ONECAN Toolkit: Opening a Bank Account

In order to hold funds securely and meet the governance requirements of grant funders, a community group should possess a bank account it its own name. Most banks offer free accounts for community groups (typically called a treasurers’ account) and SCVO provides a comparison table of commonly available accounts.

To open a bank account, a community group’s management committee must first agree to do so at a minuted meeting and appoint three designated signatories responsible for lodging and withdrawing funds. Any appointments must comply with the group’s constitution i.e. it is common that all signatories must be management committee members and that the treasurer will be one. Dual authorisation on withdrawals will also be stipulated.

The management committee can then arrange with the bank of their choice to open an account by completing the relevant paperwork and providing:

  1. A copy of the meeting minutes.
  2. A copy of the group’s signed constitution.
  3. Identification for each signatory (photo ID and proof of address etc.).

For further information on opening a bank account, please see SCVO’s bank accounts guidance, the British Banking Association’s Banking for Charities/Voluntary Organisations guidance or contact VASLan’s Stuart Reilly at [email protected]

Related news

Funding opportunities closing soon - Creative Break, Clubs in Crisis, Scotch Whisky Action Fund

Check out these three funds targeted at community groups closing soon over May and June.

New toolkits to help your community group thrive

This month we are focusing on the key ingredients to get your community group up and running including applying for…

ONECAN Toolkit: Applying for Charitable Status

Find out how your community group can apply for Charitable Status.

ONECAN Toolkit: Establishing a Community Group

Learn about how to establish your own community group, including some of the things you'll need to consider if you…

ONECAN Toolkit: Recruiting Volunteers

Volunteers are at the heart of every community group, giving their time, skills and passion to help make a positive…
ONECarluke Community Portal
    Your Cart
    Your cart is emptyReturn to Shop

    This website uses cookies to ensure you get the best experience.