Community Bank Account?

HighIntegrity100

Need a bank account to manage the very simple finances for our village community news magazine. It's not-for-profit with ~14 transactions per quarter (all are likely to be in the last month of the quarter). These deposits are small deposits from local businesses who sponsor the publication and outgoings are for website & printing.

Are there any banks who don't charge fees these days or is that a thing of the past?

Any advice gratefully received. Thank you.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/6688970/community-bank-account

Problem is that the bank/BS needs a legal entity to have a contractual relationship with.

If your news magazine were a registered charity or registered community benefit society then the Co-op have such an account. https://www.co-operativebank.co.uk/business/products/bank-accounts/charity-and-community-account/

Is there a Credit Union anywhere local, they might be able to help.

Robin9

Could you operate as part of your Parish Council's account ?

moneytorques

Some years ago I was Treasurer for my Neighbourhood Tenants Association and we eventually opened up a COOP Community account.

It involved a copious amount of initial administration to get opened up but was worthwhile in the end, I think we actually got a small donation provided from the COOP for the burden of the application!

magicmoneyportaloo

https://forums.moneysavingexpert.com/discussion/comment/82189298#Comment_82189298

This.

Ideally the parish clerk would also manage the finances and manage the books as part of the accounts of the Parish Council as a whole.

HighIntegrity100

Thank you for replies - will look into the Coop option. Unfortunately to remain impartial the Parish Council is not an option in this instance.

Yorkie1

With that level of transactions, perhaps Virgin? They have a limit of 10 per month for their community account (though I don't know how long this account may be around, given the merger with NWide?)

Charities, clubs & societies | Business Banking | Business | Virgin Money UK

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82189795#Comment_82189795

Good point about these products being available after takeover, you'd hope that a mutual like Coventry BS might see the worth of such accounts when it completes the integration of Co-op.