How to set up temporary bank accounts for events

Written by contributing writer | 13/05/2017
How to set up temporary bank accounts for events
Separate event funds in temporary bank accounts. (Cate Gillon/Getty Images News/Getty Images)

If your organisation holds events such as gatherings, meetings and parties, it may be wise to open a temporary bank account for funds associated with specific events. There's no dedicated "temporary account" designation for UK bank accounts, but you can open a current account, use it for a while and then close it when you no longer need the account. Most high street banks also offer accounts designed for non-profit charity or community organisations.

Identify what type of organisation you have. A temporary bank account for events can be opened for various purposes, and the type of organisation you have will affect the requirements for opening an account. For example, if the organisation is a non-profit organisation you may require proof of charity or community trust status.

Make an appointment with the manager at a local bank branch. You will need two forms of identification, and one of them needs to be official identification, such as a passport or driving licence. Once you're at the bank, fill out an application form for an account.

Designate the name for the account -- such as the name of the organisation or the specific event. This establishes that the account will be used for funding your events. Set up other banking tools such as mobile banking and online banking.

Keep the account active for a minimum of number of days. There may be a minimum time requirement to keep a new bank account open before they allow you to cancel it at no charge. Some banks allow you to cancel after 90 days without a fee, while a £30 early termination fee will apply if you cancel prior to this minimum time requirement.

Deposit the initial balance for the account. This amount varies depending on the policies of your bank, but generally only a small amount is required to be deposited for current account. Most usually have no annual fees.

Things you need

  • Information on type of organisation
  • 2 forms of indentification
  • Initial deposit for the account

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