for the Methodist Church
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.
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.
Client notice: Cheque Remittances
Customers are advised that cheques for the CFB Deposit Fund which are sent to the CFB by post are paid into the HSBC banking network. HSBC bank branches local to our office are currently closed and those further afield are subject to closure at short notice. Unfortunately, this is wholly outside of our control.
As a result of this, we strongly advise customers to send us their remittances by direct bank transfer rather than by cheque. For details of how to do this please call 020 7496 3627.
It is also possible to pay cheques into your account at other bank branches which remain open or at the Post Office. In all instances please quote your CFB Deposit Fund Account number. Thank you.
For those who are trustees or treasurers of non-Methodist charities, why not consider the Affirmative Deposit Fund?
Operating using the same staff and systems as the CFB Deposit Fund, the Affirmative Deposit Fund is available for non-Methodist churches and charities, and is managed by our sister company Epworth Investment Management.