Church & Charity Higher Rate Reserve Account

Plan confidently for your organisation’s future.

If you’re a church or Christian charity wanting to save your funds responsibly with a higher interest rate, our Church and Charity Higher Rate Reserve Account is for you.


Please note, this is not a fixed-rate product. From 26 June 2024, the interest rate on this account will be 3.25%


The interest rate is a bank managed rate of 3.75% Gross/AER.

Interest accrues on the daily balance at the above rate. This rate may vary from time to time and we will notify you of any changes.

Interest is added to or deducted from the account on the 31 December each year.

Yes. As this account pays a variable rate of interest, it can change over time – the general terms and conditions explain how this happens. We will always let you know of any planned changes to the rate. For example, we may review our interest rates if the Bank of England base rate changes.

If you deposit £1,000 when you open the account, the balance after 12 months will be £1,037.50.

This assumes:

  • You do not withdraw any money and interest is paid into this account.
  • The interest rate stays the same.
  • You do not add any more money.

This account is available to all churches/charities registered on the Charity Commission website. Exempted charities can also apply for this account.

A minimum deposit of £1 is needed to open this account.

Once fully completed application and mandate forms are received in the post and the necessary checks have been carried out by our team, we will be delighted to open your account with us.

If you change your mind, you can advise us in writing and we will cancel the account free of charge within 14 days of opening.

Deposits can be made via your own online banking service, standing order or post at any time. Online banking will soon be available for Kingdom Bank organisation customers.

All instructions must be authorised by the correct number of signatories, in accordance with the latest Mandate.

All withdrawals require 90 days’ notice.

All withdrawals should be submitted in writing or using telephone banking by the signatories detailed on the mandate and will be made to an account in the same name.

No charges apply for this account (except for those referred to in our terms and conditions, where a fee is charged for early withdrawal, which in this case is where less than 90 days’ notice is provided. This charge is currently 0.50% of withdrawal).

‘AER’ stands for ‘Annual Equivalent Rate’. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.


You can also call us on 0115 921 7260 to begin setting up your account.