Bank account for new charity

catw75

Hi, I'd be really grateful for some advice, please? I help to run an organisation that is in the process of becoming a registered charity, but we're not registered yet. We need bank details in our organisation's name for the application to the Charity Commission.

Right now, we're looking for speed and ease of setting up an account.

The CAF account looks perfect, but they need so much info, minutes of meetings etc before they can set it up, and they need £1000 as an initial balance, too. We have a few hundred from a crowdfunder, but not a thousand.

We're thinking we can switch to CAF a little further down the line. For now, we just want an account with our charity's name on it, where we can put the small amount of money we have, and to give details of it on our charity application.

Does anyone have any recommendations for a charity, treasurer's or small business account that's simple and easy to open?

Thanks

Robin9

The CAF will probably be the easiest - minutes of meetings should not be an issue and a loan from a future trustee while you set the account up - the £1000 only has to be there at opening and can be withdrawn immediately the account is open. Not £5 a month fee.

pramsay13

Who do you bank with (assuming you're an office bearer)?
I use Bank of Scotland Trustee Account
http://business.bankofscotland.co.uk/0-3m-turnover/business-accounts/treasurers-account/

Savvy_Sue

Honestly, minutes of meetings is the least of your worries, they won't want to see the minute book, they just want your signatures confirming that at a meeting on X date the officers agreed to open an account with whoever.

The other two 'charity' options are Triodos and Unity Trust but I don't know if they will let you open an account before you are formally registered - worth asking however.

catw75

Hi Robin, thanks so much for replying The 3 initial trustees are me and the two others who run the organisation, but unfortunately none of us have a spare £1000, even to lend the organisation! Thanks, though

catw75

Hi Pramsay, thanks for replying I bank with Nationwide, but unfortunately they don't do business current accounts. My colleague is with Barclays and I've suggested she asks them, thanks for the advice, and I'll have a look at your Bank of Scotland link too, thanks

00ec25

Nat West do a "community" account (I run 2) which would get you off the ground. Obviously you can't list as a charity until you are registered as such, so you'd need to set up as a club/society.

Sorry but you cannot expect to open a bank account without being able to produce some level of documentation...

https://beta.natwest.com/business/business-banking/business-bank-accounts/community-bank-account.html