+ young people to access support 
  • An online resource hub, ensuring all resources are accessible, inclusive, relevant and useful

The charity’s digital service remains vital in offering advice, guidance and practical help to LGBTQ+ young people, who often face physical isolation, financial exclusion and digital poverty, as well being unable to access LGBTQ+-inclusive support.

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Where a client and deposit is eligible, accounts created on the Flagstone platform with onshore UK banks provide clients with the same FSCS protection as if the deposit had been placed directly with that bank.

FSCS deposit protection is currently £85,000 per authorised bank per depositor. Any deposits you hold above the limit are unlikely to be covered.

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

FSCS Protecting your money

The CAF Charity Deposit Platform is provided by Flagstone Investment Management ('Flagstone') and introductions are made by CAF Financial Solutions Limited (CFSL). Flagstone is registered as a limited company in England and Wales No. 08528880. Registered Office: 1st Floor, Clareville House, 26-27 Oxendon Street, London SW1Y 4EL.

Flagstone is authorised and regulated by the Financial Conduct Authority (Reference Numbers 676754 and 605504).

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 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).

Telephone calls to the CAF Charity Deposit Platform Client Services Team at Flagstone may be monitored or recorded to comply with relevant legislation and for training purposes. Lines are open Monday to Friday 9am - 5pm (excluding English bank holidays).