Allotment Society Bank Account

Discussion in 'Allotments Discussion' started by Poolcue, Mar 17, 2012.

  1. Poolcue

    Poolcue Gardener

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    As a society what interest bearing accounts are we allowed to have apart from the bulk standard very low interest deposit account that currently pays £10 on a balance of £19,000.
     
  2. madmick

    madmick Gardener

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    :dancy: Mine please
     
  3. watergarden

    watergarden have left the forum because...i'm a sad case

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    any account, its up to you / the members, but it should technically be a business account
     
  4. Jack McHammocklashing

    Jack McHammocklashing Sludgemariner

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    OMG The very best of luck to you

    I am but an Urk at work, and became treasurer
    I had to open an account with two other people (Managers) with three signatures

    I stupidly introduced them to MY bank

    So we all trapes along, to open the account, the two managers came along but had no identification etc
    Arranged a further meeing with the bank manager, to bring Proof of ID , utility bills, and other info
    Turned up to the appointment, err the two managers, both their ID's did not identify them as they had divorsed and changed names, utility bills were unpaid for six months and were actualy Red demands etc, and one of them had moved three times from the address provided

    Furher appointment made, and the end result was the same so I resigned
    These two dicks MANAGE ME !

    Three weeks to retirement TTF

    Jack McHammocklashing
     
  5. shiney

    shiney President, Grumpy Old Men's Club Staff Member

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    Some banks and building societies have 'club' or 'association' accounts - both current and deposit. Whatever they are you won't get much interest nowadays but with that amount of funds I'd start looking around because you may find a fixed term account that gives over 2% for the first year - well worth it. If it's not too much hassle you could shop around again at the end of the 12 months. You will also need a current account which, almost certainly, won't pay any interest. You have to decide whether it's worth the hassle.

    I've just had a quick look round and could only see about 1.5% but, with the amount you have, you can quite often go into the banks etc and sort out something better. One of the clubs I run is getting more than that but it's a negotiated deal with the bank manager as we also raise money for charity.
     
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