Bank account comparison table

Which is the best bank account for your charity?

Many banks and building societies offer special current accounts for voluntary organisations and charities, and most give free banking if the account is in credit.

Conditions and benefits vary, and can change over time, but we have highlighted the main features of current accounts from institutions that have strong links to the third sector, or who have a significant ‘high street’ presence in Scotland in our bank account comparison table below.


Charities Aid Foundation Bank

Owned and operated by a charity, CAF Bank provides tailor-made financial products and services for the voluntary sector. Any profits made are reinvested into the charity sector.

CAF Cash Account

  • Free online and day-to-day banking services
  • Access to high street branch network – HSBC and Royal Bank of Scotland
  • Minimum deposit required – £1,000
  • Account management online, by phone or by post
  • Online banking with dual authorisation

Key features: £5 monthly fee. Low charge CHAPS, free online QuickPay facility for salaries; UK network of cash machines displaying the MasterCard® mark using the CAF Bank business card. Bacs Bureau services for payments and collection of Direct Debits; access to card payment processing services.

Charities Aid Foundation

Triodos Bank

Works specifically with organisations that bring about positive social, environmental and cultural change.

Triodos Charity Current Account

  • Account management online, by phone or by post
  • Online banking with a choice of level of authorisation
  • Access to high street branch network – NatWest and Royal Bank of Scotland

Key features: Charges vary for day-to-day banking services; interest on credit balances of £5,000 or more; dedicated customer focused service and current account transfer service. No credit or debit card available on any current accounts. Must have an expected turnover of more than £5,000.

Triodos Bank

Unity Trust Bank

Works with organisations to have a positive impact on society through economic, community and social change.

Unity Current Account

  • Account management online or by phone
  • Online banking with single, dual or triple authorisation
  • Minimum deposit required – £500
  • Access to high street branch network – NatWest and Royal Bank of Scotland

Key features: Fees from £6 per month. No debit card available on any current account.

Unity Trust Bank

Bank of Scotland

Treasurer’s Account
(for not-for-profit organisations with a turnover below £50,000)

  • Free online and day-to-day banking services when in credit
  • Access to high street branch network
  • Account management online or by phone

Key features: additional services such as Direct Debit and bulk payments to pay suppliers or wages and salaries may incur charges; support from business management team.

Bank of Scotland

Lloyds Bank

Treasurers’ Account
(for not-for-profit organisations with a turnover below £50,000)

  • Free online and day-to-day banking services when in credit
  • Access to high street branch network
  • Account management online or by phone
  • Online banking with dual authorisation

Key features: Ongoing support and guidance. Free presentation cheques to use when making a large donation or awarding a major prize. No minimum deposit required.

Lloyds Bank

Co-operative Bank

Gives registered charities, Community Interest Companies, Co-operatives and Credit Unions an ethical way to bank for free.

Community Directplus

  • Free online and day-to-day banking services when in credit
  • Access to high street branch network and at Post Office branches
  • Account management online, by phone or by post

Key features: Can apply for project funding for up to £1,000 from the Customer Donation Fund.

The Co-operative Bank

Reliance Bank

Part of The Salvation Army, all profits made by the Bank go to support its ongoing work.

Charities, Club & Society Current Account
(for charities with a turnover below £500,000)

  • Free online and day-to-day banking services when in credit
  • Access to high street branch network – Lloyds, HSBC, Barclays or Bank of Scotland
  • Account management online with dual authorisation

Key features: Clubs, trusts or societies that are not charities offered the initial first 6 months with free banking if in credit followed by a review. Current accounts with a cheque book, paying in book, corporate VISA debit card (subject to application), electronic payment facilities, overdrafts (subject to status and application) and business lending, relationship managers.

Reliance Bank

Royal Bank of Scotland

Community Account
(for clubs, charities, societies or other not-for-profit organisations with a turnover below £100,000)

  • Free online and day-to-day banking services
  • Access to high street branch network
  • Account management online and by phone
Royal Bank of Scotland

Clydesdale Bank

Business Choice Charities Account
(only available to registered charities)

  • Access to high street branch network

Key features: No transactional fees levied if account turnover under £1m. Credit interest linked to the base rate; unlimited withdrawals and deposits; relationship manager.

Clydesdale Bank

Santander

Treasurer’s Current Account
(for not-for-profit organisations with an annual turnover of up to £250,000)

  • Free online and day-to-day banking services
  • Access to high street branch network
  • Account management online and by phone

Key features: Up to three signatories, any one signatory can approve any financial transaction, there is no option available for more than one signatory to be required to authorise financial transactions. Free text message and email alerts, charges for non-standard transactions such as change giving, CHAPS payments; a daily transaction limit for ATM withdrawals; no interest paid on credit balances, no arranged overdraft facility.

Santander

All information featured above collated by the Scottish Council for Voluntary Organisations. Information correct as of May 2018.

 

Page last modified on 21st May 2018