Business Savings
Giving your business a helping hand with our Ethical Savings Accounts
If you run a small business, social enterprise or voluntary 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 Business Savings Account
Our Business Membership Account is for businesses, social enterprises and voluntary groups based in East Sussex.
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
These accounts cannot be opened online. Please complete application form and return with 2 x proof of identification, for each signatory.
Saving as a Business
Business members 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.
Sole Trader Accounts
If you’re a Sole Trader then you just create to open a Share Account – you don’t need a business account.
Safe and Secure
Deposits by Business members 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.
Business Membership: FAQ’s
Who can join?
Any organisation based in East Sussex, Brighton & Hove, Kent, Medway and the London Borough of Bexley oris a member of Unite the Union, can join if they meet the following criteria:
• A corporate body which is a member of the community bank;
• An individual who is a member of the community bank in his capacity as partner in a partnership or
• An individual who is a member of the community bank in his capacity as an officer or member of the governing body of an unincorporated association.
• Unincorporated associations would include a wide range of bodies such as trusts, charities and clubs operating within Brighton & Hove, East Sussex, Kent, Medway and the London Borough of Bexley.
A sole trader is not eligible for a corporate savings account but we can still provide accounts to individuals for business purposes.
How do we pay in deposits and make withdrawals?
Regular payments or lump sums can be paid into business accounts by cheque or by standing order. To pay in cash , you will need an AllPay card to pay in at shops and Post Offices displaying the PayPoint sign.
For withdrawals, we do direct credit transfer to your bank account. We do not issue cash or cheques. For more information visit our website.
How much can I save?
An organisation can deposit up to £120,000.
What do you need to set up my account?
We require the following documentation in order to set up your business account:
One item of proof of identification for all signatories
One item of proof of address for all signatories
Documentation verifying your organisation – a constitution, rulebook or incorporation document.
Who can be a signatory on the account?
There will normally be one signatory on the account who can authorise withdrawals. Your organisation can nominate a second signatory. A note will be made on the account identifying all signatories. It is advisable to bring some form of identification.
Can two signatories do online banking?
No. On a two-signatory account one of the signatories would have to request the withdrawal (either by online banking or by telephone) and the second signatory would need to email in to confirm it.
How do I apply?
If your organisation would like to open a Business Membership Account with your local community bank please complete a Business Membership form. This can be found at: https://wavecb.org.uk/business-savings/
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
