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Is CAF Bank Safe?
Submitted by charitygolfdays on 7 October, 2008 - 16:18.
I've just picked up a thread from a business networking site asking the above question.
Anyone out there with a definitive answer.
Are donors covered by the new £50k limit?
Thoughts appreciated.
Jason
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Same? Or different?
Sorry, is charity bank and CAF bank the same?
Will charities only be protected up to the £50k limit or do businesses/companies/charities get something different?
Martin <><
No, they're different
Sorry for the confusion. CAF Bank and Charity Bank are not the same organisation of course.
Have you asked CAF Bank themselves?
I'll ask them and see if I can share their response here.
Howard
CAF Bank's response
CAF Bank have responded to the discussion with the following:
"CAF Bank focuses exclusively on delivering banking services for charities. It offers low fees and consistently competitive interest rates.
"CAF Bank isn't subject to the same pressures as publicly quoted banks and does not borrow money from the market for the purpose of funding mortgages or unsecured loans.
"CAF Bank does place deposits with other financial institutions but under the governance of the Bank's risk committee and the main board ensures that only the highest quality counterparties are approved and even then carefully manages exposure to any one institution.
"In recent weeks we have seen charities placing more funds with CAF Bank and a significant increase in the number of accounts being opened".
I'm not Robert Peston but...
Looking at the CAF Bank [sorry, that should have read Charity Bank - Howard, a day after my original reply] site at
www.charitybank.org/News_Events/articleType/ArticleView/articleId/16.asp...
I see an article dated 6 October 2008 report that "The compensation limit [from the Financial Services Compensation Scheme] available to savers is being increased from £35,000 to £50,000" with effect from today.
Beneath that, Charity Bank states that it "is a member of the FSCS". So that would appear to confirm that donors' money is safe.
Charity Bank added on that article that "if you would like more information, please contact our deposits team on 01732 774040".