Advice on a community type of bank account

theunknownone

Hello everyone
My first post here.
I live on a private road that is in need of being resurfaced.
Myself and two other neighbours are on a mission to get support from the other 41 houses on the road.
Who knew such a worthwhile and value adding task could be so difficult. I'd say we have 70% or more support but there are some colourful characters who just don't want to know and the comments/excuses are somewhat amusing. But I digress.

Apart from resurfacing the road we also want to setup an informal road or residents association. We plan to ask each house for £50 a year which will go into an account and be used for road repairs or any enhancing/benefiting work in our road. We can't ask people to pay into my savings account. We need a community type of account with up to three signatories. We'd use the account to collect money from residents and to pay companies for their services. For example, the drain covers need lifting and cleaning out (all blocked up).

Does anyone have any experience of opening up such an account and crucially can anyone suggest which account and bank could help?
I've looked online but am struggling to find anything suitable. Most seem to be business accounts with charges or a charity account.

Thanks in advance for any help.

penners324

Most banks have Community accounts. I currently use Barclays, they're a bit of a faff and you don't get Barclays app usage, but they're meant to be one of the best. Metro are also very highly thought of for a Community account 

Eco_Miser

I'm a signatory on several Yorkshire Bank 'Club and Association' accounts. I know Lloyds bank have similar (even two person online authorisation).  They are listed along with the business accounts, but generally have similar fees to personal accounts. Take a look at the charity accounts, they may apply to organisations that are not legally charities as well.

lr1277

You could try Barclays. Our investment club had an account with them. If memory serves, I think we had to provide our club charter as part of the application process. So you may need to provide documentation about the organisation you are setting up and its strcture like named officers.

lr1277

What happened to the edit option?

Anyways I don't think we paid any fees. It was treated like a fee-free account in that respect.

Chino

HSBC offers a Community bank account.

Eco_Miser

lr1277 said:

What happened to the edit option?

Cogwheel top right of post.

Zanderman

Eco_Miser said:

lr1277 said:

What happened to the edit option?

Cogwheel top right of post.

Which often disappears....  Usually after an edit.   Which may the problem Ir1277 had.
Can be regained - after a disappearance - with a page refresh.