Accounts for Clubs & Charities

Organisations can now join London Community Bank as Corporate Members, with the benefit of access to a Corporate Share Account.

Our Corporate Share Account is an easy way for organisations to make their money work hard in their local area. Corporate Share Accounts attract the same rate of dividend as other savings and are very similar to our Share Account for individuals.

The account is suitable for community groups, charities, sole traders and unincorporated bodies. The account opening process is straight forward, you just need to complete the application form and return this together with the required identification – please see below.

Deposits to this account can be made via bank transfer, debit card or by cheque. Currently the maximum balance that can be held on the account is £80,000. Instant access withdrawals are via bank transfer can be made with no notice up to £5,000 and withdrawals in excess of this will require 30 days notice

Identification requirements

In common with other financial institutions we require validation and identification of all signatories to the account. Individuals representing organisations will be required to produce identification documents giving proof of name, date of birth and address in accordance with the credit union’s normal identification requirements for individual members. In addition we will require details of all shareholders, directors or beneficial owners holding more than 25% of shares in the organisation who are NOT signatories.

Financial Services Compensation Scheme

Eligable Deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS) for organisations with assets up to £1.4m. In the same way as the rest of the financial services industry the deposits of large organisations are not covered by the FSCS. Further information can be found at: FSCS