UK Finance has launched a new site including a step-by-step digital guide and FAQ to support charities and other voluntary organisations open and manage bank accounts.
The new site also includes a free Account Finder tool, to help organisations in the voluntary sector find the best account for their needs.
The launch of the site is the final step of a project run by UK Finance to deepen understanding of the specific issues felt by charity bank account customers. UK Finance has worked with charitable organisations, members and regulators to develop the digital guide to help improve how community accounts are opened and run.
The project began with UK Finance chairing workshops with charity bank account customers, followed by interviews to discover common challenges in opening an account and understanding the regulatory process requirements to which financial services firms must adhere.
The site provides voluntary sector organisations tailored guidance to help work out their organisation structure, decide on their banking needs, and ensure they have everything they need to open and maintain their account.
Economic Secretary to the Treasury Tulip Siddiq, said:
“The contribution that charities and community groups make across the country is invaluable, and it’s essential they can access banking services as and when they need them. Banks and charities came together to make this guide and I hope it can be a helpful resource to support the valuable work of the voluntary sector.”
David Raw, Managing Director of Commercial Finance at UK Finance, said:
“Charity, voluntary and community groups contribute a huge amount to our society. From local sports and hobby clubs to national charities, these organisations are a key part of our social fabric.
“People who run these organisations have a huge amount to think about and so we want to make the process of opening and managing a bank account as clear and straightforward as possible. That’s why we’ve worked with representatives from the sector, along with regulators and policymakers, to develop this guide to help improve the experience of opening and running bank accounts.”
You can access the guide here.