Best bank account for a new not-for-profit org

edited 30 November -1 at 1:00AM in Small Biz & Charities' MoneySaving
9 replies 599 views
IskinIskin Forumite
28 Posts
Haya !
I am looking for a new bank account for a charity (average size). We are banking with Lloyds and I am really fed up with their poor customer services >:(. We issue lots of cheques, we receive lots of payments from overseas on our bank account (this is where the headache starts with Lloyds as it is always a fight to get the exact details, where it came from and in which currency it was originally sent etc ???). I do not mind if there is no local branch as long as they would offer the internet banking option 8).
I would love to have the pleasure to say bye to Lloyds ;D, please help me to do so !!!!
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Replies

  • Savvy_SueSavvy_Sue Forumite
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    There have been previous questions about charity / business banking, so a trawl back might be worthwhile. However, although I don't know if any of these will be any better with the overseas transactions, I've used the following for charity or NFP banking without problems or unexpected charges:

    Alliance and Leicester - http://www.alliance-leicester.co.uk/ - look for Community Current Account. It also offers a Community Deposit Account and moving money between the two is really easy and quick.

    Cooperative Bank - http://www.co-operativebank.co.uk/ - look for Charities Sector in the Business section. I don't know if they do internet banking other than for personal customers, which is of course Smile and doesn't seem to have a business option.

    Unity Trust Bank - http://www.unity.uk.com/ - look for Charities and Vol Org banking under the Banking Services option. You don't need a separate deposit account as they pay a decent rate of interest on your current account. At least they do on ours at work, which may be because we've got our reserves in there! Definitely offer internet banking.

    Triodos Bank - http://www.triodos.co.uk/ - Charities listed on the left hand side. Also say they pay interest so you don't need a separate current account and offer foreign payment facilities. Unclear on a quick glance whether they offer internet, but I'd be surprised if they didn't as they have very few branches.

    Do not panic if you've never heard of the last two banks, they offer specialised services to charities and similar groups rather than as 'bolt-ons' to business accounts. They are not 'high street' banks.

    Suggest you phone and ask them whether they can do what you want: even if they do no better than Lloyds on the overseas transactions I am sure they will give better customer service in every other way!
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  • CAF Bank (Charities Aid Foundation) are also supposed to be good but I don't know if they provide all the services you need.
  • CAF bank have always been very good for us (just a small charity) and now offer internet services.
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  • Hi

    I've used RBS and HBOS for different charity/nonprofit things and both were good. I use RBS for my business account and they are great with overseas transactions (I send and receive money from Japan). The only downside is they are big high street banks who make incredibly high profits, and as this site makes it abundantly clear that is often by financially exploiting "Joe Public". But that aside, I've found them reliable services.

    I used to work for Lloyds and all I can say is I would get out ASAP. They also treat staff very poorly. Remember they may be asking a lot of questions because of the money laundering regulations so that may not change with a new bank...

    Good luck
  • DemiDeeDemiDee Forumite
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    Hi all! I am currently in the process of setting up a (mainly website based) not for profit organisation, and wondered if anyone had any good advice about what bank offers the best deal for the not for profit sector. Right now, I am not currently thinking in official charity terms, so it would simply be a not for profit organisation, initially run by myself. Any advice much appreciated!
  • lloydstsb treasurer account, you can get forms from any branch - just matter of completing form and providing id and proof of address for parties that are going to have signing rights, if its just you then thats fine. make sure that you get them to give you a "30" sortcode account as you can then apply for internet banking too
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  • Savvy_SueSavvy_Sue Forumite
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    Also see sticky thread at top of this board for other suggestions.
    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
  • DemiDeeDemiDee Forumite
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    Lloyds also support the Lesbian, Gay and Bisexual Youth forum - you either agree or disagree with this, but I don't like the idea of a bank taking such a political stance with the interest it gets from customer's money.
  • I use Co-op bank for one small charity and two small community organisations and they've always given us terrific service with telephone and internet banking access.
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