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Nationwide Treasurers Trust Account

Posted: October 10th, 2019, 12:29 pm
by Wuzwine
I have just been into a branch and they say the account is closing around the end of the year and I will get a letter giving 90 days notice! Too few accounts and too much hassle monitoring the signatures etc!

It's for a club that rarely has more than £400 on deposit. It only has the minimum £1 (to keep it open) for 5 months of the year.

I used to be a treasurer of a larger club, and my predecessor of that club had a Lloyds deposit account in his own name! As I was still working for HMRC I had to report to my boss how much interest had not been declared for CT, and move the savings to the Nationwide!

In view of amount I am thinking of just keeping it in cash, unless anyone can suggest an alternative!

Wuz

Re: Nationwide Treasurers Trust Account

Posted: October 10th, 2019, 12:47 pm
by PinkDalek
Wuzwine wrote:In view of amount I am thinking of just keeping it in cash, unless anyone can suggest an alternative!


I might go for your first option but alternatives (and the efforts in opening etc) include:

https://www.business.hsbc.uk/en-gb/everyday-banking/business-accounts/charity-banking-community-account

https://www.barclays.co.uk/business-banking/accounts/community-account/

https://www.lloydsbank.com/business/retail-business/current-accounts.asp#tab-row-2

When Treasurer of our cricket club I opened accounts with HSBC. That generated a minimal amount of interest and I think my successor closed the deposit account, as it wasn't worth the effort in bothering with transfers. If your maximum balance is ~ £400 the interest will obviously be tiny.

Do you receive any cheques in the club's name?

Re: Nationwide Treasurers Trust Account

Posted: October 10th, 2019, 1:13 pm
by Wuzwine
Hi PinkDalek,

No I don't get cheques, the previous club did. So the Nationwide account was ideal.

I know one of the three trustees banks with HSBC. I moved from them, when the local Midland Bank branch closed about 30 years ago! However he is unlikely to want to be involved.

Not sure who the Chairman banks with, if it is Lloyds that has the only local branch left (other than the Nationwide), we may use them.

If the Chairman agrees I will probably ask members them to agree to just keeping it in cash. They will almost certainly agree as nobody will want to be treasurer!

Many thanks for your quick reply links and duly thanked.

Wuz