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Fundraising Resources

  • Charity Bank (charity specialist, community accounts)
  • Triodos Bank (community accounts)
  • Unity Trust Bank (charity specialist, community accounts)
  • The Co-operative Bank (community accounts)
  • CAF Bank (charity specialist, community accounts)

Charity bank

Your organisation must have at least £10,000 to open an account

https://esavings.charitybank.org/bankfastApply/apply/index?code=D09

Unity Trust Bank

Which of the following documents do you have? Memorandum of association and articles of association Constitution Rules Confirmation of Diocese

https://apply.unity.co.uk/

Co-operative

Mixed opinions.

CAF

Organisations must be registered with a UK charity regulator,

https://www.cafonline.org/home/caf-bank/current-account/#howtoapply

Triodos

Have a minimum deposit of £50,000 for new customers, or £10,000 for existing customers.

https://www.triodos.co.uk/savings/business-and-charity-deposit-account/checklist

Claude says...

Why You're Seeing Higher Minimums

The $10K requirements you're seeing likely reflect that you're now dealing with:

  • Business banking accounts designed for handling larger sums
  • Trust or fiduciary accounts meant for holding money on behalf of others
  • Investment accounts where you might grow the funds before donating

These accounts often have higher minimums because they assume you're managing substantial amounts.

Key Issues to Consider

Tax implications - You'll likely need to report this income and potentially pay taxes on any interest/growth before donating. The group might need to get an EIN (tax ID number).

Legal structure - You're essentially running an informal charitable fund. Consider whether you need to:

  • Form a simple LLC or other entity
  • Set up formal agreements about decision-making
  • Establish clear record-keeping processes

Liability protection - Having a formal structure protects individual members from personal liability.

Practical Suggestions

  • Short term: A high-yield business savings account might work while you sort things out
  • Consider a fiscal sponsor: Some established nonprofits will manage funds for projects like yours for a small fee
  • Donor-advised funds: Companies like Fidelity Charitable let you deposit funds and then recommend grants to various charities
  • Get professional help: An accountant familiar with charitable giving could save you headaches

UK-Specific Considerations

VAT registration - With ongoing T-shirt sales, you may need to register for VAT if you expect to exceed £85K annually

Business structure - You probably want to formalize this as:

Community Interest Company (CIC) Limited company with charitable objects Or partner with an existing charity as fiscal sponsor