Community Group Accounts
Supporting your Community Group with accounts
If you run a community group then Wave Community Bank can help provide you with the means to keep your money safe and accessible at all times. Community groups can use their accounts with us to have grant funding paid into and to receive donations.
Supporting your local community
Setting up your Community Group Account
Community Groups can open a Business account with us.
Once your organisation has been allocated a membership number, you will receive full details about how to deposit and withdraw funds. To open the account you will need to pay the one-off membership fee for £5 and deposit a minimum of £1 to open the account.
Membership Forms
Community Groups need to complete our business Account form. These accounts cannot be opened online. Please complete application form and return with 2 x proof of identification, for each signatory.
Ten things you need to know about our Community Group Accounts
1. Is there a monthly fee?
No. There is a one-off membership fee of £5 when you join and you need to deposit £1 to open your account.
2. How long does it take to set it up a Community Group Account?
Usually we take 5 working days to set up a Community Group Account after we have received the completed membership form and your supporting documents which are listed on the membership application form.
3. Does the organisation have to be a CIC or charity?
No – you can be an unincorporated organisation such as a PTA, a ‘Friends of’ or community group. If you are an unincorporated organisation, you will need to supply a copy of your constitution with your application.
4. Can the organisation pay in cash?
Yes. We will issue you with an Allpay card to do this. You will be able to pay cash in using the Allpay card at the post office and shops offering PayPoint services. Look out for the PayPoint signs. Cash deposits are limited to £999 per transaction.
5. Do any of the signatories need to be members already?
No. We will ask for proof of ID of your signatories to be supplied with the membership application but they do not need to already be members of WCB.
6. Does this show collaboration for grant applications?
It does show the spirit of community collaboration to be using WCB for your grant account and this could potentially work in your favour.
7. How easy it to change signatories?
It’s easy. You will need to email us from the email address we have registered with us to instruct us on the change of signatory. The new signatory will need to provide us with proof of ID.
8. Is there a minimum or maximum amount organisations have to deposit each year?
No. There are no restrictions regarding this. You need to keep at least £1 in your account to keep it open and the maximum deposit is £120,000. If your account becomes inactive, we will contact you to see if you still want it open.
9. Are there transaction charges?
The only transaction charge is £1 for same-day withdrawals requested by telephone. Otherwise there are no charges for deposits, online withdrawals, or telephone withdrawals for the following working day.
10. Is the account instant access?
Withdrawal requests received before 3pm will be issued that working day. If requests are received after 3pm, they will be actioned the following working day. Withdrawals will not be actioned on weekends or bank holidays.
Savings for Community Groups
Community Groups can place up to £120,000 on deposit with Wave Community Bank. Deposits will attract the same dividend rate as individual members.
By depositing money with us rather than a High Street bank, funds can be used to offer affordable loans to other members; thereby supporting your local community. Same-day withdrawals are available if requested before 3pm and are free if requested online.
Safe and Secure
Deposits by Community Groups are fully protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 providing the organisation meets two or more of the following requirements over a number of years:
- Turnover less than £6.5 million.
- Balance sheet total less than £3.26 million.
- Less than 50 employees.
Further information about FSCS can be found at www.fscs.org.uk and may be updated.
Opening Hours
Our phones are open Monday to Friday between 9.30am-1.00pm and we continue to monitor our emails between 9.30am to 4.00pm.
Contact Us
Phone: 0300 303 3188
Email: info@wavecb.org.uk
Face-to-face appointments at Hove Town Hall by arrangement only.
Addresses:
East Sussex, Brighton & Hove:
Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ
Kent, Medway and Bexley:
39-48 Marsham Street, Maidstone, Kent, ME14 1HH
Follow Us
Wave Community Bank serves members in East Sussex, Brighton & Hove, Kent, Medway and the London Borough of Bexley, plus members of Unite in the South East Region. Withdrawals over £5000 will take 5 working days to process
Wave Community Bank is a trading name of East Sussex Credit Union Ltd.Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA Firm no 213910
