Meet our Expert

Carolyn_SimsCarolyn Sims – Head of Banking, Charity Bank 

Carolyn is head of banking for Charity Bank. She previously worked in the City for a European Bank where she provided finance for affordable housing projects mainly. She is committed to supporting third sector organisations and the work that they do and consequently is a trustee of several charities. She is also a member of an Advisory Panel which looks at community regeneration projects.

 

“I am setting up a new charity and looking to open our first bank account. What are the key things which a charity in particular should look for when assessing different accounts?”

 

The answer

A charity would need to be clear as to what sort of account it requires and should think about:

 1. What sort of access do I need to my money?
 2. Do I require a cashpoint card and cheque book?
 3. What other services might I require?
 4. How frequently will I need bank statements?
 5. Do I require on-line banking?
 6. How much will I be charged? Is charity banking free?
 7. If opening a deposit account – how much notice do I have to give to access my money or is it instant?
 8. Charities should also consider using one of the ethical banks