Once you have settled on the right legal structure for your organisation, and have your documentation in place, (Articles of Association, Constitution etc) you can set up an organisational bank account.
You need a bank account which is suitable for non-profit organisations
It can take around 8 weeks to set up a bank account
The name on your bank account needs to be exactly the same as the name on your governing document (Articles of Association, Constitution etc), if not it can cause issues especially when applying for funding.
There are a variety of different accounts to choose from; local Credit Union, online banking, traditional bank account, do your research and ensure that the account you choose is right for your organisation. Banks add and remove products constantly, so it is important to keep checking their website for the most up to date details.
Community Wealth Builder do not endorse any bank accounts; however we have provided details of some of the accounts which are currently available.
Co-op Community Direct Plus Account
Lloyds Bank Treasurers Account
NatWest Community Bank Account
Metro Community Current Account
Bank of Scotland Treasurers Account
Bank of Scotland Community Account
HSBC Charitable Account
Virgin Clubs and Societies
Credit Union – Community First Community Bank – Community Group Savings Account https://www.communityfirstcu.co.uk/savings/community-group-savings/
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