Beverley Building Society has today increased the rate on its Business Postal and Business Online Accounts.
And as well as rewarding businesses with the new, improved rate, it is also pledging to donate a proportion of new deposits to the Beverley Community Lift (BCL) transport charity.
The Society is upping its Business Postal and Business Online Account rates to 0.55% gross/AER variable from 0.25% gross/AER variable), on balances over £1,000, with effect from Tuesday 17 July.
And it will donate 0.1 per cent of all new balances received by 31 December 2018 to BCL, up to a maximum of £3,000, helping the Beverley-based good cause to fund maintenance work on their fleet of minibuses. The charity helps elderly and disabled people get out and about. For many, it is their only link to the outside world and provides them with friendship and a social outlet too.
The accounts represent part of Beverley’s commitment to supporting – particularly local – businesses, in an environment where many struggle to make any return on excess business funds.
And the Society has added the BCL donation because it cares deeply about supporting its local community.
Chief Executive Karl Elliott said: “We’re acutely aware that the current environment is a challenging one, particularly for smaller, independent businesses, not least in the fact that many company bank accounts pay little or nothing in interest, and often also charge a monthly fee.
“We wanted to help a little by increasing the return businesses can achieve on any excess funds they have in their account.
“We also know that the kinds of businesses we serve care as deeply about community good causes as we do, which is why we are offering to donate a percentage of the new balances we receive on the account over the next six months, to BCL.”
In May, BCL appealed for urgent help from the East Yorkshire community as it works on a strategy to overcome the impact of EU transport rules that are threatening its financial stability. The charity is battling to maintain its local services, which provide a lifeline for many local people. EU legislation means it can no longer maintain the commercial contracts like school transport that, for years, have contributed vital income to sustain its community transport services.
In order to continue with those contracts, it would need to apply for an operator’s licence or ‘O licence’, which is not feasible for such a small organisation. As a result, as well as appealing for community help, BCL is restructuring and considering adding other services to its repertoire of help.
Charity Chief Executive Jan Stainforth said they are deeply grateful for the support of organisations and individuals, who have really rallied round since their May appeal.
“We’ve been overwhelmed by the kindness people have shown since we called out for assistance,” said Jan.
“Everyone from East Riding Council, to individual users, has come forward to offer help in kind or donate, and this generosity – coupled with determined efforts by our own employees and volunteers, is giving us a real chance of a sustainable future.
“In this vein, we can’t thank Beverley Building Society enough for donating a proportion of deposits into its Business Saver account, and we’d say to any companies thinking of opening one: ‘come on and help us reach the maximum of £3,000, and reap rewards yourself at the same time!’”