Setting up a bank account for your organisation may be a new venture and not you are not sure where to start. Charity bank accounts are open to a range of organisations, as long as they’re not-for-profit. This can include charities, clubs, societies, trusts, religious organisations, Community Interest Companies (CIC) and more.
What do you need to open a community/charitable bank account?
If you are in the start-up phase of your new group, transferring bank accounts Hull CVS can provide support. You can often open a charity bank account online or over the phone, but the treasurer may have to visit a branch. They’ll usually need to provide:
- Charity registration number and proof of charitable status.
- The charity’s details, including turnover and any relevant documentation.
- Details of all trustees or signatories, including name, date of birth, address and involvement. (We would recommend a minimum of 3 signatories)
A note to think about when setting up a bank account:
- Ensure that it is set up in the name of the organisation and not a personal account.
- Many charity accounts offer free banking features or fixed free periods, as long as turnover doesn’t exceed a specific amount. There can be extra charges for specific services.
At Hull CVS, we offer support on setting up community groups/charities/non-for-profit organisations. There are a range of the helpful guides which enable you to identify an appropriate bank account for your group’s needs. If you have questions, please contact us on: enquiries@hull-cvs.co.uk and we would be happy to support you.