Individual Options Account

Many people give to charity and the Payroll Giving scheme provides a regular and tax-efficient way of doing just that. But some people want greater flexibility, especially in terms of when, to whom, and how much they donate. For such people, an Individual Options Account administered by Charitable Giving is ideal – it allows you "to keep your options open" and provides an account in which to keep your money until you decide to donate. Online account management via our website means that you can get a statement at any time as well as being able to send your donation instructions by eVoucher.

What could be easier? And, what’s more, managing your own charity account is both enjoyable and rewarding.

What can an Individual Options Account be used for?

An Individual Options Account can be used to donate to a variety of charitable ends, for example:

  • A charitable appeal you notice when on holiday
  • A special international appeal to provide aid for the victims of a humanitarian disaster, e.g. tsunami, earthquake, or flood
  • The sponsorship of a friend running a marathon or trekking the Great Wall of China
  • A local charity

Although an Individual Options Account is ideal for one-off or ad hoc donations, regular donations, i.e. “standing orders”, can also be set up for your favourite charities once an account has been opened.

How does an Individual Options Account work?

In respect of funding the account or making deposits:

A regular income of at least £10 per month must be established. This funding can be from:

  • Pre-tax income, tax-efficiently through the Payroll Giving scheme; or
  • Post-tax income, which may be eligible for a Gift Aid enhancement. Please contact us for more information on setting up funding this way.

In respect of making donations:

  • Donations can be made to any eligible UK registered charity or charitable organisation.
  • Funds will be distributed by BACS to your chosen charity’s bank account within 10 working days, assuming available funds and information.

When you decide to donate, you can login to your Options Online Account and either:

  • Create an eVoucher, to send a one-off donation to your chosen charity; or
  • Set up a Standing Order, to send regular funds to your chosen charity (one-off initial set up fee of £5 applies)

If you do not manage your account online, please Contact Us to request a voucher book which can be used to submit your donation instructions.

What do I have to do to set up an Individual Options Account?

To allow us to verify your eligibility for an Options Online Account we will need some of your details, including your name, staff/pension number and employer/pension provider details.

Please submit a contact form on Options Online or call us on 01822 611 180 to get started.

What are the Terms & Conditions of an Individual Options Account?

The full Terms & Conditions are available from this link, or you can download them here.

The main features are summarised below:

  • Contributions are required equating to at least £10 per month in any twelve-month period.
  • A book of twenty vouchers is available free of charge to each new account holder on request. Subsequent books will incur a charge of £5 to cover the cost of printing, postage and packaging.
  • Account holders not registered as Options Online users will receive an Annual Statement for the period ending 30 April.
  • No interest will accrue to funds held in an Individual Options Account.
  • Reclaimed Gift Aid will be credited to accounts when received from HMRC.

The fees for operating an Individual Options Accounts are as follows:

    Deposits

  • No fee if funded through Payroll Giving
  • Gift Aid claim: 4% of deposit, capped at £10

  • Withdrawals

  • Setting up standing order: One-off initial set up fee of £5 per charity
  • No fee for one-off donations

Fees are debited to accounts as and when they arise.


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