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banks with no charges for saving money
davet30
Posts: 7 Forumite
Hi,
a group I am involved with have setup a social fund and its finances are separate from the main core business. It is run by retired members and the treasurer does/will not use online banking (due mainly not being familiar with it and not understanding/relying on technology as I understand it). he currently banks with Yorkshire bank and I was shocked to hear that it gets charges for cashing a monthly cheque and for 'maintenance' (whatever that is) amounting to over £6 a month? Looking at Yorkshire banks business banking charges it appears they charge £6.50 per month + 30p per standing order etc and other charges which I feel are extortionate.
It only has £100 paid into it per month on a regular basis (not sure if this is by cheque or direct debit/standing order)
I'm wondering which bank would offer a better return on the small amount of savings this fund has?
Thanks
a group I am involved with have setup a social fund and its finances are separate from the main core business. It is run by retired members and the treasurer does/will not use online banking (due mainly not being familiar with it and not understanding/relying on technology as I understand it). he currently banks with Yorkshire bank and I was shocked to hear that it gets charges for cashing a monthly cheque and for 'maintenance' (whatever that is) amounting to over £6 a month? Looking at Yorkshire banks business banking charges it appears they charge £6.50 per month + 30p per standing order etc and other charges which I feel are extortionate.
It only has £100 paid into it per month on a regular basis (not sure if this is by cheque or direct debit/standing order)
I'm wondering which bank would offer a better return on the small amount of savings this fund has?
Thanks
0
Comments
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If you are with Yorkshire Bank could you ask to be transfered to their 'Clubs and Societies' account?
https://secure.ybonline.co.uk/business/our-products/day-to-day/business-accounts/compare/
Qualifying criteria:Not for profit with 10 transactions or less per month qualify for free transactional banking. No charges apply to cash or cheque deposits and withdrawals, Direct Debits or other automated transactions.1 -
Yorkshire Bank's Club and Association account is free for non-profit, constituted, but not incorporated organisations. Other banks also have free accounts for such organisations.
Eco Miser
Saving money for well over half a century1
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