Community Organisation Bank Account?

Ticklemouse

I need to open a Community Organisation Bank account and was wondering which was the best one to go for.

I live on an unadopted road and we (the residents) need to get it re-surfaced. We want to open a bank account so that everyone can put in a small amount each month so that we can save up for major work in the future (between £5-10 pcm per household) I estimate that we would be putting in approximately £400 a month. The only out-goings would be when the work is done.

I would like an account that pays the best interest rates as the major work will not be done for 2-3 years, but also one that has free or very cheap banking. If the interest gained outweighs any charges made, then this is something we would consider.

So far we have set up a committee that has 5 members, so we have enough people for the Chair, Secretary and Treasurer.

Many thanks.
TM