Posted on 11th November 2009
Coutts & Co has launched the Coutts Charitable Giving Account, a pioneering product that aims to make the process of giving to charity more convenient.
It will run alongside, and in a similar way to, a Coutts bank account, but is designated for payments made to charitable causes only. It is designed to make it easier for clients to track their donations, which will be listed in monthly statements. In turn, these statements are intended to help streamline the administration involved in claiming back tax relief.
Mark Evans, head of philanthropy at Coutts, said, “This new account has been launched in response to client feedback and my prediction is that every major financial institution will be offering some kind of charitable giving account in the not too distant future. Now, instead of trawling their bank and credit card statements at the end of each tax year, Coutts' clients will be able to see how much they have given at a glance, creating a bigger incentive to reclaim the difference between the higher and basic rates of tax.
“A unique aspect is that clients will be able to transfer money between their charitable and their current accounts in either direction without notice, which will give them greater flexibility over their giving.”
Clients will receive a Coutts Charitable Giving Account cheque book and cash card, and will be able to make their charitable donations by telephone through Coutts’ 24 hour call centre service and online. The account has no administration fees.
Only open to Coutts clients who are also UK taxpayers, the account has a minimum deposit of £500. Coutts’ clients can make automatic deposits from their current accounts.
Dame Stephanie Shirley, The British Government's ambassador for philanthropy commented: “Philanthropists need to be strategic when they plot out how they wish to invest in social activities. Having an account, such as Coutts now offers, will enable a level of organisation for individuals that will streamline their giving and therefore make their contributions more effective.”
For donors who do not bank with Coutts, the Charities Aid Foundation currently run the CAF Charity Account, which can be used purely for giving to charitable causes.
