How To Find The Right Bank Account For Your Charitable Trust

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.

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