NonProfit SwimClub Best Account ?

Smag

We are trying to find a suitable account for our swimming club transactions. We are currently with the RBS, which hasn't been updated for years and the signatories have left the club so we thought it was about time we updated.

We would preferably like an account that pays interest. Do we need a particular account or would an ordinary current account do the trick?

Gordon_the_Moron

Smag wrote:

We are trying to find a suitable account for our swimming club transactions. We are currently with the RBS, which hasn't been updated for years and the signatories have left the club so we thought it was about time we updated.

We would preferably like an account that pays interest. Do we need a particular account or would an ordinary current account do the trick?

Assuming you can deposit at least £500 per month into the account Alliance and Leicester premier direct is probably the current account to go for, it pays 6.1% interest, if you don't have a branch nearby you can pay money in at the post office, use cash machines for withdrawals (obviously) and full internet banking facilities. It only pays 0.1% on balances over £2500 though and they only offer basic till facilities in branch.

Alternatively Halifax high interest current account pays 5.12% on up to £2500 like the above, and is branch based but requires you pay in £1000 per month.

Coventry First is the answer if you need to hold more than £2500 in the account, again it requires a monthly deposit of £1000 but pays 5.35% on the first £250,000 in the account. You will have internet banking and a debit card but probably no local branch depending on where you are. Also it does not provide a cheque book, but if that is the only problem you could always keep the RBS account and transfer enough money in it to honour any cheques you write and no more.

If you ever go overdrawn with the account I wouldn't consider anybody apart from Alliance and Leicester, 0% on the overdraft for a year and after that 5.9% which is still the cheapest on the market.

You wouldn't get this advice from me in the Natwest branch I work in

1196rachel

I am also looking for a current account for a club.
Are Gordon's suggestions not just for personal accounts? Also, the credit per month criteria on these is WAY above what most clubs would be transacting, surely?
Any further suggestion? Free banking is more important to us than credit interest. Though if credit interest is also offered that would be great.
Thanks

Gordon_the_Moron

ive never run a club like the one mentioned above so I don't know, do you need a business account or will a personal account do, I'm dumb (and drunk lol) dont make a habit of drinking at this time but ive been up since 2am and going to bed shortly haha

so whats the turnover of the club, nobody has said?

if you use halifax you can just cheat and open a websaver and transfer money to and from it and it counts towards the £1000 a month deposits