When you are running or managing a charity, you want to ensure you effectively manage money at every turn. The funds that come into your charity have to be fully utilized, and they have to be put to work as effectively as possible. For this to happen, you will need access to a suitable charity bank account. One that understands your needs and requirements as a charity is going to be crucial.
Focusing on Specialist Accounts
To find the best account, you are going to need to look specifically for
charity bank accounts. This is because they will be set up (and have the provisions) that you need. Standard high street bank accounts or even commercial accounts are not going to have the expertise you need to call upon. They are not also going to understand what a charity or non-profit needs to operate and function as efficiently as it can every day. You will also find that specialist accounts will also be very competitive in terms of costs and in terms of accessibility.
Seeing Who Other Charities and Non-Profits Use
When you are making your decision, you may want to start looking at using which accounts and providers other charities are using. Are they using the names that you know and are familiar with? Are they stuck with a restrictive high street bank? You can find out a lot from other charities, and you can see what negatives and positives they have experienced with charity banking. Approaching a larger charity for guidance directly can be difficult, so try and reach out to smaller ones to get the information you need. You never know, you might be able to exchange your knowledge in another area with them.
Accessibility of Accounts
Even if your charity is only small, you will want to find out what accessibility restrictions apply to the account. For instance, can one person only access the account, or does the account provider have a minimum number of account holders required to operate the account? It is important to look at how accessible an account is because you want to be sure it can handle payments and donations even if you are not around. If the account is not readily accessible, a charity may run into funding problems, and this can then snowball into other problems.
Make Sure the Account and Provider are Regulated
When you are finding suitable accounts, you need to be sure that accounts and providers are regulated. If they are not, you will find that the money in your charity account is not as safe as you thought. If funds are not secure, then you could find the safety of your charity is in jeopardy. Checking out who regulates the providers and accounts is crucial. If you have any doubts, ask the bank or provider themselves for clarification. If they are fully registered, honest, and transparent, they will be more than happy to share this information with you and any others who require it.