The service will allow organisations to easily access accounts and manage funds.
A new online platform will give charities exclusive access to bank accounts offering market-leading interest rates.
The Charities Aid Foundation (CAF) has partnered with cash deposit platform provider Flagstone to launch the service, giving charities access to a choice of more than 170 deposit accounts from 22 banks and building societies.
Through the platform, third sector organisations can open multiple accounts in minutes and access them all though a single application. In addition to being able to manage their accounts, the service gives them access to consolidated statements, an annual interest summary and financial strength information.
The CAF Charity Deposit Platform is fully online and open to any charity with savings of £50,000 or more.
Sir John Low, CAF chief executive, said: “We all know that charities need to be prudent with the money they receive and in uncertain times they must keep some in reserve some for the future.
“Charities are rightly looking for the best return on their rainy-day funds and we are pleased to be able to offer them a chance to make the most of their cash through market-leading interest rates with a best in class firm.”
Flagstone’s Andrew Thatcher added: “With first-hand experience of working with charity trustees, we understand the importance of making sure that reserve funds held on deposit generate as much interest income as possible.
“We’re extremely proud to be partnering with CAF to help more charities maximise their income and manage risk – making donations go further and providing finance directors and trustees with greater control and peace of mind.”
The platform will be available via the CAF website from January 2020. A small number of charities will also be given the opportunity to enrol before the New Year. Interested organisations are asked to contact [email protected] for more information.