Co-operative Bank offers free banking to social enterprises registered as CICs
Howard Lake | 30 July 2013 | News
The Co-operative Bank has announced a bank account that offers free banking to social enterprises that are registered as Community Interest Companies (CICs).
The Social Enterprise Directplus account is available specifically for CICs with a turnover of up to £1 million, and who deposit up to £100,000 in cash and up to 5,000 cheques per annum. It includes a business debit card, and interest on credit balances of £2,000 or more.
Provided organisations "operate within the agreed limits", there are no fees, unless you exceed the limits, or wish to use other services such as CHAPS payments, stopping a cheque, or requesting duplicate statements.
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Organisations using the account will have access to The Co
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.