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Charity Affinity Accounts

Mutual Advantage - make your savings go further, and support charity at the same time. It's philanthropy made easy.

With Mutual Advantage you'll continue to earn interest on your funds and be able to support charity at the same time - without needing to do anything. You're able to invest from £100 to £50,000, make additional investments whenever you wish (up to the maximum balance) and access your funds with three withdrawals per year. If you need additional access this can be done through 30 days' notice or interest penalty.

What's more, the charity you are supporting will receive an annual bonus of 1% of the average account balances. Each of our branches has their own individual charity:

Because we want to keep supporting charities doing vital work in our local communities we'll change the chosen charities each year on 1 July. We'll update you by email to let you know how you can help to choose the new charity for your branch for the year ahead, and how much bonus has been paid to the outgoing organisation.


How it works

FSCS

This savings account not only pays you an interest rate just like any other savings account, but we also give your nominated branch charity a 1% bonus each year based on the average balance of 'their' accounts across the year.

You can open a Mutual Advantage account by visiting a branch or contact us to find out more.

Mutual Advantage

Summary Box
Terms & Conditions
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Account NameMutual Advantage
What is the interest rate?

0.25% Gross* /AER**

Interest is added to the account annually on 1 July.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1002.50.

(This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances).

How do I open and manage my account?

This account is only for UK resident individuals aged 7 or over. Available by post or branch. This account is available to all members or for new members, resident in postcode areas IP, NR, CO, CM, CB and PE only.

The minimum amount to open an account is £100. The overall maximum is £50,000. Additional investments can be made up to the maximum balance. An individual is only allowed to be the sole or first named account holder on one Mutual Advantage. However, you can also be the second named account holder on one joint account.

Can I withdraw money?

You can make three penalty free full or partial withdrawals between 1 July and 30 June each year. Subsequent full or partial withdrawals are subject to 30 days' notice or 30 days' interest penalty on the amount withdrawn. After a partial withdrawal, if the balance falls below £100 the account can be closed without notice or penalty and transferred to another account in our current range.

Additional Information

This is a summary of the key features of this account. You will still need to read the General Investment Terms and Conditions.

Which charity does the Mutual Advantage account support?
Each of our branches has an annual adopted charity who will be their Mutual Advantage account beneficiary. By opening an account in one of our branches your account will automatically support their chosen charity. There is also a chosen charity for postal account openings. You can see who we are supporting by visiting your local branch, calling us on 0330 123 0723 or visiting www.ibs.co.uk/savings.

Because we want to keep supporting charities doing vital work in our communities we’ll change the chosen charities each year from 1 July. Prior to this we’ll update you by email to let you know how you can help to choose the new charity for your branch for the year ahead, and again to let you know how much bonus has been paid to the outgoing organisation.

How does the charity support work?
Each charity will receive a bonus of 1% calculated as the average account balances held during the year 1 July - 30 June, for all accounts at ‘their’ nominated branch. This means the bonus paid to each charity will be dependent on the level of support received at their branch to remain truly local, and not averaged out across our branch network.

 *Gross - The rate paid without interest deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Variable Interest Previous AER Variable Interest Previous Gross
£100 - £50,000 0.50% 0.50%
Useful DownloadsDownload
Terms & Conditions
Download the investment application form

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload

Investment Application Form and FSCS Information Sheet 

Download the investment application form

 

Useful DownloadsDownload
Savings Interest Rates Leaflet - interest rates and summary of terms for all of our personal savings products Download details of identification required
Financial Services Compensation Scheme (FSCS) Information Sheet fscs20x20
Identification details - documents required when opening an account Download details of identification required
Customer Information - outlines procedures for opening and using our savings accounts Download the Customer Information document
General Investment Terms & Conditions - applies to all savings accounts with the Society Download the Investment Terms and Conditions
Standing Order Form - to make regular payments from your bank to your Society account, please print this form, fill in the details and post it to your bank. If you are not using this form, our bank details are:

Account number: 00004000 Sort Code: 23-44-48 Roll No/Ref No: IMPORTANT - please quote your 9 digit Society account number
Download the Investment Terms and Conditions

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