Advice sought on best bank account for clubs

[Roger Adams]

I am the treasurer of my local club which has been using a lloyds bank treasurer account for twenty years or so,
that has always provided free banking. This is about to change from the middle of January when there will be a monthly charge and individual transaction charges applied. My initial survey of alternatives from high street banks has failed to find any free alternatives.

 

Have any club treasurers got any recommendations on accounts that minimise the banking costs?  My current front runners are Virgin money, who are offering free banking on any month that does not exceed 10 transactions, and Metro Bank who are offering no charges for the first 2 years. I’ve still got lots to look at, but am hoping others experience will steer me in the right direction.

 

TIA

 

Roger

[Keith Berriman]

Hi Roger I am a treasurer of local club using Lloyds for last three years and disappointed to get the same letter, my understanding is no charge for payments paid in and 100 free electronic pay outs 

Like you I have been searching the net for alternatives also met a person from Barclays face to face who gave me an 0800 number to ring, this turns out they could set up an account free for 12 months the £8 per month etc

Having made various searches you have to be a current acount holder with a bank,  be a registered club of some kind,or you have to pay

Let's hope someone reads this topic and could offer a link 

[Adrian Smith 1]

Best of luck, Roger. I have been there through the pain.

I once tried to help my wife open up an account for a new local  Women's Institute.  The bank branches that were left in Woodbridge (Barclays & Lloyds) weren't interested in any face to face interaction and just referred me to a website or a phone number that in practice was never answered. Useless. My other alternative was to go to the bank where we held our joint account where it was possible open up a club type of account as long as one of us was a personal account holder. Free banking too apparently. Only online of course and we tried the process , but it seemed the software was designed to log you off before you could finish all the details. I am not slow - rather it was a discouraging trait in my view. At that point my wife didn't want to be treasurer after that aggravation, therefore the organisation didn't happen and nobody else could be bothered to tackle it! 

[John Lee]

We swopped from HSBC a couple of years ago when they started charging to a NatWest Community Account which is free. It has worked out well.

 

Note: 

 

* At least one of the parties named in the application must be an existing NatWest customer - if there is no existing NatWest relationship your application will be declined.
 

 

 

[Paul De Tourtoulon]

Me ave honest bank wife who does fre bank wif cash only, everfing fre,

 it is my wife, Fatimata SAWADOGO, send money Weston Union  ($ only please) to general chales de gaulle bld, Ouagadougou burkina faso,,,

 

[Simon Burch 1]

I recommend a Metrobank Community Account.  There are no charges, and the staff are very helpful.

[Roger Adams]

Sorry Paul, I gave all the money to my daughter when she had an accident whilst travelling abroad and had to ring me on a friends phone because her’s was damaged. I’m sure she will pay it back one day. 😉

 

Thanks guys, the NatWest account looks interesting, I’m still waiting to see if one of my co-signatories banks with them. If so that might be the solution. In truth though it may only be a temporary solution, the Lloyds account was very similar until it was withdrawn with only 3 months warning. The cynic in me expects NatWest to follow what seems to be the end of free banking,  but I hope I’m wrong.

 

Keith, my interpretation of the Lloyds changes are: £4.25 a month regardless of volume, up to 100 electronic transfers a month included, cash deposits & withdrawals £0.42 or £0.75 per £100 depending on method, cheques in £0.42 or £0.50 depending on method, cheques out £0.50. I know I can get most people to bank electronically, but the £51 a year maintenance fee is a significant charge for a small club.

 

Thanks again for the replies.

 

Roger

Edited December 3, 2024 by Roger Adams
Typo correction

[Tim Flyer]

We use Nat West and do not pay charges. Obviously we always maintain a positive cash balance. We are set up as a Community Amateur Sports Club which also helps . Setting up the account and mandate takes some time and a lot of information is required, but once done it all works well.
Nat West mobile banking works well and is easy to use. 

[kevin b]

We are a small club with very few outgoings and less than 10 transactions per year.

The same occured to us a couple of years ago and as you say the banks are all trying to charge.

However we had great success with Skipton Building Society and they pay top interest rates on our money.

They do a special account for clubs and such.

As treasurer, any bills that need paying I pay and then go and draw the money out of the account at our local branch.

The only big bill is our field rent, which is paid after the AGM and most of the members pay their subs in cash anyway.

Edited December 3, 2024 by kevin b