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Individual club should ascertain their individual needs and search for a bank account to suit these needs.
Many investment clubs have found the ‘Clubs and Societies’ or ‘Treasurers’ type accounts which are offered by many high street banks useful as more than one signatory is required on the account, which is important for security purposes.
Community Direct is a low cost telephone banking facility offered by The Co-operative Bank, specifically designed to provide the banking solutions most commonly required by community groups. Features of the account, which should prove beneficial to an investment club, include:
No monthly service charge
Automated credits are free e.g. monthly subscriptions by standing order
Access to the account 24 hours a day, 7 days a week.
Internet banking services
Interest when balances exceed £2,000
The Community Direct tariff sheet, application forms and mandates are all enclosed in the back of The ProShare Manual. If you have any questions on the account you can contact The Co-operative Bank on 0161 832 3456.
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