Money Insider: A chance to donate to the Royal British Legion as you spend and save

 

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The Independent Online

Many people will have made donations in support of the Royal British Legion ahead of Remembrance Sunday.

Whilst many give money to worthy causes throughout the year, whether you're a saver or a spender you can also give an extra pledge indirectly via specific financial products. For example, Coventry Building Society has just launched a Centenary Poppy Bond.

This is a three-year fixed-rate savings bond paying 2.40 per cent AER. As well as the saver receiving a very competitive return, the Coventry will donate the equivalent of 0.15 per cent of all balances held in these accounts as at 31 December 2014. The building society has been supporting the Royal British Legion via savings accounts and staff fundraising since 2008 and in that time has donated more than £10m.

For those worrying that they'll be missing out on better interest rates, the only two three-year bonds paying more are from Shawbrook Bank and State Bank of India – both at 2.50 per cent. However, both require a minimum balance of £5,000 and £10,000 respectively, whereas the Coventry Centenary Poppy Bond is available from just £1.

Another way of giving as you go about your daily life is by using a charity credit card. MBNA has teamed up with the Royal British Legion to produce an affinity card that can earn an invaluable stream of funds for the charity.

The Royal British Legion receives an initial payment of £20 when a card is taken out through its website. The charity also receives ongoing revenue at the rate of 25 pence for every £100 spent on the card as well as £2 every year that the card account remains open.

Whilst it's possible to earn more with a credit card paying cashback and then donating it yourself, in reality how many people are actually disciplined and organised enough to follow that through? By paying your card off in full each month it won't cost you a penny but the charity benefits directly on the back of your spending.

Pocket money made easier

Smartphones and tablets have become an integral part of family life and whether it's for work or leisure, new technology cuts out much of the hassle and makes it quicker to complete many tasks.

With so many financial transactions now carried out without the need to physically hand over hard cash, it's no surprise that 21st-century gadgets are also having an impact on basic household chores including dishing out the weekly pocket money.

One smart, yet simple, new example of "cash-free" pocket money is goHenry (gohenry.co.uk) a modern-day money management and education tool for families.

goHenry lets your children earn, save and spend whilst teaching them to appreciate the value of money – plus it comes with a secure pre-paid debit card with parental controls. It also enables the parent to keep tabs on their children's spending.

It's aimed at children aged between eight and 18 and is an excellent and interactive way to help them learn to manage their own money.

Parents set the rules and limits, and can allocate pocket money automatically or set tasks for their children to earn extra cash.

Both parents and kids can see their earning, spending and saving online whilst the pre-paid card won't let your children get into debt.

You can try goHenry free for the first month and after that it costs £1.97 per month, per child – a reasonable price to pay the weekly pocket money and keep an eye on where it's spent at the touch of a button.

Andrew Hagger is an independent personal finance analyst from www.moneycomms.co.uk

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