PTA bank accounts

aminchom

Dear wife has just become PTA chair at our local primary school. They have just got the bank details off of the outgoing treasurer. The accounts are with Alliance and Leicester. Just wondering if anyone knew if this was the most frugal account or is there something better for a PTA - after all we want to maximise moneys for the little darlings' school. Thanks in advance.

Savvy_Sue

Well, it may or may not be the 'best' but you also have to consider convenience! I always ran my PTA bank account through Alliance and Leicester and have used their 'Clubs and Societies' accounts for other things as well and found they couldn't be beaten on that front! Reason is, you can pay cash into the post office and two people can withdraw up to £50 cash on alternate days at either of two post offices!

Now, the PO was at the end of the road, and I had a pushchair or a bike with a basket! So after school fairs I'd be off to the PO, with my shopping tray laden with small change to pay in! It weighs a ton, so parking and lugging it in by hand would have been a lot more difficult! :rotfl: Bank was much further away! and before school fairs I'd have been in there every other day cashing cheques and withdrawing small change, to make my floats up. This would either be the PO by the school, or the one near work. Very convenient!

I also had a HIDA (High Interest Deposit Account) linked to my current accounts. Usually paid my cash deposits into that rather than the current account, unless I knew it was needed immediately, because when the current account needed topping up in a hurry, one phone call did it. I suspect you can do internet banking as well these days. I don't know what the current rate of interest is on the HIDA, but it worked for me.

If you want to research it further, there's a sticky on bank accounts near the top of the Small Biz and Charity Organisers board.

And best of luck to your DW!