Charity bank account

Nigh

I'm struggling to find a bank account for a local group that I volunteer with. We are a small, limited company which is part of another local charity. We are a limited company because the money we raise from our efforts does not go directly to charity, it provides a service for the charity that owns us. We currently bank with Lloyds & have a standard account which is far from ideal.

The ideal account would be free to use & allow us to have more than one authorisation for any outgoing payment, i.e, 2 people from a group of 4 to authorise any payment. It should also allow us to make online card payments. A useful option would be to receive card payments but this is not essential.

We have looked at Monzo, NatWest Bankline Community & Co-Op Community but it seems that our limited company status & lack of charity status excludes us from these accounts.

Can anyone suggest an account which might meet our needs?

MEM62

All of those banks should be able to offer you an account but you should be asking for a business account. You are not a charity and if you are asking for a charity account that would explain their inability to help.

penners324

Have you looked at Metro?

Nigh

https://forums.moneysavingexpert.com/discussion/comment/81979958#Comment_81979958

I agree, it is the limited company status that is the obstacle. What I have discovered is that many will be willing to offer a community account to a limited company that is registered as a Community Interest Company (C.I.C). The application to be registered as a C.I.C. seems straightforward as long as we meet the critera. I messaged the C.I.C. commissioners & they believe that an application is likely to be successful. I will be putting this forward to our members at our next meeting in a couple of weeks.