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How Do We Open a Group Bank Account?

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If your group plans to spend money on the chosen site and/or project then opening a bank account will be the best solution to legitimately and safely keep the group's money. Most groups at some point will also apply for grants for their projects and any grant making organisation, or councils etc will require proof of a bank account and the amount of money the group handles.

As previously mentioned you will need to be a constituted group with at least 3 board members in order to open a bank account. The board members will also need to be the signatories and I would advise you to have 4 signatories as although that seems a lot some grant making organisations will ask for this and you don’t want to be caught out on technicalities when applying for money! You can apply for a particular type of account especially for community groups. Not all banks offer community bank accounts however here are links to some that do:

www.cooperativebank.co.uk

www.lloydstsbbusiness.com

There are more out there, take a look.

How Do We Open a Group Bank Account?

If your group plans to spend money on the chosen site and/or project then opening a bank account will be the best solution to legitimately and safely keep the group's money. Most groups at some point will also apply for grants for their projects and any grant making organisation, or councils etc will require proof of a bank account and the amount of money the group handles.

As previously mentioned you will need to be a constituted group with at least 3 board members in order to open a bank account. The board members will also need to be the signatories and I would advise you to have 4 signatories as although that seems a lot some grant making organisations will ask for this and you don’t want to be caught out on technicalities when applying for money! You can apply for a particular type of account especially for community groups. Not all banks offer community bank accounts however here are links to some that do:

www.cooperativebank.co.uk

www.lloydstsbbusiness.com

There are more out there, take a look.

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