Community Group Deposit Account

TreaLEG

Hello - I wondered if anyone could advise on the best bank for our small community group to put about £3,000 on deposit, a sum bequeathed to the group several years ago. 

At the moment it is earning only 0.01 interest with NS&I and we would like to find a simple deposit/fixed account offering a better rate.  We do have a current account with Metro that has been great but, I believe their deposit accounts need a minimum of £5,000.

Does anyone have any recommendations?  We are unlikely to need the funds on a regular basis but perhaps may need to make a withdrawal for a specific project in a future year.

Many thanks, TL

TheWoodler

Something that might meet your requirements is United Trust Bank, as they have both business (including groups and clubs etc) and charity accounts at competitive fixed rates for various terms. 

https://www.utbank.co.uk/deposits/business-accounts/

https://www.utbank.co.uk/deposits/charity-accounts/

It may also be worth looking to see if there is a local building society that offers services to groups like yours as well. Some do, but the rates may not always be very competitive (although better than the rates you’re getting at the moment!)

Also, building societies often have community group funding grants so this is also worth looking into for support for your future project.