Banking for a charity organisation

[Slow.Patrol]

I've been tasked with investigating options for banking services for a proposed charity which will be for a long term local community project.

Has anyone got any recommendations?

[Josemartinez]

When I've previously worked for a charity CAF Bank and Co-op seemed to be the best.

ETA With CAF we were able to bank cheques and cash at the post office if necessary

[scot_aln]

I know Lloyds and HSBC also have a charity offering with reduced rates (as I'm sure do other high street banks). Worth a glance across a few of them depending on the size, income and necessary use of the account (number of account holders etc) as each do have differing terms.

[The_Doc]

I've used Lloyds on their Community / Charity Buiness account

https://www.lloydsbank.com/business/business-accou...

but it's not free, and was about £5/month from memory, they also charge for cash activites, but the App was (surpisingly) good. Most other non-cash activities were free. Its designed to NOT be an account for a micro business.

There wasn't a decent free alteranative from any other provider when I choose them for the community account I oficiated, choice made about 2 yrs ago.

[kiethton]

The charity I chair uses HSBC for day-day banking, mainly due to legacy arrangements. Reserves spread between HSBC and Lloyds.

We were looking to change last year but some developments at HSBC's end which allowed dual authorisation for certain transactions as well as a few other bits meant we stayed in the end (c£1m pa T/O)

Edited by kiethton on Wednesday 11th March 12:45

[blueg33]

We have a small charity a local conservation society - we bank our £1000 per annum income with Co Op

I am also Chair of a bigger charity, we bank our £80m a year with Lloyds, but our cash reserves are with multiple funds

[Slow.Patrol]

Thanks everyone.

It gives me a few to research.

[CambsBill]

I've used CAF as well for a charity. Main drawback for us was that international transfers had to be done using signed paperwork rather than online. On the plus side, if you need to phone them an actual person answers the phone and they're always very helpful.

[S6PNJ]

Check out Metro Bank. Even if you don't have a nearby location, you can use the Post Office counter for transactions. I used to be treasurer (until very recently) for 2 small local charities/ community funds, banking with Lloyds and I now hate the bank with a passion. I personally banked with Lloyds for about 30 years but left them around 2011/2012 for similar reasons.