Opening a bank account – what to think about
It can take a few weeks, or sometimes months, to open a bank account for your group.
Prepare ahead of time and make sure you read all the information carefully, fill in any forms in full, and know that group documents (e.g. your constitution) may be needed.
Why do you need a group bank account?
Community accounts are a good way to keep your group’s money safe and keep track of your outgoings and income. You will probably need a bank account to apply for grants or other types of fundraising. They are also useful if you will be collecting fees.
What to check about your account
When looking at the different types of accounts, ask questions such as:
- how do you change a signatory if you need to
- is there a minimum deposit
- is it specifically for community groups or charities (if your group is a charity)
- is it a business account (these will often charge fees)
- is the account free of charge (extra administration or going overdrawn will still likely incur a fee – make sure you know what you might get charged for).
Top tips
- Banks normally have community group accounts in the business section of the website instead of the personal.
- You will need two signatories on the account. By adding a third signatory, you can cover any absences or illnesses easily.
- Signatories cannot be related to each other (e.g. married)
- Community accounts might be referred to as clubs and societies by some banks.
Further resources
These guides have more information on finding the right bank account for your group:
- Resource Centre: Bank accounts for community groups
- Resource Centre: Getting a group started
- SCVO: Bank accounts