Interest Paying account for a Brownie Pack

djtonyb

Hi guys

I'm after some advice.

Can anyone recommend a current account (with chequebook) that will pay interest for a Brownie Account?

We have £650 in the account and HSBC have stopped paying interest on funds unker 10k.

Any ideas, banking locally is quite limited.

[Deleted User]

I have seen on the Coop bank website that they do free banking for community groups, charities, etc. but it only pays interest above £2000, and then not a great deal. Looking at the website it does provide cheque books and you can pay money in at the Post Office.

Coop

NOWSE

Are you sure that it's worth your while changing banks?

HSBC might be ceasing paying interest but I suspect that they only paid a nominal amount that resulted in less than £20 a year in interest received. HSBC provide you with free banking,whereas some banks would charge you because you are classed as non-personal, i.e. a business. You indicate that you don't have many local options for banking. If you were to find a bank paying interest in the next town would the cost of getting there be covered by the interest?

I'm not defending HSBC's position, merely trying to be pragmatic.

System

You could try a treasurers account from Bank of Scotland - I think Halifax branches have it too outside Scotland.

http://www.bankofscotlandbusiness.co.uk/currentaccounts/treasurers_account.asp

1.1% below £2500 and 1.6% above.

We used it at our college student association and it was fine.

No transaction charges either.

Hope this helps.

djtonyb

No Bank of Scotland nearby and the local Halifax won;t deal with this account

any other ideas?

Jake'sGran

djtonyb wrote:

Hi guys

I'm after some advice.

Can anyone recommend a current account (with chequebook) that will pay interest for a Brownie Account?

We have £650 in the account and HSBC have stopped paying interest on funds unker 10k.

Any ideas, banking locally is quite limited.

I notice someone else has mentioned the Co-op. The online account (Smile) pays 3.something on the current account and if you are not likely to use some money for a while you can put it in the savings account (switches are immediate) which pays 4.5. Not sure though if clubs etc are allowed to use these accounts.