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:
- Aldeburgh - Aldeburgh United Charities
- Hadleigh - The Shelley Centre for Therapeutic Riding
- Halesworth - Halesworth Volunteer Centre
- Haverhill - REACH
- Ipswich (Mutual House) - Ipswich Housing Action Group
- Ipswich (Ravenswood) - 4YP
- Saxmundham - Supported Activities for Everyone (SAFE)
- Sudbury - The Smile of Arran
- Woodbridge - Home Start
Postal accounts opened will also be in support of 4YP.
Because we want to keep supporting charities doing vital work in our local communities we may change the chosen charities each year from 1 July. If you want to suggest a new charity for us to support or have any feedback, please let us know from 1 - 31 May each year when we will be reviewing our charity partners.
Following payment of the annual charity bonus we will confirm how much each outgoing charity has received and the selected charity for the year ahead in our monthly newsletter. You can also ask in-branch for details.
How it works
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 0.75% Gross*/AER** Easy Access (Variable rate) - Variable interest rate
Account Name Interest Rate Account Type Key Details
- Three penalty free withdrawals annually
- Charity support account - see Summary
Box for more information
Easy Access (Variable rate)
- Variable interest rate
*Gross - The amount paid with no income tax deducted
**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