Specialist lender Cambridge & Counties Bank has launched a new, dedicated banking service for charities in the UK with deposits over £1 million.

The new proposition will include specialist customer support, dedicated contacts, and a straightforward application process. Rates of up to 4.60% gross/AER fixed on the bank’s fixed rate charity savings are currently available.

New research by Cambridge & Counties Bank among its charity customer base2 found interest rates are by far the biggest driver when it comes to account selection (cited by 97%), followed by type of account (54%) and reputation of the bank (52%).

Over 40% said they found it difficult to find a savings account in the wider marketplace. Almost 40% said a simplified savings account application process is a top priority for them, with short-term (under two years) fixed rate accounts cited by 50% as the savings products which best fit their needs.

Cambridge & Counties Bank chief commercial officer, Sarah Barker, said: “We have been serving the needs of the UK charity sector with straightforward banking for many years. It is clear our proposition has become increasingly attractive to more and more charities, leading us to formalise a new proposition for larger charities looking for a more bespoke service.

“Charities can be a differentiated customer with specific banking requirements and a need to speak with knowledgeable staff. This relationship-based approach underpins our wider business model and is a fundamental part of our new service.”

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