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We created a political party in UK. And now we need a bank account in its name. What are the banks that have political party type account? Or will a business account do the job?

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    Hi and welcome. Please take a moment for our tour. This does not look to be on topic, consult our help center for a better picture of what you can ask about. – user9389 Jul 19 '17 at 17:27
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    @notstoreboughtdirt I think it is a constructive subjective question about which a long enough answer can be written. – user8262214 Jul 19 '17 at 17:32
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    have you asked your own personal bank about it ? – Max Jul 19 '17 at 17:39
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    Other than asking your bank about it, ask the UK electoral commission electoralcommission.org.uk – Max Jul 19 '17 at 17:47
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    @user8262214 Could you explain what you mean by "political party type account"? By most metrics a UK political party is just a membership 'club', which might be registered with the Electoral Commission if people want to stand for elections in its name – origimbo Jul 19 '17 at 17:57
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I've done banking in the UK for charities and sports clubs. Any high street bank will have some type of account for such organisations, which is likely to be appropriate for a new political party. It may be known as a club account, community account, treasurer's account, or something else. Here are some general advice pages for the UK:

If your party becomes particularly large and successful, its financial affairs will become more complicated; but this is something you can discuss with your bank if and when it happens.

Your party will of course need to comply with relevant laws on political parties and election funding, but the bank is unlikely to have any responsibility for this. (As an analogy: If you were running a charity, it wouldn't really be the bank's job to check if you were handling money in accordance with the legal requirements for charitable status.)

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Political parties usually (always?) are considered non-profits, so whatever legislation applies to non-profits applies to your new party.

You basically need to show up at your bank and open an account like you would for any other business, the difference being that you're a non-profit rather than a for-profit organization.

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    FYI, "non-profit" and "for-profit" are US terms which are not really used in the UK. – Royal Canadian Bandit Jul 26 '17 at 7:54
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I am not sure there is a special type of account for political parties (it might operate as one for a company), but there are certain rules that might pop in when opening an account or after its creation:

All party headquarters, and those accounting units with income or spending of over £25,000, have to send us annual statements of their accounts. We publish parties’ statements of accounts online to ensure there is transparency about their income and spending.

[...]Like most other commercial organisations, banks and building societies are under no obligation to continue doing business with someone if they do not consider it appropriate to do so.

E.g.: Barclays Bank bans BNP accounts

It would be interesting to know if any of the criteria or extra checking applied to politically exposed persons apply in this case (could not find information about this).

  • The Politically Exposed Person thing is interesting, but I'm 99.9% certain the OP is not already a member of the UK Parliament. Just being a parliamentary candidate is not enough to make you a PEP. – Royal Canadian Bandit Jul 26 '17 at 7:53

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