Most community groups need to have a bank account in the name of the group. It is important for keeping track of your group’s money and making sure it does not get mixed up with individuals’ money. You also need a bank account in order to apply for grants, and should have one if you are collecting donations or fees.
Bank accounts for community groups
Most high street banks will offer an account that is suitable for voluntary and community groups. Opening a bank account for your community group can take several weeks, or even a few months. Be careful to fill the application form in thoroughly and send all the information that is requested. The bank may still write to ask for further details before opening the account.
It is vital that your bank account is in the name of your organisation, has at least two signatories who are not related and do not live at the same address.
Another option for community groups and organisations is Unify Credit Union (external link).
Unify Credit Union is community bank formed in 2002 when three small community credit unions merged together to cover the whole of the Wigan Borough. The last ten or so years has seen an extension of our common bond to cover Chorley, Leyland and Skelmersdale. Our Registered Office is located at 21 Crompton Street, Wigan and we have branches in Ince, Leigh and Chorley.