bank account for Martial arts club

Phil_Malkin

Hello
i run a small martial arts club with only 12 members .
i am looking to open a bank account for the club but don't want to be hit with a lot of charges.
i basically need an account i can pay students training fees into and pay bills from preferably with a card .
there are basically two options i can see a Business account or a club and society account.
i have been into a couple of banks and been told to ring a number as its all done over the phone now , but have spent literally hours on hold waiting to speak to some one and then get conflicting information on what i need.
it just seems to be made really difficult to open an account, even with my own bank that i have been with for over 30 yrs .
what and who would you recommend?
thanks in advance
phil

xylophone

http://www.santander.co.uk/uk/business/clubs-charities-accounts

https://www.tsb.co.uk/business/accounts/treasurer-account/

http://www.lloydsbank.com/business/retail-business/current-accounts/treasurers-account.asp

https://www.business.natwest.com/business/startups-and-SME/small-business-bank-accounts/community-account.html

Our church charity started with Alliance and Leicester (taken over by Santander) and the account runs quite smoothly.

Uxb

...and I'm treasurer of two groups
One uses Barclays Community account and the other clubs/society account from NatWest.
You will only find this sort of loss making community type accounts available from the mainstream banks.

Expect to have to jump though more hoops though than with a personal account when setting it up.
Who are going to be the authorised signatories, how many need to sign cheques, give instructions etc??
The bank will want to know all about this via their "mandate form" or equivalent which everyone who is an authorised signatory will need to sign.
Then on top of this will be the personal ID verification for each of the authorised signatories as per usual wich may be done electronically or may required certified copies of passport and originals of address ID.

I always recommend having two signatories on everything as a requirement as it protects you from any wild allegations from those out to cause trouble sometime in the future (and there is always the awkward squad in every venture!)

alanq

https://www.metrobankonline.co.uk/business/everyday-banking/products/current-accounts/community-current-account/

Robin9

You wont get an account with a card - only a cheque book requiring two signatures.

We tried to open a Charity account with Lloyds when Nationwide closed our local branch where we had a passbook account. Lloyds wanted full records of our trustees going back to the year dot.

We went with CAF who needed an opening balance of £1000 and now also charge £5 a month.

Don't be tempted to operate the clubs funds through your own account - you will be open to accusations, even if unfounded.