Now we have your attention, it actually works just like a normal term deposit, except that with a charitable deposit, you do not earn any interest. Instead, we donate an amount equal to the interest which you would have earned on a term deposit annually of the same term to an eligible charity nominated by you.
So at the end of the term you get all your money back, i.e. the original sum you invested with us. In the interim, we have used the interest you would have earned to make donations to your favoured church or charity.
Charitable deposits are available for terms from 1 year up to 5 years. Please note that if there is a charity or church not currently on our list that you would like to support, please contact us.
Here is our current list of eligible charities and churches, which we are working to expand:
Unlock the power of your savings account. Apply online now for a charitable deposit account.