Charities 'unhappy with savings interest'
Charities
5th July 2010
The interest rates paid out on savings accounts held by UK charities are unsatisfactory, according to a new poll.
Research conducted by FairInvestment.co.uk revealed that 97 per cent of organizations in the field quizzed stated that they were not pleased with the returns they were receiving.
The survey also showed the average account for such bodies pays 0.57 per cent and the website's director, James Caldwell, said he was "not at all surprised that the vast majority of charities are unhappy with their savings account rate".
"Savings account rates are low for everyone at the moment," he added, suggesting that third sector agencies are getting a particularly bad deal in this area.
However, the report revealed that charities could receive annual rates of interest of as much as 3.5 per cent by shopping around for their banking services provider.
Charities seeking a UK insurance policy are advised that this is particularly important as public sector spending cuts recently announced by the Conservative-Liberal Democrat coalition government are expected to impact heavily upon the voluntary sector.
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