The team at Cascade Cash Management (Cascade) is championing the way forward for those with cash to be part of a savings community to do good for the UK - whilst partnering with a regionally based charity that helps older people to 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 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 Cascade says for those with cash to create a community that can help. Historically, the UK is known for its apathy when it comes to savings. There is generally a low goodwill towards banks and building societies due to a lack of transparency and a perceived hassle to switch accounts. Dr Emma Black, MD of Cascade, explains how a shift in that feeling by switching to the Cascade community can do good:
“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.
“We feel that those with excess cash have a duty of care to make sure it is put to work in the right place for the right reasons. Financial advisors have said to us that some of their high net-worth clients aren’t interested in moving money for the sake of a few thousand pounds while interest rates are so low. Our response has been to emphasise the impact that the few thousand pounds can have for others and we’ve focussed on social responsibility.
“By working with us here at Cascade, you will be able to generate thousands of pounds of extra cash on your savings. If you don’t see a value personally for that, then we encourage those people to do so to help others. Proceeds can be donated to support others and to raise funds for our charitable partner, Age UK Northumberland. You can do good and simultaneously increase your depositor protection using different banking licences for FSCS coverage. Two great reasons to do it!”
Through their partnership with Age UK Northumberland, Cascade is inviting those who aren’t actually interesteed in earning more to make use of the Cascade portal and friendly team and to donate their “free money” earnings from it to the charity. Clients can opt for as many savings accounts as they want and if they don’t want the cash proceeds, then they can donate them to Age UK Northumberland, or another charity of their choice.
Dr Emma Black concluded: “We are urging people 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. “We do all the work involved in the switch and simply require our clients to fund their new accounts. For those that introduce or refer other clients we are also offering the choice of £250 cashback to be held on account, or we will donate it in their name to Age UK Northumberland or a charity of our client’s choice. “A business in finance can be a business with purpose and we are determined to bring about that change! Show support by joining our savings community today.”
Amy Whyte, head of charitable services at Age UK Northumberland, said: “This is a great idea and is two brilliant ways to generate funds for good causes.
“As well as Cascade giving £250 that could go into a charity for each introduction, the savings community willing to donate the money earned on their cash that they don’t need will make a huge difference to the services that 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.
To bring in funds from people and partnerships in the region will be our life’s blood going forward, so please if you have money in an account that could be switched and do good, then speak with Cascade!”
