XR Finance: Need a bank account?

Here’s some guidance when applying for a current account with Triodos Bank for your Extinction Rebellion (XR) local group.

Background

XR Bristol opened a current account with Triodos Bank. They are a UK based social and ethical bank who offer sustainable products for the benefit of people and the environment with a particular focus on local communities. They have a good reputation and are the bank used by Extinction Rebellion UK and its predecessor, RisingUp.

For not-for-profit organisations, they offer a category of account called a Social Venture current account. It’s one of their business accounts. The account is FSCS protected and is administered online. To be eligible, you don’t need to be a registered business, charity or need to open an account in the name of an individual(s).

When you call them, they’ll take an email address and forward a link that takes you to their online application form. You’ll need your organisation name e.g. ‘Extinction Rebellion [Location Name]’, an address and a copy of your Constitution document, template below. Simply copy and paste some of the information from your Constitution document into your online application.

References:

Constitution document template. Copy and paste it into your own document and make the necessary changes. You will be asked to supply a copy.

Copy of the Triodos Bank email which includes additional information.

Items for consideration

1. In our experience, it can take 4-6 weeks to open an account, so try to be patient. The department involved is very busy. Pulling together your information in advance, together with applying online will speed things up. The paper application form is much slower so, if possible, avoid this route.

2. Your applicant(s) will need to provide proof of identity and proof of address. Not getting this information to the bank in a timely fashion is often the cause of slow progress. To save time, you can be asking your rebel applicant(s) to get this information together in advance. Usually, its a passport or driving licence for identity and a bill or bank statement for address though there are other options. Ask about these during your enquiries. No applicant, or signatory on your Constitution document, is referenced by a credit agency.

3. All applicants become Account Operators after setup. The Account Operators list can be edited using the Change of Account Operators form. You can set various account permissions for individual operators on the application form or by using the above form after setup. It provides for a granular level of account management. Be careful when setting the spending limits for the current account and for each Account Operator. Setting them too low can cause inconvenient delays as you are required to submit a form to change them.

4. There is a £5k minimum turnover. Don’t let this put you off. This limitation is not strict and Triodos Bank will not terminate your account if it’s not met. Important: Ensure you mention on your application form that your local group is part of Extinction Rebellion UK and are therefore associated with its account named Compassionate Revolution Ltd.

5. There are banking fees. We like that the account fees go towards good uses in social and ethical community projects.

6. As yet, Triodos Bank don’t provide a bank card with this account type, though they may have one coming next year. Therefore, payments must be made from your XR bank account to your supplier’s bank account. Cash can be paid in via NatWest or RBS branches for a fee. Other banks can be used at additional cost. A cash payments facility is a requested setting on your account once its setup. Remember to request it if needed.

7. We publish our account number and sort code as we have found many rebels and donors like to make a one-off donation or setup regular standing order donations in preference to using an online donation platform. Direct donations into our bank account saves us money as most platforms charge a percentage, though Chuffed is free 😉 As an aside, be mindful that some rebels and donors give anonymously so account credits of this nature are, of course, confidential.

8. Other environmental and social causes groups have had issues with stranded bank accounts whereby volunteers have left the organisation and it has subsequently lost access to its bank accounts. This will become an issue unless you take appropriate steps. With Triodos Bank, it’s possible to have multiple account signatories and Account Operators so it’s advisable to have at least two applicants. You can add more rebels later. It would normally be the responsibility of your local finance team to ensure this list is kept up to date. Perhaps you could achieve this via a regular finance control question – Is our Account Operators list fit for purpose? i.e. do all your Account Operators still attend meetings or, at the very least, are easily contactable and responsive?

Check list of things you need

  1. Organisation name and an address.
  2. Constitution document, signed and dated.
  3. Applicant(s) who can provide proof of identity and address.
  4. A good idea of spending limits on the account itself and for each Account Operator.
  5. Patience.

Enquiries

Make your enquiries direct with Triodos Bank in the first instance. They will take some basic details over the phone and send you a link to an online application form via email. A copy of the email is available in the References section above.

Telephone Mon-Fri 8am-6pm: 0330 3550 355

Email: contact@triodos.co.uk