Best charity bank account?

DemiDee

Would love to hear others' opinions and get some advice on the best bank account for a not for profit just starting out. Any personal experiences or feedback most appreciated.

Savvy_Sue

The first thing you need to do is work out what you want from the bank account: if you are regularly going to the bank to pay in and withdraw cash, for example, you need one with a local branch, or local encashment facilities.

As I said in your other thread, I use Unity Trust, and rate them highly. Also recommended are CAF and Triodos. Sorry no time to hunt for links.

This thread may be useful in general terms and note the advice there on bank accounts and signatories.

Savvy_Sue

Links: Unity Trust, CAF and Triodos.

Links now fixed, although they may be to the 'home page' rather than the 'charity / social enterprise' part of each site.

DemiDee

Thank you, Sue. I checked them all out yesterday. But what of the Co Op? Do they have a good reputation in dealing with charities?

Savvy_Sue

DemiDee wrote: »

Thank you, Sue. I checked them all out yesterday. But what of the Co Op? Do they have a good reputation in dealing with charities?

We used to bank with the Coop, and they were OK for us. However, we did most of our banking remotely or via the PO, so no contact with the branch.

Anecdotally, people on this forum have not been that impressed with their business banking service - and even if you don't think of yourself as a business, it's that side of the service you'll be using rather than the personal side.

RedBern

I'm treasurer of a 'not for profit' social enterprise and we opened an account with Nat West mainly because they were open on a Saturday at a time when not all High St banks were - and also because they are marketed as 'friendly'.

We've had nothing but problems with them - and yesterday when I complained and asked to see the manager, I was told she'd 'phone me after 3pm..... they didn't say how long after 3pm but I didn't think I'd be waiting days!

So that's my two-pennyworth. Hope it helps.

Billy_the_Mumblefish

I've used the Co-op bank for a charity I've been involved with for about 4 years and it has been trouble free. I've just registered a Community Interest Company and will be using the Co-op again.

It pays interest on account swith over £2k balances and is fee free. The only issue I've ever had is that the staff at my local post office were confused about completing the paperwork for deposits. However, our money was always deposited - but we were a bit concerned at first. That said, it's OK now and may well have been a local issue with the staff in my PO...

Good luck to anyone out there starting or running a NFP business just now :beer:

DemiDee

Thank you all for your invaluable advice! One thing I have noticed about the Co-Op is that if you're not a registered charity, you need to provide a business plan. Is this just a few lines about your intentions and the charity aims, or is there an official procedure we have to follow?

Secondly, the second signatory we would like on the account lives across the other side of the country to the first signatory. I know that this might be a problem with cheque payments, but I wondered if anyone here is in the same situation and if there is a way around this? For example, will we have to meet up to sign the forms together in someone's presence, and will it be possible to withdraw from Paypal and the like? My head is spinning, and these are just the basics, lol!

Savvy_Sue

I'd suggest you ask whichever bank you're planning to open with what they would require. Some would let each person take ID to their nearest branch; others seem to think that you can get all the unpaid officers of a charity into the branch at the same time, said time to suit the bank rather than the proposed signatories. You'll only know which you're looking at when you ask ...

With Unity Trust we got ID documents copied and countersigned by a 'professional' before posting them off.

flamingo1985

I have just taken over a charity group and have been trying for three weeks to get my name on the bank account..... NIGHTMARE!
I have been into three different branches and have had to phone around to different call centres four times now and it is still not done.
Since calling to complain, it would also seem that for the past year there have been no signatures on file, so the 50 or so cheques we have issued have been allowed to go through with no signatures on file to verify!
Natwest - a helpful bank? certainly not!

Savvy_Sue

flamingo1985 wrote: »

Since calling to complain, it would also seem that for the past year there have been no signatures on file, so the 50 or so cheques we have issued have been allowed to go through with no signatures on file to verify!

:rotfl: Not the first time I've heard of that happening, and not just with NatWest!