Charity Bank – business banking analysis and reviews

Last updated on 29 August 2023

Despite the name, Charity Bank is not a current account for non-profit organisations. In fact, this bank does not offer current accounts to businesses.

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However, if you choose to save with one of the five savings accounts offered by Charity Bank, you will be doing good as well as earning interest – your money will be used to make donations and offer loans to charities across the UK, but FSCS protection ensures that you cannot be left out of pocket.

Being blunt, you may find slightly superior interest rates elsewhere, but some sole traders and SME owners will firmly believe that you cannot put a price on a good deed.

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Charity Bank business banking services

Pros and cons of Charity Bank for business services

Pros of Charity BankCons of Charity Bank
Support charity while earning interest on savings No current accounts
Variety of savings accounts offered Very few online reviews
FSCS protected No apps or online banking facility
Pros and cons of Charity Bank for business banking
Charity Bank website

Business current accounts

Charity Bank is a savings service and does not offer current accounts. See best business bank accounts.

Business overdrafts

Not available through Charity Bank. See best business overdrafts.

Business savings accounts

Charity Bank offers five savings accounts to business customers:

These savings accounts cannot be managed online. Deposits and withdrawals are made by BACS transfer. You will need to call Charity Bank to receive permission to add funds to a savings pot, and make any withdrawal request in writing.

Ethical Easy Access Account

Save between £10,000 and £50,000 that can be accessed at any time, though bear in mind that the lack of internet banking means it will take at least a day or two to receive your funds. The interest rate is an AER of 1.73%.

Ethical 40 Day Notice Account

Minimum deposit of £1,000, and a maximum balance of £500,000. If your balance is below 25,000, the AER is 1.72% – this rises to 1.87% for higher balances. You can access your funds with 40 days’ notice. 

Ethical 100 Day Notice Account

Minimum deposit of £1,000, and a maximum balance of £500,000. If your balance is below 25,000, the AER is 2.14% – this rises to 2.9% for higher balances. You can access your funds with 100 days’ notice. 

Ethical 1 Year Fixed Rate Account

Save between £10,000 and £50,000 and enjoy an AER of 3.36%, payable upon maturation of the savings bond. You cannot withdraw from or close this account early, or add more funds once the account is active.

Ethical 3 Year Fixed Rate Account

Save between £10,000 and £50,000 and enjoy an AER of 3.85%, payable upon maturation of the savings bond. You cannot withdraw from or close this account early, or add more funds once the account is active.

Charity Bank at a glance

Phone number01732 441944
App downloadsN/A
Number of branchesN/A
FSCS protected?Yes
Key information

Other business finance products

Charity Bank uses the money saved by business customers to offer loans to good causes, but you will need to be a registered non-profit to qualify for these lending streams.

Charity Bank reviews

What are other business banking customers saying about Charity Bank?

Review platformScoreNumber of votes
FeefoNot reviewedN/A reviewedN/A
Smart Money People2.5/52
Which?Not reviewedN/A
Average score2.9/57
Charity Bank reviews and ratings

Charity Bank business eligibility criteria

Charity Bank will only accept savings applications from UK-based SMEs and sole traders who can prove that they pay tax to HMRC. You will likely also be asked some questions about your business model to ensure that your trading practices do not violate the ethical policies of Charity Bank. This is not an institution that can tolerate any kind of negative PR.

Charity Bank business finance alternatives

The unique approach of Charity Bank makes it pretty unique – very few financial institutions place more emphasis on making the world a better place than profit!

Charity Bank other considerations

If you are worried that your money is not safe with Charity Bank, don’t be – all deposits are protected by the FSCS, and this bank attracts major investments from a number of prominent and wealthy bodies, most recently the Church of England, who made a £1,100,000 donation in early 2023.


Is Charity Bank a proper bank?

Yes, Charity Bank is a proper bank. It is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). As with all banks, it must follow certain regulations and abide by ethical standards. Charity Bank has been providing financial services to charities since 2002.

How to open a Charity Bank business account?

Opening a business account with Charity Bank is easy. First, you’ll need to provide two forms of identification (such as a passport or driving license) and proof of address. You must also be able to prove that the charity exists and has charitable objectives. Once these documents have been provided, the next step is to complete an online application form, which will be reviewed by an account manager. The application process usually takes around two to three weeks. Once the application is approved, you’ll receive a welcome pack and your business account will be opened.

What banking services does Charity Bank offer?

Charity Bank offers a wide range of banking services for charities, including savings accounts, international payments, money transfers, overdrafts, and foreign exchange services. In addition, the bank also offers a range of financial advice and guidance on how to effectively manage your charity’s finances. The bank’s experienced staff are always on hand to help with any queries or questions.

Does Charity Bank charge fees for its services?

Charity Bank does not charge any fees for its services. It does, however, charge a low interest rate on loans and other forms of credit. This helps to ensure that charities can access the funds they need without incurring excessive costs.

What types of payments does Charity Bank accept?

Charity Bank accepts payments via debit cards, direct debits and standing orders. It also accepts payments from other financial institutions such as banks and building societies. The bank will also accept payments made via PayPal and Apple Pay.

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