CAF Bank celebrates its 20th anniversary
Howard Lake | 17 November 2006 | News
CAF Bank, the UK’s first bank set up exclusively for charities, has celebrated its 20th anniversary with a reception in London. It now has record funds under management of £1 billion.
Originally known as CafCash, CAF Bank, the banking subsidiary of CAF (Charities Aid Foundation), was launched in 1986 to provide even the smallest charities with access to high quality financial products, low charges and competitive rates of interest.
In its first year it attracted nearly 1,600 accounts totalling £24.5 million, and now CAF Bank manages over 20,000 accounts worth £1 billion.
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At the anniversary event, Tracey Reddings, CAF’s Executive Director of Charity Financial Services, said: “Over the past 20 years we have seen the income of charities more than double from £12.5 billion to £26 billion, and we have been able to make a valuable contribution to the effective management of these funds.”
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.