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Who can benefit?
Charities, Clubs and Societies.
What is it?
A cheque account paying interest at higher rates than Raphaels’ Personal and Business Current accounts.
Are there charges?
We are still able to maintain free banking, (other than additional services) at the present time for low activity accounts, in addition to the enhanced interest rates.
A charge for cash paid in/withdrawn may be made if this exceeds £1,000 per week. Charges may be made for other services as set out in our Tariff. This Tariff may be changed at any time, and a copy can be obtained from our charity tariff page.
Can my Charity get free banking even if activity is higher?
This may be possible and Raphaels Bank will tailor a package based on the level of activity and balances held. The basis of charging a flat fee or per entry charge (as shown above) can also be discussed.
Can we overdraw?
Yes –by prior negotiation. This will depend on the circumstances and also any restrictions placed on the Charity by its governing deed. Overdrafts can be made available, at normal overdraft rates, or reduced rates if security is held.
Any overdraft will not affect the status of free banking if provided.
What interest is paid?
At current rates, interest is paid on the total balance at the highest rate in the relevant tier
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| £0 - £50,000 |
0.50 |
0.50 |
0.40 |
| £50,001 - £100,000 |
0.75 |
0.75 |
0.60 |
| £100,001 plus |
1.00 |
1.00 |
0.80 |
Interest rates current as at 5th March 2009, but subject to change.
AER =Annual Equivalent Rate (notional gross rate as if paid and compounded on an annual basis).
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