Community Interest bank Account
In the United Kingdom, there are over 168,000 non-profit organisations and charities. If you already run one or are hoping to start one soon, an important decision you have to make is which bank to use.
A community interest bank account is one that focuses on the good of the community rather than the bank's shareholders. For that reason, they're a great resource for nonprofits because they offer benefits if you're running a community interest company (CIC).
To learn how to choose a bank for your nonprofit organisation, keep reading. We'll show you just a few of the best banks for nonprofits so you can set up a non-profit bank account today.
1. Clydesdale Bank
As long as you're a registered charity, you qualify for a charity business account at Clydesdale Bank. They offer a user-friendly, flexible, and functional bank account with minimal fees.
Some of the features that makes Clydesdale Bank great for non-profits include:
Unlimited deposits withdrawals
Free day-to-day banking
Personalised chequebook
You also get a dedicated relationship manager that will help you make the most of your banking interactions.
2. Metro Bank
If your charitable organisation frequently operates outside of normal business hours, Metro Bank is an excellent option. They're open from eight in the morning to eight in the evening every day, including Saturdays and Sundays. They also offer 24-hour customer service over the phone.
Some of the other benefits of choosing Metro Bank include:
No monthly fees for accounts
Most international transactions are free
Mobile banking app
You also get 200 transactions for free every money and can move up to £10,000 every month without paying any fees. This helps lower your overhead costs.
3. NatWest
Created for both nonprofits and small businesses, NatWest's community interest bank account is free as long as your charity processes less than £100,000 during your first 18 months. If you exceed that, you'll be enrolled in their standard banking program.
The features that make an account with NatWest make sense for many organisations are:
Email and text alerts
Eligible organisations get free day-to-day banking
24/7 access through website and app
Because you don't have to be a registered charity to take advantage of this banking program, this makes it ideal for non-profits that are just getting started and haven't gone though that process yet.
4. HSBC
This is another bank that offers charity business bank accounts to nonprofits, societies, clubs, and other similar organisations. It likewise requires you to have less than £100,000 in annual turnover to remain eligible for this type of account.
Some advantages you can gain with HSBC are:
Unlimited income for places of worship
Can manage your account by phone, text, or in-person
Free Audit Letter of Certificate of Balance
HSBC also offers a Knowledge Centre for those who have this type of account so you can get all of the information, support, and tools you need to manage your finances.
Need Help Choosing a Community Interest Bank Account?
If you need help choosing which bank is the best for your non-profit organisation, contact us today. We would be more than happy to provide advice for you and meet all of your accounting needs.
Keep reading to learn more about how community interest companies can get CIC funds to start or grow their business OR Call us on Call us today on 0207 953 8913