Having a dedicated bank account for your friends group helps keep your finances clear and organised, making it easier to apply for funding, receive grants or donations and keep track of spending.

Most funders will only give money to groups with their own account. 

What type of account to open

You need a community or treasurer's account for a friends group. These are designed for small volunteer-run organisations. These accounts are usually free to run and have basic features.

When opening an account, you will need:

• your group name (matching your constitution)
• a signed copy of your constitution
• names and addresses of at least 2 signatories
• proof of ID and address for all signatories
• minutes from your meeting agreeing to open the account

Signatories

You will need at least 2 unrelated people to sign off spending. It's best to have 3 people listed in case someone is unavailable.

Managing your friends group bank account

Once you have opened your bank account, it is important to:

• keep group funds separate from personal money
• set clear rules in your constitution about how money is managed
• agree spending limits and who can authorise payments
• keep a spreadsheet or notebook to track all income and spending