Bank Account for a Club

[danhay]

I need to set up a bank account for a club. It will need to have 3 signatories. Does anyone know of a bank or building society that offers such an account for free?

[simpo two]

The Saffron Walden, Herts & Essex B/Soc do (or did) an account for clubs and charities - worth a call.

[rospa]

danhay said:

I need to set up a bank account for a club. It will need to have 3 signatories. Does anyone know of a bank or building society that offers such an account for free?

We use HSBC.

[barry sheene]

danhay said:

Does anyone know of a bank or building society that offers such an account for free?

Halifax do an account specifically for this sort of thing, it's a called a Treasurers account.

[danhay]

Thanks for the replies folks.

[Eric Mc]

If the account attracts interest, make sure the bank does not deduct any tax at source - they have a terrible habit of doing this in error. Clubs, societies and limited companies do not pay tax at source on interest received. Insread, they are liable for Corporation Tax on their income. However, you will probably find that the level of interest you receive is too little for Corporation Tax to be charged.

You should notify the Inland Revenue that a club is about to be or has been set up, just to let them know, even if you are not going to be paying any tax.

[JonRB]

Cater Allen (formerly Flemings) are very good for this sort of thing.

www.caterallen.co.uk