New Company

Froglady34

Hi, just setting up a CIC (Community Interest Company) and need to know which is the best Bank to open a Trustees account. We will need to deposit cash, set up Direct Debits, do money transfers etc

HobgoblinBT

From  Google searches you might qualify for a community account although this will depend on the likely turnover and the aims of your company. Each bank has its own criteria and services.  If you don’t qualify you will need a business account.  In order to be able to make online payments, most banks will require your company to agree to a mandate that can be operated by any one signatory rather than more than one to sign.  Same requirement for the issue of a card to operate the account.

As you will be paying in cash from time to time, you would be best to restrict your choice to banks with a local office and/or one that allows cash deposits to be made via the post office.

Hope that helps.