Affinity accounts donate £5.8m
14/08/2006
Accounts that donate a percentage of their interest to charity generated £5.8 million during 2005, according to the Building Societies Association (BSA).
Last week saw the BSA state that at the end of last year, there were around 148,000 'affinity' accounts in the UK and their combined balance totalled £620 million.
In addition to providing charitable contributions, the accounts can also be used to donate money to a range of other causes.
The BSA states that 83 per cent of affinity products provide funds to football and one per cent of contributions go to Rugby.
The association's research follows news that the Norwich and Peterborough Building Society will launch 20 new affinity Club Saver Accounts, designed to support clubs from the lower divisions.
Brian Morris, head of savings policy at the BSA, said: "It is no surprise that affinity accounts are growing in popularity and deposits have doubled over the last five years; they are an excellent way for people to give money to local sports clubs or causes on a regular basis."
Mr Morris also states that the accounts are "easy to set up" and unlike similar schemes for credit cards, they promote "saving rather than spending".
Last week saw the BSA state that at the end of last year, there were around 148,000 'affinity' accounts in the UK and their combined balance totalled £620 million.
In addition to providing charitable contributions, the accounts can also be used to donate money to a range of other causes.
The BSA states that 83 per cent of affinity products provide funds to football and one per cent of contributions go to Rugby.
The association's research follows news that the Norwich and Peterborough Building Society will launch 20 new affinity Club Saver Accounts, designed to support clubs from the lower divisions.
Brian Morris, head of savings policy at the BSA, said: "It is no surprise that affinity accounts are growing in popularity and deposits have doubled over the last five years; they are an excellent way for people to give money to local sports clubs or causes on a regular basis."
Mr Morris also states that the accounts are "easy to set up" and unlike similar schemes for credit cards, they promote "saving rather than spending".
