It is essential for every group to have its own bank account so that the group members can manage the money that the group makes, purchase stock and equipment, pay travel costs and group expenses or, perhaps to pay wages or dividends to group members.
We know that, as a new group, it can be hard to open a bank account. To help groups with this, we have partnered with the Co-op Bank, which has agreed to help each new group to get started with their own free group bank account.
Of course, groups don't have to open an account with the Co-op Bank and can approach any other bank, but we recommend them. They are one of the UK's most ethical banks, they share a lot of our values, and they are very supportive of our Community Enterprises, and they will help groups with their banking needs.
To set up a bank account, the group will need to have a few things in place. It will need to be properly set up with a constitution (we provide a template); it will need at least two group members who are over 18, able to act as signatories and who have valid ID (if you don't have anyone in your group who is over 18 then find someone locally who you trust who will act as a signatory for you - or talk to us and we can help). The group will also need to agree which address it will use for the bank account.
If you are interested in applying for a Co-op Bank account for your group then please get in touch with us and we can help you to fill in the application forms and to check that you have everything in place.