There
are a lot of daily operations within your charitable trust that you need to be
in control of. One of these is banking and financial management. If you are not
on top of your charitable banking, then you could find that your charity could
be in a negative position. Of course, to manage finances better, you need to
have the right bank account and the right provider on board. So, just how do
you go about finding the right provider and bank account, and where should you
start?
See Who Other Charities and Trusts Are
Using
First,
it may be beneficial for you to start looking at who other charitable trusts
and charities are using. For example, are they using major high-street banks to
manage their donations and daily operations? Or are they using smaller online
banking facilities? You can find out a lot by looking at
who other charities are using. So, take your time to establish who the best
providers are, and what type of accounts they can offer your charitable trust.
Look For Specialist Providers
Not
all banking providers or accounts will be suitable for charities and charitable
trusts. You may find that it is highly beneficial to use specialist providers
as and where you can. You may find that specialist providers offer online bank accounts for charities which will allow
you to maintain daily operations and handle fundraising events too.
Check Eligibility Criteria
As
there are several bank accounts and providers on offer, it is always wise to check
eligibility criteria before submitting any applications. You do not want
to waste time by applying for accounts that your charitable trust is not eligible
for. If you are unsure about the eligibility criteria, then always be sure to
reach out to the provider. A quick online chat or even a quick phone call can
answer a lot of your questions.
Look at Fees, Handling, and Processing
Times
No
two bank accounts offer the same account fees or handling/processing times.
When you depend heavily on donations and fundraising, it is important to see
what fees you will be paying on maintaining
and running a bank account. Sometimes fees and processing times
can be steep, and this is why you need to compare bank accounts. Do not just go
for the first one that you see. You may find that fees drop at a certain figure
(for fundraising or donation amounts). You may also find that processing times
are slimmed down only when your account is online. The more that you can
establish about an account, its fees, and its processing times - then the more
informed you can be to make a decision.
When
you are working out a shortlist of bank accounts for your charitable trust, you
need to look at all the reviews and recommendations. Seeing what other users
and account holders have said about an account and seeing what real reviews say
is important.