Charities consider moving finances
Charities
24th June 2009
Almost one in three charities has chosen to move some or all their money to another bank in the wake of the financial crisis, new figures have shown.
According to research by CAF Bank, three-quarters of organisations polled are more likely to use smaller non-traditional banks than they were before the recession and most reported that they are now more conservative with their money.
The bank, a subsidiary of the Charities Aid Foundation (CAF), found that excessive bonuses paid to executives by some high street institutions was a factor in them choosing to move cash and has seen its own business grow at the fastest rate since its foundation in 1986.
Peter Mitchell, chief executive of CAF Bank, commented: "The global financial crisis has heralded a seismic change in the way charities bank. Safety and security have become paramount."
CAF Bank recently found that many UK charities are being forced to turn to savings and reserves because of low interest rates.
For more information on how Giles can help you insure your charity, Click here.
