A plethora of banking options are available for small charities like Wikilogic. However, there were several factors that made Wikilogic’s decision to open an account with the Co-operative bank fairly straightforward.
One of our first priorities was to find an account which has no monthly fees and no minimum deposit amount to open an account. This ruled out several banking options such as The Charities Aid Foundation Bank and Clydesdale etc. We also investigated the account costs for services Wikilogic is likely to use, for example international money transfers, BACs payments etc and found that these were significantly lower in some banks. It became apparent that the most flexible, low fee paying accounts, for a charity with funds of up to £250,000, are Santander and the Coop bank. Santander’s Treasurers’ Current Account and Coop’s Community Directplus account offer largely similar services and tariffs.
The final decision to choose the Coop was driven by the superior ethical standing of the Coop compared to Santander. Investigating financial institutions with ethics which are concurrent to Wikilogic’s was very important to us; we also investigated accounts with ‘ethical’ institutions such as Triodos. Coop’s more ethical structure and ideals combined with the accounts low tariffs and fees makes it the perfect choice for Wikilogic!