Bank Account for Golf Society

Beth_Paige_Black

Does anyone out there know of a bank account suitable for a Golf Society that doesn't charge a monthly fee?
The account would need to accept cash/cheques and bank transfers from members and be able to pay out by card or bank transfer to any Golf Club that the Society plays at.
A personal bank account is not suitable, so I'm guessing it will have to be a business account, but banks I've looked at exclude non regulated charities and sports societies.
Thanks MSE

MyRealNameToo

Natwest do a free account as long as one of the named members is a NatWest customer and turnover is under £100k

https://www.natwest.com/business/bank-accounts/community-bank-account.html 

Eco_Miser

Virgin money business account is mostly fee-free https://uk.virginmoney.com/business/current-accounts/  

They also do club and society accounts (much the same as the normal business accounts) although I couldn't find any info on their site when I looked just now.

Futuristic

Eco_Miser said:

Virgin money business account is mostly fee-free https://uk.virginmoney.com/business/current-accounts/  

They also do club and society accounts (much the same as the normal business accounts) although I couldn't find any info on their site when I looked just now.

Its over here: https://uk.virginmoney.com/business/charities-clubs-and-societies/clubs-and-societies-account/

retiredbanker1

Why does it have to be free? Does the golf club offer free golfing? Just asking.

GringoGoesToVagas

retiredbanker1 said:

Why does it have to be free? Does the golf club offer free golfing? Just asking.

Because they are supposed to lend your money and make a profit on the interest they charged for lending it. Well I did say supposed to, back in the good old days in the old world they did anyway

I guess being a busness they think they can rip you off even more so then for private use

retiredbanker1

GringoGoesToVagas said:

retiredbanker1 said:

Why does it have to be free? Does the golf club offer free golfing? Just asking.

Because they are supposed to lend your money and make a profit on the interest they charged for lending it. Well I did say supposed to, back in the good old days in the old world they did anyway

I guess being a busness they think they can rip you off even more so then for private use

So no free golf then?

MyRealNameToo

GringoGoesToVagas said:

retiredbanker1 said:

Why does it have to be free? Does the golf club offer free golfing? Just asking.

Because they are supposed to lend your money and make a profit on the interest they charged for lending it. Well I did say supposed to, back in the good old days in the old world they did anyway

I guess being a busness they think they can rip you off even more so then for private use

Interest rates arent what they used to be on loans either now. 

The UK has always been a bit of an anomaly offering free personal bank accounts, most the rest of the world charge for services on both personal and business banking. 

Nasqueron

GringoGoesToVagas said:

retiredbanker1 said:

Why does it have to be free? Does the golf club offer free golfing? Just asking.

Because they are supposed to lend your money and make a profit on the interest they charged for lending it. Well I did say supposed to, back in the good old days in the old world they did anyway

I guess being a busness they think they can rip you off even more so then for private use

Banks use fractions for lending based on reserves e.g. £10,000 savings could be used as security for loans for £100,000 or whatever. The days of banks wanting savings as basis of a loan are long gone