Treasurers account

Pencroft86

For about 30 years, I, along with a couple of friends, have been running a Xmas savings club at my local cricket club, with funds being paid into a Lloyds Bank account.  We had to have two accounts, one we paid the cash into that generated a very very small amount of interest which is donated to charities and the other to allow us to withdraw monies at Xmas or when members require it.  Lloyds have made a lot of money from us with the derisory interest rates, but it was about having somewhere to pay the money in to that really mattered. Pre covid we were banking around £60-£80K a year, but post covid its been a lot less, but its been a great help for our members at the club for all these years and they are desperate for us to continue.  Lloyds have now decided they are going to charge a monthly fee to run the account, but our interest doesn't even cover that fee and we can't ask members to pay as that would be silly.  We want to move elsewhere, but just can't find anywhere else that has an account that would assist us. Santander is the closest, but when you read the small print, you aren't allowed to pay monies in at a branch and have to use a post office, what's that all about?  There are other silly things with them as well so they look like a no no. Any suggestions for a Bank or building society with an account that may assist?

tacpot12

I'm Treasurer for a Sailing Club that has its bank accounts with HSBC. We pay £5/month in charges, and find that the interest on our reserves covers the account fee with a lot to spare. The interest rate is only about 2%, but it covers the account charges.

HSBC can be very difficult to deal with, but their systems are ok, so once the accounts are open it's plain sailing until you need to change anything on the mandate.

Certain HSBC branches might have a limit as to how much cash you can deposit per day, but you can also pay upto £9,000 a day and £40,000 per month in cash at any post office. (The banks are trying to avoid that cost of handling cash, so are sub-contracting this to the Post Office).  

HobgoblinBT

I have had similar with a Treasurer account for a Trust for a learning difficulties relative.  I pay £8 per month to keep the casount as well as transaction charges compared to 2019 when it opened.   

The market has moved on from free banking to non profit organisations and they are now more expensive in terms of due diligence for The banks to administer, hence the charges.

Nationwide are closing Trust account as they have decided that the “faff” and regulatory risk of maintaining them is too much.  

penners324

Metro is probably the best bet at the moment.

Or Charity Aid Foundation bank. There is a fee their current account but high interest on their savings account.

What's the issue with paying in using a post office?