Treasurers' Accounts

Clare99 · 25 April 2008 at 12:17AM

Hi

Lloyds TSB also offer a treasurer's account: http://www.lloydstsbbusiness.com/community/index.asp

HelpingElsewhere · 12 September 2008 at 6:15PM

Hi all, just putting our pennyworth in...

We run a small 'efficient' unincorporated charity, and up to now have been using a client account attached to our business. Bank has been totally unhelpful in setting us up more 'officially' so I've been using the links above (thank you to all!) to sort out an alternative.

First stop was A&L. Great if you are a larger organisation, but you pay £5 per month if you pay in less than £4,000 that month. So you only get free banking if you turnover £48,000pa (and that assuming a very even spread). Even their standard business acct only demands £1000 paid in per month. So good, but no cigar...

On to the Co-Op... looks good to us. Free banking for all the usual bits and bobs, PO counter service and electronic transfer into deposit accounts to actually make money rather than leaching our donations (actually that would be my money as we reimburse all bank charges ourselves to make sure 100% of donations reaches its destination!). And a feel-good factor as well in terms of ethics. Will let you know if there are any unexpected wrinkles.

All we have to do now is streamline the process of actually getting the money to India!

Bye for now, and thanks once again for everybody's great charitable input above!

Savvy_Sue · 12 September 2008 at 11:00PM

Hi Helping, and welcome to the boards.

If you are needing to transfer money to India I would see what a range of big name banks are offering on that front. A reasonable monthly charge might be off-set by reduced bank transfer costs.

As I say here and on the Business Bank Account thread, the 'best' bank can only be determined when you know what you want to do with your account! Clearly your business bank hasn't been helpful, but you might find you get what you need from a multi-national with links to banks in India.

savinghru · 2 March 2010 at 4:06PM

Hiya,

As you are all talking about just the thing I'm looking for...I know a bit of time ago ...but I am following up your links for info

...however.....

We are a group of patients (campaigners) trying to prevent cuts being made to a Specialist Rheumatology Unit in the Highlands of Scotland by NHS. We have just had a trip to Edinburgh to hand over 6370 signatures to Nicola Sturgeon. A very beneficial meeting with her we think! But who knows??

We are setting up an account firstly as a "fighting fund" then to fundraise for items/equipment/beds etc for this specialist hospital that the patients will benefit from. At the moment any money left by a patient goes straight into the NHS bank account never to be seen again! We think this is wrong, and would like to set up an account that the patients are in full control over. The sister of the ward is behind us, and will also be on the committee. The account will be called Friends of H.R.U

What I need to know is, which is the best interest account, for a group like this. We have just signed our constitution which was looked over by a voluntary action group. And had our first meeting to elect office bearers. Now I need to look for a treasurers account.

We have a lot of people wanting to do fundraising activities for the group, the first is a Whist I'm arranging for 24th March. We also hope people can pay in a donation through a paypal site we plan to put up on our website when we get it up and running!

So much to think about.....What else do we need to do?

Any suggestions please for a treasurer account for a small group, we may take it to charity status further down the road, but not for some time?

Thanks Em x

Savvy_Sue · 2 March 2010 at 10:54PM

Welcome saving!

The best I can do is point you to this thread, which has a link to one of Martin's articles in the first post. You will have to do some phoning around to see what's going to suit you best. Your local voluntary action group may have some suggestions too, or at least know who other local groups use!

Even though you're not a business, that section is probably where to start, but do check with banks whether they have anything specifically for voluntary groups with a charitable purpose - and also that what that offers is the best you can do, because some of them are not that great!

savinghru · 3 March 2010 at 11:15AM

Thanks Sue yeah I was looking at a few online yesterday, mostly from the links given above. The interest rate is crap on most of them, and the co-op dont give any until you have £2,000 saved!

It was the local voluntary group who looked over our constitution for us, so I'll go back to him and see if he has any suggestions.

There is a lot of fundraising happening this year, so I expect the money will come in quickly, but I suppose with the recession interest rates are not the best they could be.

I will go and have a look at the thread you've suggested. Thanks very much for the reply. Great site by the way X

Aspieghosthunter · 23 May 2010 at 6:14PM

I run a group for autistic adults, who like to socialise, the group is independant and has no funding, but we are looking for an account in which we can use to deposit money when planning an event, as the group usually hand over cash deposits for events like camping, we wanted to open an account so that this would be easier, and so that we could use bank details for booking confirmations etc.

However we have no set turnover of cash and it would vary what we did how much the account would have in.

Can anyone suggest some kind of account that would work for us.

Savvy_Sue · 23 May 2010 at 7:05PM

If you want to pay cash in, your first step is to make sure it's an account where you can get somewhere to be able to do that.

I'd start by contacting banks you can easily get to a branch of, and then move on to banks which let you pay into a Post Office, you might even find a Post Office is more convenient than a bank branch.

The fact that you're going to have an unpredictable cash flow and balance shouldn't matter.

ellybelly89 · 23 May 2010 at 7:11PM

I was the treasurer of a university society that had a turnover of £100,000 through the account and our interest earned us 38p for the year with Natwest. It's disgusting how little they pay but they offer free banking. Unfortunately we're tied to them because society's at my university aren't allowed external accounts unless they were set up years ago which ours was. The alternative would be to bank with the union and have no interest and far less access.

claytonyouth · 28 July 2010 at 11:00PM

:o:ocan anyone help me? we are a community group who are opening a fitness club , we have been raising money and getting donations. I need to open a bank account and i dont know what sort to open. Please can someone give me some advise on this.
thanks
Joanne

Treasurers' Accounts

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