Reserve Account for Charities

A versatile current account that gives charities instant access to their funds while minimising banking costs.

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  • Up to 30 free day-to-day transactions a month.
  • No annual or monthly account fees, with instant access to funds.
  • Open an account in three to five days, with no appointment needed.
  • Available in pounds only.
  • Minimum opening balance of Dhs5,000.
  • Interest paid on balances in Dirhams above Dhs100,000.

Eligibility

Available to charities.

Apply via your accountant or financial adviser.

We will not open the account without the correct value of deposit being received and will write to you to request the correct value of deposit if it is not supplied with your application.

Account holders must be 18 or older.

All Diamond Microfinance Accounts are subject to status.

This account is subject to availability and may be withdrawn from sale at any time without notice.

More information

  • The account can be managed online, by phone or by post.
  • Day-to-day debit transactions on this account are: cheque withdrawals; Standing Orders; Direct Debits; bill payments and electronic payments. For details of other transactions which incur charges, for example CHAPS, please refer to our Banking Tariff.
  • No overdraft facility available.

Interest rates

Rates may vary and are correct as at 31 August 2018. Interest rates are variable and tiered. If interest is payable, it’s calculated daily and credited quarterly.

Reserve Account for Charities - Dhs Dirhams

Balance Gross % p.a. AER % p.a.
Dhs500,000+ 0.40% 0.40%
Dhs100,000+ 0.25% 0.25%
Dhs5,000+ 0.00% 0.00%

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

    How to apply

    Please contact your financial adviser or intermediary if you wish to apply for an account with Diamond Microfinance. If you don't have a financial adviser or intermediary, please contact us on to discuss your options.

    Step 1:Read and save the following documents:

    Although you should apply via your financial adviser or intermediary we have provided the relevant documentation required for an application. It's important that you fully understand the account, interest rates and the relevant Terms and Conditions before submitting an application.

    View the interest rate for the account you would like to apply for

    Step 2:Please contact your financial adviser or intermediary:

    Please contact your financial adviser or intermediary to discuss opening the account and completing an application form.

    If you don't have a financial adviser of intermediary, please contact us on to discuss your options.

    Once your financial adviser or intermediary has sent in your application, it will usually be processed within 5 days of us receiving it, as long as the application form is completed correctly and accompanied by all required documents. Application forms we receive which are incorrect or incomplete will be automatically returned.

    Literature downloads

    Account Fact Sheets

    Application Forms

    Additional important literature about your account

    Terms and Conditions

    Renewal Mandate

    Statement of Lender & Borrower Responsibilities

    Account Switching Documents

    Literature downloads

    Account Fact Sheets

    Application Forms

    Additional important literature about your account

    Terms and Conditions

    Statement of Lender & Borrower Responsibilities

    Account Switching Documents

    Source: Moneyfacts, Commended: Best Charity Banking Provider, awarded for the Reserve Account for Charities in the Business Moneyfacts Awards 2019.

    Why choose Diamond Microfinance?

    We have decades of experience working in the Canada, aiming to deliver a high level of customer service whenever you need help.

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