Why do you need all the information I’ve been asked to provide?

We require certain information in order to satisfy our due diligence process, so that we can, where necessary, carry out individual checks to ensure the details you provide in your application are accurate and up-to-date.

For how long is an application valid?

Once the application is completed, you will have 30 days to arrange for all the signatories to review and sign the form before it is submitted to us. We will send reminders by email every 7 days if we have not received the required signatures, and if we have still not received all signatures after 30 days, the application will be closed and you will need to begin a new one.

How does the online application process work?

The application process can be broken down into four easy steps:

Step 1

You select the product you want and click on the ‘Apply for your Charity Account’ button.

Step 2

You complete the application form in full via our partner DocuSign, ensuring the information you provide is up-to-date. You will then have the opportunity to upload your governing documents, along with any other documents we require (depending on your charity type).

Step 3

When you have uploaded your documents and completed the form, an email is automatically sent to all named parties for them to review and sign the application as well.

Step 4

Once all named parties have signed the form, your application is submitted to us for review. At this stage, if we require any further information or clarification from you we will let you know by email.

What is DocuSign?

DocuSign offers an easy way to sign agreements at any time, cutting out the need for paper and automating the process by connecting it to the systems businesses are already using. The aim is to make the process of completing agreements quicker, less expensive and less prone to errors. DocuSign uses e-signature technology to help organisations connect and automate how they prepare, sign and manage agreements.

DocuSign is used in over 180 countries and by more than a billion users worldwide, including many of the top financial companies.

What are the benefits of a charity savings account?

Having a charity savings account brings many benefits. As well as earning your charity additional revenue, it can help you plan for future expenses, such as equipment upgrades, marketing campaigns or hiring extra staff. It can also create an emergency fund for unexpected expenses, help future credit applications and can show potential investors and partners that you are a credible charity taking your long term financial health seriously.

A charity savings account is a great way to make your money work harder and earn extra revenue, so don’t delay and apply for your account now.

What are charity savings accounts?

They are accounts charities can use to earn interest on money they don’t need to keep in a current account for day-to-day expenses. Most charity current accounts do not pay interest on positive balances, so if you keep surplus cash in your charity current account you are probably missing out on a simple way of making your money work harder and earning your charity extra revenue.

What is the difference between a savings account and a current account?

A charity savings account is very simple in that it allows you to set aside excess money in your charity to keep it separate from the account you use for everyday income and expenditure and to earn interest on surplus money which would otherwise earn little or no interest in your current account. A charity savings account doesn’t usually come with a payment card, cheque book, overdraft or other facilities a current account may offer.

Are there different types of charity savings accounts?

There are three common types of savings account:

Fixed term bonds – These allow you to set aside a one-off sum for a specified length of time and earn an agreed rate of interest during that period. However, with most fixed term bonds, you cannot withdraw your money during the term of the bond, so you should only deposit funds you won’t need to access during that time.

Notice accounts – These allow you to deposit funds whenever you wish and to earn an agreed variable rate of interest on your balance. However, you can only make withdrawals after giving the required notice. For example, with a 40-Day Notice account you would have to request a withdrawal 40 days before you needed to have the money. These accounts offer more flexibility than fixed term bonds and usually pay a slightly lower interest rate as a result.

Instant access accounts – These offer the greatest flexibility as you can withdraw your money at any time. However, these typically pay the lowest rates of interest of the three main types of charity savings accounts.

How do I apply for an account?

Simply head to our Charity Savings Accounts page, and once you have decided which account you would like to open, follow the on-screen instructions to be directed to the online application form hosted by our partner DocuSign. If you are not able to complete the online form, please contact us.

What are the types of savings accounts I can open with United Trust Bank?

We offer three types of savings accounts: Fixed Term Bonds, Notice Accounts, and a Notice Tracker Account, which tracks the Bank of England Base Rate.

What types of charities can apply for a savings account?

We accept applications from the following charity types:

• Charitable companies (limited by guarantee), registered on the Charities Commission

• Charitable incorporated organisations (CIOs), registered on the Charities Commission and Companies House

• Excepted charities, not on the Charities Commission but still regulated by them

• Exempt charities, not on the Charities Commission that still comply with charity law

Charitable companies and CIOs must have a minimum of two trustees, and CIOs must also have a minimum of one director. For all charity types, the governing document must not be a Trust Deed, and all parties must be UK residents over the age of 18.