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?
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:
Scout out a good bank for your club (Daily Telegraph)
Bank accounts for community groups (ResourceCentre)
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.)
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.
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.
- bank can close the account(s) under certain conditions
[...]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.
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).