Account for band

Daniel_John_Hurley

My partner is in a brass band, they want a bank account for the band with the bands name on the account.

Anyone know how they'd do this? Would it need to be a business account?

YBR

Most banks only have "business" or "personal".

DH tells me Lloyds (perhaps others) do "Treasurer" accounts for charities - this would require charity registration.

fisher66

We use CAF bank for our brass band account.

wmb194

Daniel_John_Hurley said:

My partner is in a brass band, they want a bank account for the band with the bands (sic) name on the account.

Anyone know how they'd do this? Would it need to be a business account?

Could you consider it a club? If so you can find accounts for clubs with Lloyds, the "Treasurer's Account."

https://www.lloydsbank.com/business/business-accounts/treasurers-account.html

retiredbanker1

It will also depend on the annual turnover - Lloyds Treasurers (used to?) have a limit of £50k p.a. - if you are going above this you will need a business account.

boingy

What all these posts are really asking is: How is the band set-up? Is it a charity, a club, a business or something else?
If it's the latter you probably ought to consider becoming one of those other options. If you need an account I assume the band raises funds by performing and perhaps by other means.

pridehappy

Alternative option to Lloyds if it works.

https://uk.virginmoney.com/business/charities-clubs-and-societies/

penners324

Barclays, Virgin, NatWest, Metro all do community accounts (don't need a charity or business Registration). They're a type of business account.

Unlike the CAF they are also fee free

Radshire

This is the perfect Thread for me.....
I'm looking for something similar for a single age group within a sports club. 
The club has it's own banking, but do not provide a facility for each ago group to manage any individual sponsorships or the transacting of cash to support activities (fun days, tours, kit stash etc.). 
I've looked at Barclays, Santander, NatWest Metro and all need AGM approval for any bank account to be set up. 
The Lloyds Treasurers account is similar. 

There appears to me that there is a gap in the market for this kind of bank account. I am very keen to avoid setting it up as a personal current account and to ensure that: 
  - there are at least 2 signatories to the account who can act independently of the others
  - it is free (our 'turnover' is expected to be no more than a few £k per year)
  - any funds are protected under the Finance Conduct Authority, Financial Services Guarantee scheme. 

@penners324 - I may be looking at the wrong accounts in the banks you mention. Are you able to specify which account in Barlcays / Virgin / Metro you were referring to?

Any other thoughts hugely appreciated.

Daniel_John_Hurley

For those that have asked the band started a few weeks ago. They are a small brass band with a very low turnover. They do it for the love of it. They do most of the gigs for charity but do couple of paid ones here and there just to cover costs for travelling/renting the rehearsal room. It's not for profit and the turnover is well under the 50k someone asked. Personally I'd open and use a personal current account for it that was exclusively for that purpose but they said they want the band name on it and I don't think that's possible with a personal account.

penners324

Radshire said:

This is the perfect Thread for me.....
I'm looking for something similar for a single age group within a sports club. 
The club has it's own banking, but do not provide a facility for each ago group to manage any individual sponsorships or the transacting of cash to support activities (fun days, tours, kit stash etc.). 
I've looked at Barclays, Santander, NatWest Metro and all need AGM approval for any bank account to be set up. 
The Lloyds Treasurers account is similar. 

There appears to me that there is a gap in the market for this kind of bank account. I am very keen to avoid setting it up as a personal current account and to ensure that: 
  - there are at least 2 signatories to the account who can act independently of the others
  - it is free (our 'turnover' is expected to be no more than a few £k per year)
  - any funds are protected under the Finance Conduct Authority, Financial Services Guarantee scheme. 

@penners324 - I may be looking at the wrong accounts in the banks you mention. Are you able to specify which account in Barlcays / Virgin / Metro you were referring to?

Any other thoughts hugely appreciated.

They're called Community Accounts. Google it.

However, you'll need main committee approval. Are you sure your club treasurer is OK with you having a separate account?


Your only option might be Tide