![]() ![]() To open a Club and Society account you will be asked for proof that your group is a voluntary, non-profit-making organisation and not a private business. (You will probably still have to pay for things like going overdrawn, stopping cheques or requesting extra statements.) This means you won’t have to pay any charges simply for having the account. So you will need to go to the Business section of the website, but choose a Community or Club and Society account.) (Confusingly, community accounts are usually managed by the same team in the bank as business accounts, and will be listed on bank websites under “Business” rather than “Personal”. Banks usually charge for business accounts. Note that some banks only offer accounts to registered charities. Banks usually refer to community groups as “Clubs and Societies”. The account is specifically for community groups, or charities if your group is a charity.The bank may still write to ask for further details before opening the account.īefore applying for an account, check that: Be careful to fill the application form in thoroughly, and send all the information that is requested. Opening a bank account for your community group can take several weeks, or even a few months. It is designed specifically for community groups who do not have bank accounts, and you can use their online platform to manage your incoming and outgoing money. There is a set up cost of £42 and then a fee of 5-7% on incoming funds. The Social Change Nest acts like a bank and holds money on behalf of your group. If your group cannot open a bank account for some reason, or you need a system to use while you wait for your account to be opened, you may want to consider using a fiscal hosting service like the one provided by The Social Change Nest CIC. You also need a bank account in order to apply for grants, and should have one if you are collecting donations or fees. ![]() It is important for keeping track of your group’s money and making sure it does not get mixed up with individuals’ money. Most community groups need to have a bank account in the name of the group. Information for community groups about choosing a bank and opening an account. ![]()
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