Launching a community organisation can bring meaningful social impact to our society. Whether they are supporting vulnerable residents, creating local opportunities, or tackling a community challenge, the work they do matters. But before community organisations can begin delivering their mission, there is one crucial administrative step that stands in the way: securing an account in the community organisation’s name.
Without an active account, they are essentially unable to function. They cannot receive grant funding or donations, pay suppliers, evidence financial governance, or even present themselves to funding and commissioning panels. As a result, funding opportunities are missed, projects are delayed, and communities are left waiting for services that could make a genuine difference. Quite simply, without an account, a community organisation cannot move forward, and this is the barrier where many are currently finding themselves stuck.
Across the UK, community organisations are experiencing significant delays when trying to open accounts with high-street banks as they are increasingly slow when it comes to supporting them. Community organisations have informed Wave Community Bank that they are experiencing delays of several weeks, and in some cases, up to a month. Banks may require extra documentation, more detail about the organisation’s activities, or ID checks for each director. For volunteer-run or newer organisations, these procedures can sometimes lead to a longer and more challenging setup process.
This is where credit unions – particularly Wave Community Bank – are stepping in to offer a much-needed solution. Credit unions understand the social enterprise landscape and recognise the urgency with which community organisations need to become operational.
This shared commitment is what makes credit unions such a fitting partner for these organisations. Both exist to strengthen local communities, operate ethically, and reinvest in people rather than profit. By choosing a credit union, community organisations can avoid lengthy delays and start delivering their services sooner exactly when their communities need them most.
We offer a simpler and much faster account-opening process, requiring only essential documentation and only requesting ID from two signatories – not all directors. Applications can be submitted in minutes, and guidance is available from real people who understand the social enterprise sector.
A community organisation can be up and running quickly, affordably, and with the confidence that their funds are protected by the Financial Services Compensation Scheme up to £120,000. Once the account is set up, we can also issue a community organisation with an AllPay card, allowing them to deposit cash into their account at any PayPoint location or Post Office if that facility is needed.
At a time when high-street banks are stepping back from supporting community organisations, credit unions are stepping forward. For organisations eager to begin creating positive change, the right financial partner can make all the difference.
If your community group, charity or CIC is struggling to open a bank account or is being held back by delays, a credit union may be the solution that gets your organisation moving again. Wave Community Bank is here to help community organisations cut through the red tape, get their account open quickly, and empower them to deliver the positive change our community deserves.
Get your community organisation account up and running today by downloading our application form here www.wavecb.org.uk/business-savings or speak directly with our friendly team on 0300 303 3188 for guidance and support.
