Lloyds And Bank Of Scotland To Start Charging Clubs And Societies Up To £8.50 A Month For A Current Account - Here Are Your Options

16th November 2024

If you're a club or society using Lloyds or Bank of Scotland's 'Treasurer's Account' you'll soon be moved to a new paid-for version costing up to £8.50 a month. The shake-up takes force on 14 January 2025 unless you move your money elsewhere beforehand. Here's what's happening - and your options.

The high street banks' Treasurer's Account currently offers fee-free daily banking for non-profit organisations including charities, clubs and societies. For new account holders there is an annual turnover cap of £50,000 - though some existing account holders may have exceeded this limit.

Clubs and communities will be moved to a paid-for current account from 14 January 2025.

But from 14 January 2025, the rules are changing for clubs and societies only:

If you have an annual turnover of £249,999 or less, you'll be automatically moved to a 'Community Account', which costs £4.25 a month. You'll also only be able to make 100 electronic payments a month from the account for free, after which there will be a fee per payment, though the banks wouldn't confirm how much this would be.

If you have an annual turnover of £250,000 or more, you'll be moved to a 'Business Current Account', which has a monthly fee of £8.50. It also charges 20p per payment on electronic payments after the first 100 a month.

Voluntary Groups and Charities Need To Study this before charges start to eat up money

Read the full article at Money Saving Expert