Share this content
16

Savings accounts

Seeking savings account for unincorporated private member club

Didn't find your answer?

I am looking for a savings account for an unincorporated private-members club that I'm associated with. Most banks (where I can get hold of them) seem to insist on incorporation of being a registered charity, neither of which we want. Any pointers?

Replies (16)

Please login or register to join the discussion.

avatar
By paul.benny
03rd Aug 2020 17:12

I think you will struggle to find any bank that will take you on because of the difficulty of complying with anti money-laundering legislation.

What is the objection to incorporating?

Thanks (1)
Replying to paul.benny:
avatar
By memyself-eye
03rd Aug 2020 21:07

too small

Thanks (0)
Replying to paul.benny:
avatar
By onthebeach500
04th Aug 2020 08:24

I don't really want to incorporate. It would be time consuming and more admin and we've run the club like this for 110 years! But take, your point and might have to finally.

Thanks (0)
Replying to onthebeach500:
avatar
By Paul Crowley
04th Aug 2020 18:31

110 years without a bank account?

Edit
Just seen below.

What bank would go through all the aggro of having an unlisted organisation, unable to confirm who contols club, need to believe whatever they are told, just because club does not trust the UK banking system.

You are clearly not good business for the new bank.

Thanks (0)
My photo
By Matrix
03rd Aug 2020 17:16

We have one with Barclays. It is for an annual fundraiser but is neither a charity nor a company.

Thanks (1)
Replying to Matrix:
avatar
By onthebeach500
04th Aug 2020 08:34

Yes, might try them again- so difficult talking to any decision makers these days. We don't really want another current acc, just a savings home as we've breached £85k gov guar

Thanks (0)
Replying to onthebeach500:
avatar
By kiwilondon99
04th Aug 2020 12:19

Possibly Try : TSB pobox 373 leeds ls14 9gq ,think this is the NfP/charity =or maybe= TSB business @ 30 semple house Edinburgh. look for treasurer type account
hope this helps..

Thanks (0)
avatar
By kestrepo
03rd Aug 2020 20:22

The banks should be able to open accounts for this type of organisation. They will need documented meeting minutes going back as far as you can realisitcally get them, accounts if you have them or cashbooks and also the identifying information (passports) of senior committee members ie the chairman, secretary etc. You need as much proof as possible. I have manage to get this type of account opened in the past but the downside was that we all had to make an appointment and physically go into the bank to get an account opened.

Thanks (1)
avatar
By memyself-eye
03rd Aug 2020 21:09

yeah it's a pain in the donkey
Why do you want a 'savings' account.
They pay burger all............

Thanks (0)
Replying to memyself-eye:
avatar
By onthebeach500
04th Aug 2020 08:31

Need savings account because we are saving up for a big club development in a couple of years and have reached £85k at Lloyds and already have more than £85k at a smaller bank so need a third to secure gov guarantee on further savings. And don't want to open another current acc unless have to!

Thanks (0)
Replying to onthebeach500:
avatar
By WhichTyler
04th Aug 2020 08:43

You might find that it is a good idea to incorporate (or set up a subsidiary) to manage the development if it is of scale. You might also find that the contractor wants to deal with a more transparent entity (or will charge more for risk)...

Thanks (1)
Replying to WhichTyler:
avatar
By WhichTyler
04th Aug 2020 08:50

Also businesses are not automatically covered by the FSCS, so check with your various banks...

https://www.fscs.org.uk/how-we-work/small-business-charity/

Thanks (1)
Replying to WhichTyler:
avatar
By onthebeach500
04th Aug 2020 08:36

Thanks, really helpful, I'll review later

Thanks (0)
Share this content