New savings bond to benefit UK charities

A bond that enables subscribers to save and give to charity has been launched by UK-based charitable investment company Allia. Charities sign up to the scheme and then approach potential donors to invest their savings in the bond. Savers can choose to receive either 0, 1 or 2 per cent interest after five years. Allia then lends most of the money to the social housing organization Places for People, repayments on which produce the money to repay investors. The remaining money is given to the charity as a grant, minus a small administration fee.

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