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Co-operative Bank launches new bank account for charities

Co-operative Bank launches new bank account for charities

The Co-operative Bank’s new bank account functions as a fundraising tool for charities and community organisations.

Charities that open a new Community Directplus account from the Co-operative Bank stand to benefit from a new donation fund that will grow in relation to deposits. For every £100 deposited in Community Directplus, 10 pence will be added to a Customer Donation Fund. In addition, the account offers free banking and “a competitive rate of interest.”

Organisations with accounts will then have the opportunity to apply for project funding from this fund.

In addition a further 10 pence per £100 will be added to a Community Donation Fund. This fund will operate in line with the Bank’s partnership approach, which aims to deliver measurable impacts on society, the environment, employees and the Bank’s business.

In the first year, these two funds are guaranteed to generate at least £25,000 for community distribution and this will increase with deposit growth expected.

The new Community Directplus account is a low cost 24-hour telephone, Internet and postal banking service specifically designed to suit the needs of community organisations, charities, voluntary organisations, social enterprises and co-operatives. The account will offer free banking, with no charges for cheques, standing orders, direct debits or cash deposits/withdrawals. In addition, credit interest up to 2.52 per cent gross is paid on the account providing a minimum balance of £2,000 is maintained in the account.

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Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world's first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp.
  • Colin Terry

    Hi, we are looking to place £391.000 into an interest account for a year, possibly longer. We would would require four signatories with any two authorising. How would we go about opening the account please. Also, could you please let us have current interest rates. Colin

    • Thanks. I don’t know. This is a news item on UK Fundraising about the Co-op Bank’s account. You’d need to contact the Bank themselves to find out. We just covered the story.

      Also, this is from 2003, so I suspect they might well have changed what they offer to charities.

  • Winfred Wangui Magima

    Hi kindly help us to know how we can open an account in the UK for our noble cause of supporting children and women in kenya prisons .We have fundraisers easyfunding who would like to help the innocent children.

    • Thank you. As I explained to the similar question below, this is a news item about the bank. We are not the bank so we can’t help you with this.

      I suggest you contact the bank directly to ask them.

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