No Fee Bank Account for non profit group

Savvy_Sue

Just a heads up for those of you still using the Lloyds Treasurer's account: there aren't supposed to be any day to day fees with this account, not even for paying in cash - I'm not saying there are absolutely not-never not-no-way no fees, but certainly not for paying in cash. 

So my first statement arrives, and with it an invoice with c. £11 of fees showing. Helpfully there's a clear summary of what these are for, and I think "well that's not right, I'm SURE it said no fees for paying in cash." I query it, and it seems the account might have been miscategorised as a business account, so they refund the fees and pay me £20 for my trouble. 

Second statement arrives: fees have been deducted and refunded, £20 goodwill payment, all good. But there's ANOTHER invoice for £10-ish of fees, for paying in cash. 

I ring them, and they agree I should have them refunded, and I ask why this is happening, and the only explanation they can give is that they've started rolling out the changes early, ready for January.

So IF you still have one of these accounts, AND you're paying in cash, check if they're charging you. Because they shouldn't be ... yet ...

EricMears

Fortunately we've no plans to collect any cash for at least the next year - by which time the Lloyds account should be history !

Savvy_Sue

EricMears said:

Savvy_Sue said:

EricMears said:

Apparently NatWest also offer a 'community account' and haven't (yet ?) announced any 'maintenance charges'.  However,  one can only be set up if at least one of the applicants is already a NatWest customer.

That's good to know. And I am a NatWest customer. No local branches of course, so I'll have to look online.

Here's the url you'll need
   https://www.natwest.com/business/bank-accounts/community-bank-account.html

Obviously I need to get in touch with them next week, but as far as anyone else can see, will I be able to carry on paying in cash without incurring charges? I have skimmed the account t&c and remain hopeful ...

oldscrumhalf

Hi.
I’m also on the lookout for a free(-ish) account, as I received the same message from Lloyds.  We are a small non-profit sports club, we take in monthly playing fees and buy things occasionally.  Average balance is £2-3K.  Will check out Unity, although we’re not affiliated to any charity.

Savvy_Sue

Are you paying in cash, and if you are could you change to online payments without any fuss?

If yes to the above, could be worth trying Metro bank. 

Or, if you're a NatWest personal customer, their account should work, sort of. 

I say sort of because we're still not set up on Community Bankline, and it took a couple of weeks for them to verify my ID after they finally send information on how to do it. And I'm not sure my fellow committee member has managed to do it. And I really don't want to make payments without someone else authorising them. So I'm not sure I'd wholeheartedly recommend NatWest at this stage, but I can't see any alternative!

Savvy_Sue

Savvy_Sue said:

Are you paying in cash, and if you are could you change to online payments without any fuss?

If yes to the above, could be worth trying Metro bank. 

Or, if you're a NatWest personal customer, their account should work, sort of. 

I say sort of because we're still not set up on Community Bankline, and it took a couple of weeks for them to verify my ID after they finally send information on how to do it. And I'm not sure my fellow committee member has managed to do it. And I really don't want to make payments without someone else authorising them. So I'm not sure I'd wholeheartedly recommend NatWest at this stage, but I can't see any alternative!

I have finally managed to make Community Bankline work with the NatWest Community account - it only took 3 attempts and a phone call to them ... 

And Paul Lewis covered the newly introduced fees for Lloyds accounts in Moneybox on Radio 4. https://www.bbc.co.uk/sounds/play/m002cndf There was someone from the Charity Finance Group who said they had been talking to banks about free banking for micro accounts without success so far ... 

Wetherby_Pond

Our charity is keen to move out of CAF Bank. CAF have significant problems with their new online banking system since migration from their clunky old system.  We don't trust CAF's system anymore and the new bugs and  'features' are very inconvenient for treasurers.  CAF say they won't be fixing the widely complained about issues.

So has anyone used Unity Trust Bank?    We need 2 accounts, good online banking with dual signatories, ~12 transactions each account a month, ~£15k balances - that's it. No cash, no cheques, loans, savings products at all. How good is the online service at Unity Trust?  Does dual signatory work efficiently?  How easy is it to migrate to a new charity account? (I appreciate the Govt. easy switch initiative is for personal accounts but does it apply to business/charities?)

Savvy_Sue

Wetherby_Pond said:

Our charity is keen to move out of CAF Bank. CAF have significant problems with their new online banking system since migration from their clunky old system.  We don't trust CAF's system anymore and the new bugs and  'features' are very inconvenient for treasurers.  CAF say they won't be fixing the widely complained about issues.

So has anyone used Unity Trust Bank?    We need 2 accounts, good online banking with dual signatories, ~12 transactions each account a month, ~£15k balances - that's it. No cash, no cheques, loans, savings products at all. How good is the online service at Unity Trust?  Does dual signatory work efficiently?  How easy is it to migrate to a new charity account? (I appreciate the Govt. easy switch initiative is for personal accounts but does it apply to business/charities?)

Note that I retired a couple of years ago so no longer using UT, but I liked them. Online banking 'worked'; during support hours they used to answer the phone; forms to change signatories etc were available online; dual authorisation never caused problems. 

I don't know what changing your account to them would be like, and again I don't know if this still happens, but when we (medium sized charity) first made enquiries we had a dedicated account manager to 'hold our hand'. When I opened an account for a much smaller charity it was quite straightforward. 

Note I haven't used CAF, nor Triodos, which is your other main option, but I have used / know people who have used all the main High Street banks, and would not willingly touch any of them with the proverbial very long bargepole if I had a choice. 

Savvy_Sue

Savvy_Sue said:

Wetherby_Pond said:

Our charity is keen to move out of CAF Bank. CAF have significant problems with their new online banking system since migration from their clunky old system.  We don't trust CAF's system anymore and the new bugs and  'features' are very inconvenient for treasurers.  CAF say they won't be fixing the widely complained about issues.

So has anyone used Unity Trust Bank?    We need 2 accounts, good online banking with dual signatories, ~12 transactions each account a month, ~£15k balances - that's it. No cash, no cheques, loans, savings products at all. How good is the online service at Unity Trust?  Does dual signatory work efficiently?  How easy is it to migrate to a new charity account? (I appreciate the Govt. easy switch initiative is for personal accounts but does it apply to business/charities?)

Note that I retired a couple of years ago so no longer using UT, but I liked them. Online banking 'worked'; during support hours they used to answer the phone; forms to change signatories etc were available online; dual authorisation never caused problems. 

I don't know what changing your account to them would be like, and again I don't know if this still happens, but when we (medium sized charity) first made enquiries we had a dedicated account manager to 'hold our hand'. When I opened an account for a much smaller charity it was quite straightforward. 

Note I haven't used CAF, nor Triodos, which is your other main option, but I have used / know people who have used all the main High Street banks, and would not willingly touch any of them with the proverbial very long bargepole if I had a choice. 

DH has suggested that I should modify my previous comment about High Street banks. We do not know anyone who has tried Metro Bank, but he reminded me that I did go and talk to them and they were promising in terms of offering something fee-free - only they wouldn't offer it to the NFP group I needed it for because most of our transactions were going to be cash. 

https://www.metrobankonline.co.uk/business/sector-services/products/charities-not-for-profit/

In my defence, their name doesn't spring to mind when I think of 'High Street' banks, although perhaps it should because they clearly have more than 50 branches. Their spread across the country does not extend to the extremities (other than the South East), and I do not know if they have arrangements for paying money in at other banks or the Post Office, should that be something you need. 

So, if they have a convenient branch I'd definitely go and talk to them, and compare them to UT (which, now I think of it, does have bank charges). And if they don't have a convenient branch I'd try to contact them by some other means.