Deposit Fund
What is the Deposit Fund?
The CFB Deposit Fund is a common deposit fund designed specifically for Methodist churches and charities. Monies received are pooled together and invested mainly in the London Money Market.
Who can invest in the Deposit Fund?
All churches and charities in Great Britain responsible to the Methodist Conference are allowed to invest. This would normally include other organisations under the control of the Church Council, e.g. Sunday School, Youth Club etc.
What services do we provide?
- Accounts may be opened on any business day.
- Deposits may be made via a local bank, using a CFB paying-in book, or by post.
- Withdrawals to your nominated bank account are processed on day of receipt (up to £50,000). Notice of up to seven days may be required for larger sums.
- Automatic transfers can be set up to:
- pay stipends
- Circuit, District and other Deposit Fund accounts
- fund local bank accounts
- receive tax refunds
- credit income distributions via TMCP.
Dealing and interest
- Dealing date: Every business day.
- Interest is earned immediately an account is credited.
- Interest is paid monthly by credit to the account.
- No transaction charges are levied.
Security
Monies are placed on deposit with banks which meet rigorous criteria based on independent credit ratings and size. We further minimise risk by limiting the proportion of the fund depositied with any single bank.
Model trust money and property schemes
Model trust monies maintained in cash cannot be held directly in the Deposit Fund, but should be forwarded to the Trustees for Methodist Church Purposes (TMCP) in Manchester. You will, however, still benefit from the professional management of the CFB team, as such monies will be invested in the Trustees Interest Fund, which is itself managed on behalf of TMCP by the CFB.
