Bank Account for club

dbaffy

Can anyone recommend a bank account for a non-profit making club. I need a cheque book/debit card with five signatures, internet access, branches or post office to pay in cash, and interest on a balance of about £5000.

Thanks in advance.

jonesMUFCforever

dbaffy wrote:

Can anyone recommend a bank account for a non-profit making club. I need a cheque book/debit card with five signatures, internet access, branches or post office to pay in cash, and interest on a balance of about £5000.

Thanks in advance.

I won't mention which one but the bank I work for could offer you the following: Cheque book, NO debit or cashpoint card,5 signatures would be ok - but all would have to provide id and address confirmation in person at a branch unless an existing customer, No Internet access-I think anyway, not completely sure about this, Paying in cash at a branch no problem - No credit interest.
Turnover must be under £25k per annum or you would need to open a business type of account and negotiate any charges (if any) but you may get a debit card, Internet access and a seperate business savings account.

basill

I`m the treasurer for a small ( atm!) investment club, we found club accounts are usually treated as business accounts and credit balances do not usually attract interest. The best you can expect is no charges for cheques etc.

Several members already bank at Lloyds and we ended up with a Lloyds TSB business account with a chequebook, two signatures are required on cheques. Dont think you can get a chequebook more than that. You can nominate several signatories though.
There are no charges for operating the account and once registered it is possible for users to make payments etc using internet banking.

The web site is OK but simple things like forgotten passwords can only be dealt with by a return of mail. I am a long term First Direct customer and something that would be dealt with immediately at FD took over a week to sort out at Lloyds.

B

ronnie_2

dbaffy wrote:

Can anyone recommend a bank account for a non-profit making club. I need a cheque book/debit card with five signatures, internet access, branches or post office to pay in cash, and interest on a balance of about £5000.

Thanks in advance.

Lloydstsb do what they call a treasurers account which offers internet banking/telephone banking, debit card (company payment card), cheque book and more importantly you can pay in via post offices (like most uk banks)

however, if you where to open a lloydstsb account make sure they open it as a "30" sortcode otherwise these facilities wouldnt be available

also, you would not get a substancial amount of interest on 5k however they would allow you to open a "savings" type account to run along with the treasurers account and it would simply mean that your treasurer would have to ensure that he/she transfers funds over as and when required so you dont go overdrawn.

as mentioned earlier, if any of your people are already account holders with lloydstsb then they would not be required to provide id or proof of address as the bank would already hold this. if they are new to bank then perhaps a current passport and driving licence would be handy.

have a look here for lots of advice that may be good for you.

good luck in your ventures