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Treasurers' Accounts
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# 1
chuffchuffbuff
Old 01-11-2004, 2:05 PM
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Default Treasurers' Accounts

I am the treasurer for a club. We have 1600 in our only account (Nationwide) earning very little interest.
I would like us to have a cheque account and a higher interest account, preferably with the same bank to make my life easier. Which is the best bank or building society to offer me these facilities as a club treasurer please?
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# 2
Savvy_Sue
Old 01-11-2004, 7:59 PM
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Default Re: Treasurers' Accounts

IMO, it's got to be Alliance and Leicester for ease and convenience. You can phone and transfer money from their deposit to the current account quickly and easily. Almost certainly they now do internet banking as well. You can also cash cheques at up to two nominated post offices and pay cash in at the PO, or by post. I know it's a bit of a pain now all the local PO branches are shutting down, but I suspect I'll always be closer to a PO than to a bank!

http://www.alliance-leicestercommercialbank.co.uk/ and click on the Community Accounts link at the lh side of the page. Deposit account pays 4.44% AER on deposits of 1 or more!

Apart from anything else, this is an account aimed at Clubs rather than a downsized business account.

If you're a charity there are other places to try, but if that's the case then search this bit of the board for previous threads on charity accounts.
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# 3
Katey Dog
Old 29-03-2007, 3:58 PM
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Default 'Not for Profit' associations banking

I couldn't find the 'Community' Accounts link. Help please.
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# 4
Savvy_Sue
Old 29-03-2007, 6:52 PM
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Quote:
Originally Posted by Katey Dog View Post
I couldn't find the 'Community' Accounts link. Help please.
sorry it is a rather old link so they've probably re-written their website a few times since then!

I don't know if they still do this Clubs and Societies Account - so why not contact them and ask, and let us know if they do ...
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# 5
goldbern
Old 12-07-2007, 9:06 PM
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Quote:
Originally Posted by Savvy_Sue View Post
I don't know if they still do this Clubs and Societies Account ...
Yes, they do. Here's the latest link:

https://www.alliance-leicestercommer...t/SB010016.asp

I'm looking for a club account too. At first glance, the Halifax offering looks better for small groups with modest savings:

http://www.halifax.co.uk/savings/treasurersaccount.asp

Gary
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# 6
mikewebs
Old 12-07-2007, 9:16 PM
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Hi there

I am the treasurer for my local church and we use the Co-operative Bank. Downside very few local branches, upside cheque book, free banking, ability to pay in at a pre-arranged post office (thus supporting our threatened local post offices) and you can check your balance on the phone (0845 no), check on recent transactions and have very good and helpful staff on the end of the phone! Also you get interest on any balance over 2,000. This is by far the best bank i have had dealings with.

Here's a link to the type of account we use (a Community Directplus account). Hope it helps you:

http://www.co-operativebank.co.uk/se...v2PageStandard
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# 7
Milarky
Old 25-01-2008, 8:07 PM
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Are Treasurers and Charity accounts just plain rubbish because you have to have one (rather than use your own accounts) or is there any justification for these low rates assuming that many organisations use their accounts quite sparingly (i.e. the odd cheque) anyway. To me they do look like a corporate version of 'Rip Off Britain'
.....under construction....
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# 8
Savvy_Sue
Old 25-01-2008, 11:31 PM
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It is something you need to research once you've worked out how you DO use your account. We're a small local charity, but our monthly bank statement runs to five pages. We're writing fewer cheques, because we prefer to pay direct into people's bank accounts when we can. We rarely need to pay cash in, but we withdraw it about once a month. We have more payments going in by standing order than by personal cheque. So using an internet bank works for us - they pay interest on our current account, and the rate's better than we were getting from the Building Society. Of course as a good MSE I should be able to give you the rate, but I can't.

When I ran an out of school club, I was paying cash and cheques in every week, so easy access to a counter service was key. I was also writing at least 6 cheques every week, so one which didn't charge for that was vital! Since I was checking the balance every week, I liked being able to transfer money instantly from deposit to current account. Again, I don't remember the rate of interest, but I didn't think it was TOO dire!

Maybe my banking's always been a bit more intensive than yours!
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# 9
Albert the teddy bear
Old 15-02-2008, 5:31 PM
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A relative and his partner have been hospitalised in Australia.
Several months of nursing in hospital will be required before they will be able to return to the UK.
Both pairs of parents made immediate flights to be with the injured son and daughter. They were on the 'critical' list for over a week.
Family and friends in the UK are beginning to organise fund raising events.
The money is needed to give financial help to the parents while they are staying near to the hospital. The injuries to the son and daughter are horrendous.
We wish to set up a Treasurer's Account to manage the income from donations, so that money will be available to the parents in Australia to cover daily living expenses, rent, food, etc. One father has already had to quit his job to be out there.
What can you advise please?
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# 10
penny71
Old 16-02-2008, 8:40 PM
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Default Link to list of accounts

http://www.volresource.org.uk/servic...v_bnk.htm#curr

there's a long list of current account providers and maybe savings accounts if you dig a bit deeper into their website

I manage a small local charity and we just have a RBOS Treasurer's Account at the moment. I agree, that they are not the most competitive accounts for interest rates, but the only legal type of account which Charirites, Voluntary and Community organisations can have!
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# 11
lavendergirl
Old 05-03-2008, 2:57 PM
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alliance and leicester do accounts for charitable groups, also Barclays operates a community account for charities
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# 12
Clare99
Old 25-04-2008, 12:17 AM
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Smile Treasurer's accounts

Hi

Lloyds TSB also offer a treasurer's account: http://www.lloydstsbbusiness.com/community/index.asp
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# 13
HelpingElsewhere
Old 12-09-2008, 6:15 PM
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Default

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!
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# 14
Savvy_Sue
Old 12-09-2008, 11:00 PM
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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.
I'm a Board Guide on the Cutting Tax; Charities; Small Biz & Charity Organisers; and Silver Savers boards, which means I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. However, do remember, Board Guides don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts.

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# 15
savinghru
Old 02-03-2010, 3:06 PM
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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
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# 16
Savvy_Sue
Old 02-03-2010, 9:54 PM
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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!
I'm a Board Guide on the Cutting Tax; Charities; Small Biz & Charity Organisers; and Silver Savers boards, which means I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. However, do remember, Board Guides don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts.

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# 17
savinghru
Old 03-03-2010, 10:15 AM
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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
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# 18
Aspieghosthunter
Old 23-05-2010, 6:14 PM
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Default Help!

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.
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# 19
Savvy_Sue
Old 23-05-2010, 7:05 PM
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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.
I'm a Board Guide on the Cutting Tax; Charities; Small Biz & Charity Organisers; and Silver Savers boards, which means I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. However, do remember, Board Guides don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts.

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# 20
ellybelly89
Old 23-05-2010, 7:11 PM
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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.
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