Community, Charity or Club account

Hi, I run a Girl Guide Unit and when looking to open a bank account and use one it’s so old fashioned and out dated. If I want to buy something on debit card, I have to use my own money then claim back as I need more than one signee to buy things. Taking off and adding people to the account is a nightmare and requires people to physically go into some banks together to do this! Which can be difficult when all local branches are closed!
Could you create an account for clubs that have dual acceptance of expense on debit card transactions i.e. like you have the enter your pin thing on the app if buying goods online (other signee gets notified on app and has to authorise etc). Also use of cheque deposit technology like Lloyds bank whereby you take a pic of chq front and back in the app and it is deposited into your account. Banks are so far behind with these types of accounts.

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Hey Gemma. Someone asked this question recently and received a reply from Jack @ Monzo:

Cheque imaging is something being developed too but requires regulatory things to happen first - the date for that is August I believe.

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Thank you thats great. Monzo would be a perfect fit and would help drag this type of accounting out from the dark ages! Cheque deposit function is great to hear too.

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Hi Gemma,
I’m in your exact same position and totally agree! What account are you using at the moment? We’re struggling to even get view only online banking at the moment, it’s a total nightmare.

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Hi I am using Lloyds but its taking ages to set up. Its their treasurer account but we use it for the Hut and its generally quite good.

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Hi all
we are very interested too,
we are struggling with HSBC as a Club / no profit, it is taking ages.
Monzo would be for us the best solution ever!

Would be great too if you could log in from multiple devices

4 of us are running the Club, so it would be useful if we could:

  • access from each personal phone,
  • have more than 1 card
  • as we all have personal Monzo account, would be nice if you could easily switch from personal to the business / charity / club account, like you do in instagram and other apps

Hello,
I appreciate there is currently no option for voluntary groups as yet other than Joint account, but have a quick query that I hope someone can advise on?

We are a group of students who are to receive external funding for our end of year events. We are thinking of setting up a Joint account so that a few of us (who already have Monzo personal accounts) can collectively access and monitor the funds.
If we deliver the event in October that the funding is for, and then close the Joint account, will our credit scores still be tied together after that/how long for?
Many thanks,
Ducky

Not sure your theory will work.

A joint account can only by accessed by 2 people out of your group - you and one other. It will also tie you both together on your credit report which I wouldn’t advise.

So, I wouldn’t do it this way at all - It would only give access to 2 of the group, and if it’s a trust thing, there is absolutely nothing stopping someone taking all the money anyway (you don’t need both people to agree etc).

That being said, right now, Monzo don’t report the joint account to any credit agency, so you won’t be tied together on your credit report.

This was due to change, although it would seem the priority of this is pretty low, so it’s unlikely to change anytime soon.