Best bank account(s) for sports club?

mouseclick

I have just taken over as treasurer of a small sports club, and we have a deposit account with £4000 and a current account with £1700. The only income we get is once a year, where about £400 gets paid in from membership fees. The deposit account is savings for capital equipment, raised from socials etc, however it is now not intended to buy the equipment, so it is likely to remain constant throughout the year.

At the moment current account is NatWest Reserve and deposit account also with NatWest, unsure of interest rate but I am told it is "low".

Any ideas, anyone, as to how to make the money work harder? We need instant access so a small operating capital, say up to £1000, but the rest can be at longer notice.

In case you don't know, not all banks have club & society accounts, and usually you have to supply a copy of the club's articles or constitution when opening the account. Ideally we would like 3 signatories with a minimum of 2 to write a cheque. Internet access would be useful, though not sure how that would work if we specify 2 signatories for transactions.

So any help would be appreciated. Hopefully someone out there had the exact same problem, and worked it all out and can tell me! Otherwise, any pointers would be appreciated.

Thanks in anticipation...

Lazy_Runner

Our investment club had an account with Barclays.

The treasure (who was a signatory of the account) could ring up the account manager and get details/things sorted.

One of the other signatories of the account happened to have his personal account with Barclays. As he had internet banking, he some how worked out how to look at the club's account as well as his own. I don't know if his internet access allowed him to do anything. The other two signatories had no objections to his looking at the account transactions.

We never had savings because all of our money was in the broker's account.

mouseclick

Thanks Lazy Runner. I am burning the midnight oil too, and have discovered that HMRC cater for amateur sports clubs, details here.

I am in no rush to change things on the first day in my new role, so will wait a while.

I think I understand the situation with Barclays. All I really need is to view the account. It is more for convenience than an essential aspect.

Cheers again

michael0404

I guess this thread is a bit old now, but did you ever get anywhere in your quest for a sports/club bank account which paid a half decent rate of interest? We have this problem at the moment where our savings amounting to several thousand pounds are only getting a worthless rate of interest.

mouseclick wrote: »

I have just taken over as treasurer of a small sports club, and we have a deposit account with £4000 and a current account with £1700. The only income we get is once a year, where about £400 gets paid in from membership fees. The deposit account is savings for capital equipment, raised from socials etc, however it is now not intended to buy the equipment, so it is likely to remain constant throughout the year.

At the moment current account is NatWest Reserve and deposit account also with NatWest, unsure of interest rate but I am told it is "low".

Any ideas, anyone, as to how to make the money work harder? We need instant access so a small operating capital, say up to £1000, but the rest can be at longer notice.

In case you don't know, not all banks have club & society accounts, and usually you have to supply a copy of the club's articles or constitution when opening the account. Ideally we would like 3 signatories with a minimum of 2 to write a cheque. Internet access would be useful, though not sure how that would work if we specify 2 signatories for transactions.

So any help would be appreciated. Hopefully someone out there had the exact same problem, and worked it all out and can tell me! Otherwise, any pointers would be appreciated.

Thanks in anticipation...