To open an organisational savings account with Kingdom Bank we first need a completed application form. We can open savings account for churches, charities and companies. These application forms vary slightly due to differing regulatory requirements, so please ensure you download and complete the correct application form.
As it is the company directors or trustees who have the authority to open bank accounts on behalf of their respective organisations, we require the application form and the mandate to be signed by these individuals to provide their consent.
How do we decide who can operate the account?
As part of the application form, you will find a non-personal mandate form. This allows you to decide who can act as a signatory on your account once opened.
Who can be a signatory on my account?
Anyone can be chosen as a signatory on your account. If they are not a trustee or company director, we will need some additional information from you about their role in the organisation. A brief cover letter explaining the role of the signatories with the organisation can help speed up our processing of your application.
Why do you collect the information you collect on the application form?
We are required to verify the identity of people who are connected to the account. The information you provide to us on the application form allows us to verify the identity of the organisation and the individuals connected with it. We don’t usually require any supporting documentation alongside the information you put on the application form but, if this is needed, one of our friendly team will contact the relevant person to find out any additional information.
Do we have to be a registered charity to open an account?
The good news is that you do not need to be a registered charity to open a savings account with us. As we need to verify the existence of the organisation we, by default, will do this using your charity number against the Charity Commission to verify the name of the organisation and the trustees. If you are not a registered charity, we can do this in other ways. This will involve you sending us additional supporting documents such as the minutes of your trustee meetings showing who the trustees are, as well as a constitution or similar supporting document. This should show the aims of the organisation, and how it appoints trustees.
Can we return the application form to you electronically?
At present Kingdom Bank requires your original wet signature on the paperwork, so we need you to sign the application form and mandate in ink and return this to us in the post.
Why do we need a current account elsewhere?
As you will see in our terms and conditions, we do not offer third party withdrawals. This is to keep your money secure. This means that any withdrawals you request will need to be transferred to a nominated current account in the organisation’s name.
How do we deposit funds into our savings account?
Once our team has reviewed your application form and set up your account, we will contact you to let you know your account is ready for an opening deposit. At this time, we will let you know our bank details so you can transfer this deposit if you are looking to do this electronically from your existing bank. You can also send us a cheque made payable to ‘Kingdom Bank Ltd – [Your Organisation Name]’. You can send us the cheque when we request the deposit or alongside the application form. The other option, subject to the amount you are looking to deposit into the account, is to give our account management team a call and they can take a card payment over the phone from you.
More information about the account options available can be found here. To speak to one of our team, please complete the enquiry form at the bottom of that page, or call us on 0115 921 7260.
