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Many traditional banks offer dedicated “community” accounts, which are meant for non-profit organisations.
In most cases, your organisation doesn’t necessarily need to be a registered charity. It just needs to have a charitable purpose – a definition which covers a range of organisations including schools, community groups, sports clubs (including football clubs), societies and so on.
It takes a bit of admin to set one up, but once it’s done, it will be a big help in running your organisation smoothly. A community bank account will also be required if you want to apply for grants or collect donations. If you are looking for information about opening a bank account for a charity, we have written separate guides on current accounts and savings accounts for charities.
Can I use my personal account for my business?
It’s best not to, especially if your club or group is already formally set up as a non-profit. Your group funds should be kept separate from your own to safeguard both the organisation and yourself.
It’s also much more practical to have a separate account. While opening it may feel like a bit of a hassle, it means you won’t have to go through all your personal transactions to do your club’s accounting.
How to open a bank account for a club
First of all, make sure you are looking at the right account. You don’t want a personal bank account or a standard business account; instead, what you are looking for is usually called a “community account” by the big banks. It might also be called a “clubs and societies” account.
Secondly, look for an account without fees. Some accounts won’t charge a monthly fee and will offer fee-free everyday banking transactions too (bank transfers, transactions and ATM withdrawals). Conditions will be slightly different at different banks, so make sure you compare accounts and get the most suitable to your needs.
Thirdly, make sure your organisation meets the eligibility criteria, which will also vary bank by bank. For example, in order to qualify for a community account your organisation will usually need to have a turnover below a certain limit – this can be as low as £50,000.
You’ll often need to go into a branch to open a clubs account. Most traditional banks offer community accounts, while they are more rare among digital-only banks.
What documents do I need?
It will depend on how your organisation has been formally set up (for example, is it a registered charity?) but in a nutshell, you will need to provide:
The basic details of your organisation. Such as its name, address, organisation type and date of registration.
Personal details of 2 people in the organisation. One of them will usually be the treasurer and both will be signatories on the account. They’ll likely also have to provide their proof of identity and address.
Proof of your organisation’s purpose and status. Depending on the type of organisation, you could need to provide one of the following documents: – A copy of your group’s constitution – Charity Registration confirmation or trust deed (if the group is a charity) – Memorandum and Articles of Association (if the group is a limited company)
Funding your society’s bank account
Different banks will have different rules around how you can fund your community account and if there are charges involved. As an incentive to get you to move your personal or business banking with them too, some larger banks will offer free transfers into the community account from another account at the same bank, while charging a transaction fee for money deposited by other means.
This means that it’s incredibly important to read the terms and conditions of a high street bank’s community account before you apply.
Savings accounts for clubs and societies
While it’s a little trickier to find savings accounts for clubs and societies (as opposed to charities or profit-making businesses) there are still a variety of options available.
Building societies are usually more willing to open savings accounts for these types of organisations and community groups. Some even offer fixed rate bonds for those looking to lock away money in exchange for a better interest rate.
Depending on the way your club or society is structured, you might also be able to open a charity savings account. As with opening a current account for a club (as described above), your organisation will usually need to meet certain criteria. These could include:
Your organisation being a registered charity (with a Charity Commission number), a community interest company or a company limited by guarantee
Proof of your organisation’s purpose
Proof that your club or society has a constitution or a set of rules governing how it is run
Finally, you might also be able to save your organisation’s money with the Charities Aid Foundation, a charity and bank which offers financial services to charities, philanthropers and the voluntary sector.
How do I compare bank accounts for clubs and societies?
Features are mostly the same as for standard business accounts. Here are some of the things you want to look at before picking your bank:
Fees. Community groups tend to run on little money, especially at the start. Make sure your account allows you to do your banking comfortably without paying many fees.
Opening the account. Does your organisation meet the eligibility criteria? Is the account easy and quick to open?
Account management. Can you manage the account online? How good is the app?
Taking payments. Do you need to set up a system that will allow you to take card payments from people? How much will it cost?
Cash. Will you need to deposit cash on the account? If so, how easy is it to do?
Extra features. Do you get any extra perks with the account, such as an accounting system?
If you want to learn more about business accounts in general, how they work and what features they offer, you can have a look on our business banking hub page.
How should my club’s or community organisation’s finances be managed?
You’ll need to appoint a treasurer, who will be in charge of taking care of all things money and will be regularly reporting to the organisation’s management committee.
You should also agree on a set of financial standards and rules. Think about what types of financial records you will be keeping, how you will do your accounting, how you will deal with cash if you have to, how much you will put aside in reserves, and so on.
Many banks will also offer you some kind of accounting software together with your community account. If you can get it for free or at a cheap price, it’s a great way of streamlining your finances and will save your treasurer a lot of time and headaches.
Pros and cons of club and community bank accounts
Pros
Many accounts charge no monthly fee.
Some accounts offer features such as access to accounting software.
Opening an account can help you to better manage your group's finances.
Cons
Strict eligibility criteria applies.
There may be fees for certain transactions.
A good credit rating is usually required.
Bottom line
Opening a community bank account can help you to better manage your organisation’s finances, and fees are often lower compared to other types of business account. However, it’s important to compare your options carefully to ensure you qualify for your chosen account and that it will be suitable for your organisation.
Frequently asked questions
Just like with any other kind of business account, they are protected by the FSCS as long as you open one with a fully licensed UK bank.
It mostly depends on the bank, but it can take up to 6 to 8 weeks.
If you think you will need to travel for business purposes, you want to look for a bank account that doesn’t charge any foreign transaction fees.
You can, but it’s much better to keep your own finances separate from that of your organisation. You’ll also need a community bank account if you want to apply for grants or collect donations.
This will depend on the provider so it’s important that you check. With the Co-operative Bank, for example, your account must not exceed any one of the following annual account limits: credit turnover of more than £2 million, deposits of more than £100,000 in cash, or deposits of more than 5,000 cheques.
Sources
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism.
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