Hundreds more charities across Cumbria can benefit from improved access to secure and flexible savings options following the introduction of a charity specific deposit platform.
Sophie Graham, a Partner at Saint & Co Chartered Accountants with a specialism in charities, is urging organisations to explore opportunities to efficiently manage their cash reserves made available through the Charities Aid Foundation (CAF) Charity Deposit Platform.
The platform aims to address long‑standing challenges faced by those charities with more modest savings, helping them grow their funds more effectively and sustainably.
Historically, many smaller charities have found it difficult to access deposit platforms because of high minimum investment thresholds. However, the CAF Platform significantly reduces the minimum investment to £150,000 from a previously restrictive £500,000 on other deposit platforms.
By providing charities with a choice from a range of over 100 savings accounts, they will benefit from varying interest rates and withdrawal notice periods. This flexibility allows trustees and finance teams to select options that reflect their charity’s individual cashflow requirements.
Sophie said: “Smaller charities often work incredibly hard to build and protect their savings, so having access to a platform like this is a real step forward.
“Lowering the minimum investment threshold means many more charities can benefit from better interest rates without compromising on security. It gives these organisations greater control and confidence when planning for the future.”
The CAF Platform is FSCS protected which provides charities with the same level of security they would expect from a traditional bank deposit account.
The service, provided by Flagstone Group Ltd on behalf of CAF, gives clear guidance, account ratings and detailed information to help charities compare options and make informed decisions about where to place their money.
It is also fully digital, allowing all accounts to be managed online and via an app.
Sophie said: “By improving accessibility, flexibility and protection, the CAF Charity Deposit Platform is a practical tool for smaller charities looking to make their funds go further while remaining focused on delivering impact in their communities.”
Saint & Co has offices across Cumbria and in Dumfries & Galloway in Scotland.
The company can be contacted at (01228) 534371 or advice@saint.co.uk.
