Free / cheap 'business' banking for charities, unincorporated associations, or clubs

[Participant]

Hi all

I'm the treasurer for a small unincorporated association and we're currently banking with HSBC, for which they're charging £5 per month.

I have an action from the AGM to see if we can get a reasonable service for free (or cheaper). I suspect it will cost more than £60 of my time to sort this out but it will go down well with the 'committee' and seems sensible to not pay £5 per month for extremely basic requirements.

We take membership fees and pay a few suppliers; that's it.

What I'm after please is recommendations for free / very cheap banking services that will cater to these basic requirements.

Thanks.

 

[dlockers]

So you need to accept money, and also send money? Tricky this one.

 

[sanaxe1]

Starling not to be confused with Stalin who was the dictator of the Soviet Union Through terror, murder, brutality and mass imprisonment.

 

[Feek]

I'm involved with small non-profit making radio group and we have a Club Account with Lloyds. I think we just had to tell them we were non profit making and send them a copy of the letterhead (or something like that).

You shouldn't be paying for a bank account for what you've described.

 

[Maccy]

Tide or Starling probably meet your requirements

 

[FBi7]

Starlin

Who?

 

[sanaxe1]

Who?

ninja edit lol.

 

[Orangeade]

5 GBP really worth the hassle? Half a decade will cost 300 GBP.

Though I guess if you can get for free why not assuming it doesn't take more than an hour or two of time as it's really you essentially paying for it with your own time then...

 

[~Mike~]

Are any of these any good?

Lloyds Bank Treasurer’s Account

Co-operative Community Directplus

​

Virgin Money Charities Choice Account

Santander Treasurer's Current Account

 

[Feek]

Lloyds Bank Treasurer’s Account

That's the one - That's what we've got. I couldn't remember the exact name.

 

[Participant]

Thanks all. Lloyds one looks promising as it specifically mentions clubs and associations. Couldn't immediately compare the differences between it and the others and since I don't want to spend much time on this, I'll propose that one.

5 GBP really worth the hassle? Half a decade will cost 300 GBP.

Though I guess if you can get for free why not assuming it doesn't take more than an hour or two of time as it's really you essentially paying for it with your own time then...

Agreed, not really worth the hassle, but it was kind of a hard one to push back on when everyone's looking at you saying "£5 p.m. - that's disgusting" and some of the more 'mature' members of the committee balk at paying for tea and coffee for the AGM.

P.S. Lloyds also has a branch in my town, which I did not realise until just now and I've been here for 2 years.

 

[swillsy]

Starling is free