We all are acquainted with individual savings account. But institutes / clubs / societies / charities are not an individual but are made up of several individuals. Well nationwide bank has an answer to that too which is Nationwide Treasurer’s Trust. A club can open an account in its name. A charitable institute can have an account even different societies can open account in their different society’s name. Therefore the bank has thought of that aspect too.
Since these are not out and out business organizations so you all must be thinking where from will they get thousands of pounds to open an account? Well the bank has kept a marginal opening balance of £50 only. The best part of the story is that the minimum balance could be as low as £1 and maximum balance could be as high as £2,000,000. That’s incredible.
Since these societies, charities, clubs, etc., will need money every now and then so the bank has given the feasibility of withdrawing unlimited number of withdrawals from these accounts every year and that too without any notice to the bank and without any penalty being levied against excess withdrawal. Now comes the best part of it. The net percentage comes to 0.01% p.a. which means that this is the net interest earned by you will have no deduction of tax. These rates are effective from 1st March, 2009.
The nationwide bank is also providing easy accessibility to these accounts. They provide instant access to these accounts. This way any club/societies or even charities in that matter will have a direct and instant access to their account which will help them to know the current status of their account and their financial position. Hence, we see that this Nationwide Treasurer’s Trust is doing a pretty good job in maintaining the balance in between the business organization and charitable institute.
Treasurer’s Trust is specially designed for institutes, clubs, societies or charities where several people unit together to serve a purpose. They too can maintain an account together.
Any society or charity can open an account with an opening balance of only £50. They could maintain this account with a minimum balance of £1 which will suit any institute.
The account holder has the advantage of unlimited number of withdrawals from their fund without any notice being served to the bank nor will they be charged with any penalty.
The bank even offered easy accessibility to this account whereby the club or institute or charity will have a direct and instant access to their bank account.
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