Launchpad: Coventry cancer charity bond

The sales and marketing director for the society said it would not only be the charity that would benefit, but also savers, as the Race for Life bond pays 2.1 per cent to savers over 22 months.

The building society will donate 0.1 per cent of the total balance held in the bond to Cancer Research UK.

It follows the success of the building society’s Poppy Saver, which passed on a percentage of customers’ balances to the Royal British Legion.

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Details are as follows:

- Minimum opening deposit of £1, maximum investment of £250,000

- Withdrawals and closure of the account not permitted after initial 14-day cancellation period

- Deposits must be made within 10 days of opening the account

- Additional deposits allowed while the account is still open to new investors, or up to a week after the initial investment, whichever is longer

Adviser comment
Andrew Morgan, director of Greater Manchester-based Now Financial, said: “I’m very attracted to this product, and I think this has a real emotional pull for clients. I’m seeing people who’ve had cancer and everyone in society is affected by this illness. This is not a bad rate either, so I think it is a great idea to offer a savings account with a charity donation.”