Bank Services: Voluntary Organisations
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the impact of fee-less community bank accounts being closed and replaced with fee-paying business accounts on (a) allotment societies and (b) other small voluntary organisations.
Answered by Emma Reynolds
The provision of banking services is a commercial decision taken by the banking sector.
In response to feedback from community account holders about difficulties in securing and maintaining suitable current accounts, UK Finance launched a website in July 2024, including guidance and an Account Finder tool, to help voluntary sector organisations locate an appropriate account for their needs. UK Finance also signpost where free banking services can be accessed.
In developing these resources, UK Finance worked with charitable organisations, members, and regulators, with the aim of improving how community accounts are opened and run.
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