Helping do good for the UK
The team at Cascade Cash Management (Cascade) is championing the way forward for companies with cash in the bank to make the switch and help do good for the UK – while partnering with a charity that helps older people enjoy life.
As we move into what could start to feel like a more ‘normal’ life, Cascade has, over the last few months, taken time to look at and recognise the impact of the COVID-19 pandemic on the UK.
With many people having been furloughed or made redundant, people having to use food banks, and charities
suffering as their fundraising has been hindered, now is the time for those companies with healthy cash reserves to help.
Historically, businesses generally feel a low goodwill towards banks and building societies due to a lack of transparency and a perceived hassle to switch accounts.
Dr Emma Black, Cascade managing director, says a shift in that feeling, by switching cash in the business to the best in the market – joining the Cascade community in doing so – can do good.
She says: “Savings rates are at an all-time low, with the threat that they may even drop to a negative rate later this year.
“If this happens, it will be the first time to have ever occurred in the 327-year history of the Bank of England.
“Money just sat in current accounts is doing absolutely zero work for businesses now, and if it is more than £85,000, it is not covered fully by the FSCS.
“We are therefore reaching out to businesses of all sizes, informing them of their duty of care to make sure it is put to work in the right place for the right reasons and to boost their social responsibility actions too.”
The team at Cascade do all the work involved in the switch and simply require new clients to fund their new accounts.
For those that introduce or refer other clients, there is the choice of £250 cashback to be held on account, or to donate it in their name to Age UK Northumberland or a charity of their choice.
Through their partnership with Age UK Northumberland, Cascade is inviting those businesses who aren’t driven in earning interest for their own use to switch to the Cascade portal, donating their ‘free money’ earnings from it to the charity.
Emma says: “By working with us, you could generate thousands of pounds of extra cash on your cash reserves.
“If your business doesn’t see a need for that, then we encourage you to switch to help others.
“Interest proceeds generated from switching can be donated in full or in part to support others and to raise funds for our charitable partner Age UK Northumberland.
“We are urging businesspeople to think responsibly.
“If you don’t want that ‘free money’ from switching accounts, then do it anyway and give it away!
“Help others who do need it. If it doesn’t need to be in your pocket, do good by putting it in theirs.
“You can do good and simultaneously increase your depositor protection using different banking licenses for FSCS coverage too.”
Clients can opt for as many savings accounts as they want, have the choice from a range of terms from instant access to five years and can either administer their own accounts or allow the Cascade team to administer it for them.
Amy Whyte, head of charitable services at Age UK Northumberland, says: “This is a great idea and two brilliant ways to generate funds for good causes.
“As well as Cascade giving £250 that could go into a charity for each introduction, businesses willing to donate the money earned on their cash reserves that they don’t need will make a huge difference to the services we can deliver to older people in our community.
“Every penny raised in the region is spent here, and not a lot of people appreciate that we are a stand alone small charity with a large charity name.
“Bringing in funds from people and partnerships in the region will be our lifeblood going forward, so please, if you have money in a business account that could be switched and do good, then speak with Cascade.”
For more information, visit www.cascade.co.uk or www.ageuk-northumberland.org.uk