12 Month Fixed Rate Saver
Save for 12 months and
get a better return
With interest rates remaining at a record low, it’s sensible to consider every opportunity to generate extra interest from your charity’s hard-earned funds.
The CAF 12 Month Fixed Rate Saver is a fixed rate account provided by Shawbrook Bank Limited and is available to charitable organisations.
If you don't need access to your money for a year, then this could be the perfect account for your charity. It offers a fixed rate for a 12 month period. After opening your account, further deposits can be made throughout the term, providing the account is open for funding and the maximum balance is not exceeded.
Because your money is deposited for 12 months, you earn a more rewarding interest rate of 1.30% Gross* rate/AER**.
This summary is designed to give information to help you compare the account with other savings products. It is not intended to replace any terms and conditions that apply to the account.
||CAF 12 Month Fixed Rate Saver - Issue 1
|What is the interest rate?
|Annual interest (fixed)
||Monthly interest (fixed)
- 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 of a £1,000 deposit?
An illustration of the future balance is shown below.
||Balance at 12 months
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 registered charities at least 50% of 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. For unregistered charities all trustees/directors must be permanent UK residents 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.
- The maximum account balance is £2,000,000. Maximum of two accounts per account holder.
- 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.
Put your money to work:
Contact us if you have any questions about the CAF 12 Month Fixed Rate Saver or if you would like us to send you an application form by email or post.
*Gross means that all interest will be paid without any deduction of tax. You are responsible for paying any tax due to HMRC.
**AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Financial Services Compensation Scheme
Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £75,000 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
This product is promoted by CAF Financial Solutions Ltd
and provided by Shawbrook Bank
CAF Financial Solutions Limited (CFSL) is authorised and regulated by the Financial Conduct Authority. 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).
Each year Shawbrook Bank will pay CAF Financial Solutions a contribution to the equivalent value of 0.2% of the value of your deposit. All CAF Financial Solution'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.