Best new current account for a newly formed Residents' Association.

Bechet45_1

Hey All
We are about to start a new Residents' Association and will need a bank account. Obviously, we don't have an old account which we can switch to benefit from an incentive. So, two questions - can a Residents' Association have a personal account with two signatures? Which bank offers the best incentive just for signing up, no switching?
Any expert answers will be greatly appreciated. Thanks.

Yorkie1

I think most personal accounts can't be used for something like an association; it would break their T&Cs.

Similarly, switching services won't apply to association or community accounts.

To be honest, you will struggle to even find a community account which doesn't charge - many of those in the market now charge about £5 per month.

How many transactions do you expect to have per month? Virgin have an account for low usage. NatWest may also do so, but many of the main banks went through a period where they wouldn't accept an application unless one of the signatories already had an account with the bank.

If you search on this forums there are a few threads over the last year or two, asking the same question as you're asking now.

EarthBoy

The Co-operative Bank have a free Charity and Community Account which might be suitable:

https://www.co-operativebank.co.uk/business/products/bank-accounts/charity-and-community-account/

I used to belong to a group which had this account, although that was ten years ago. We had three signatories but I, as Treasurer, was the only one who ever used the account.

Yorkie1

That does look interesting, although there it is restricted the following types of organisations, and at the bottom of the page it says "We are temporarily unable to open new or additional unregulated client accounts as of 31 March 2026." [but it doesn't say what an unregulated account is]

Your organisation must be one of the following:

• Registered charity (exempted charities must provide a letter of authority with their application)
• Co-operative or community benefit society (if applicable, confirmation of registration with Co-operatives UK and community benefits society act required)
• Credit union (evidence of FCA regulated status required)
• Community interest company (must be registered at Companies House)

mwarby

There are costs to running an account, and where you want multiple signatories etc that adds to the complexity and costs.

The coop are just trying to limit the amount of free accounts they give out, to those they wish to support

pochisoldi

Avoid HSBC like the plague - their "HSBC Safeguard" know your customer rigmarole is a recurring nightmare, especially if your organisation doesn't fit into one of their categories.

penners324

1 without fees. We went Virgin Money

Yorkie1

https://forums.moneysavingexpert.com/discussion/comment/82130281#Comment_82130281

Is that the account which is only fee free if there are <10 transactions per month?