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Can You Recommend A Charity Bank Account?


hopscotch
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:angry: We have received a letter from the bank saying we are being moved to a Business account as from 18th May as we have

gone over the £50,000 turnover threshold. Has anyone else experienced the same? Can anyone recommend a bank or account?

 

Anxious not to pay interest or charges which will eat into our finances... We are a Committee run pre-school open 22.5 hours a week ...

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At work we have a charity account with Unity Bank (but have agreement to use Barclays counter services) - think it was chosen because there were no charges on anything, was best deal at that point. We have hihger than £50,000 tunrover.

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our bank tried it once.. we complained and said we were not a business but a charity, and how could they treat us like that.. we were looking elsewhere... had a letter after a week saying we could stay as we were.. (Barclays but would not recommend them they are rubbish at knowing about change of signatures, and all sorts but committee would not change it)

 

I would look at what local banks you have and go in and ask... we have a Co-op which are good at charity accounts.. 1 mill turnover before they ask you to discuss the account turnover , know of another group who use them successfully.

 

find it hard to see how a part time group would exceed the limit for a charity account though.

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we use cafbank (Charity Bank) and have our accounts all set up online, which is great. Need 2 to authorise payments, but we pay most of our invoices by bank transfer which makes life much simpler than signing cheques. But their interest payments are pathetic ...

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we use cafbank (Charity Bank) and have our accounts all set up online, which is great. Need 2 to authorise payments, but we pay most of our invoices by bank transfer which makes life much simpler than signing cheques. But their interest payments are pathetic ...

 

Great to know, thanks, we're not worried about interest as much as not paying charges!

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our bank tried it once.. we complained and said we were not a business but a charity, and how could they treat us like that.. we were looking elsewhere... had a letter after a week saying we could stay as we were.. (Barclays but would not recommend them they are rubbish at knowing about change of signatures, and all sorts but committee would not change it)

 

I would look at what local banks you have and go in and ask... we have a Co-op which are good at charity accounts.. 1 mill turnover before they ask you to discuss the account turnover , know of another group who use them successfully.

 

find it hard to see how a part time group would exceed the limit for a charity account though.

 

 

Thanks, do you know what, i'm going to phone them. I can't believe how impersonal it's got that they tell you this in a letter knowing full well we're a charity. I think it isn't so much we've gone over a limit but are an easy target to charge as they are all about making as much money for nothing as they can. Lloyds are also rubbish at the signature malarkey - they still had signatories 3 years out of date!! We had taken in the forms but they didnt change it 3 times. I will contact coop - they are who i wondered about as tend to be more "community" minded... Thanks for your input

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