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All banks will have giving accounts soon, says Coutts

All banks will have giving accounts soon, says Coutts
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All banks will have giving accounts soon, says Coutts

Fundraising | Celina Ribeiro | 2 Nov 2009

All major banks will offer charity giving accounts “in the not too distant future”, according to Coutts & Co’s philanthropy chief.

The prediction was made by Mark Evans, head of philanthropy at the private bank, today as the company launched its own charitable giving account.

“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,” he said.

Coutts requires customers put in a minimum £500 into the account, which is used exclusively for charitable donations. The bank says that managing donations in this way makes administration and claiming back tax relief more convenient.

New Philanthropy Capital chief executive Martin Brookes congratulated Couts & Co for the move. “The Coutts charitable giving account is a valuable tool from which I’m sure charities will benefit. We need this kind of product innovation in order to promote and support charitable giving.”

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