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.