When you are looking for a bank account for your charity, it is important to consider all options. You want to be sure that you get the best account possible. An account that works for your charity and makes managing finances just that little bit easier. So, when it comes to finding a bank account, what do you need to think about?
Good Range of Services and Packages
To begin with, you must look at the services and packages on offer. As a charity, you will need a good choice and selection to choose from. If you do not have a good selection, you may find that you are stuck with unfavorable interest rates or packages that cost too much to maintain. As a registered charity, you want options, and you need variety. After all, you want to ensure that your account works as hard as possible.
Straightforward and Transparent Banking
When you are busy running daily operations for a charity, or you are involved with other areas, you can find the time very thin on the ground. To ensure your account doesn’t zap all your time and energy, you need to ensure that transparent and straightforward banking is always present and available. You will have little time to find answers to problems or work out how much the fees will be, which is why transparency is so important. You do not want to waste valuable resources on banking that is costly and tedious.
The Needs and Requirements of Your Charity
To narrow down bank accounts, you must consider your charity’s needs and requirements. For example, do you carry out a lot of transactions online? If so, you will be looking for the best online charity bank account. Or, if you need flexibility around account management fees to match donations and funding, this will be something you have to consider. It is important to think about the needs and requirements of your charity and then align them to the banks and accounts on offer.
Accessibility – Ease of Access
Some charity bank accounts can only be accessed by one or two named individuals – is this suitable for your position? Can you access the account anytime that you want to, or are you limited to using the account during daytime trading hours? Or, perhaps you may find that an account can only be used in the branch. As a charity, you need to know that you can get access when you need it. You don’t want to be restricted by set trading times or hours. You also do not want to be stuck with just one or two named people having access to the account, as this can once again be restrictive.
Personalized and Tailored Support
There will be times when you will need extra support and guidance from your bank. Having this support will reassure you. Tailored and personalized support is essential because a bank (and those that are representing them) have to understand what your charity needs to operate and function well. If personalized and tailored support is not given or offered, then you may have to settle for substandard accounts and practices which are not best suited to your charity and its daily operations.
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