Bank Services: Charities

Treasury written question – answered on 21st September 2021.

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Photo of Damien Moore Damien Moore Conservative, Southport

To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure charities are not faced with additional costs from excessive bank charges.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The decisions about what products are offered and to whom remain commercial decisions for banks and building societies. Similarly, decisions concerning the pricing of products, including account charges, are also commercial decisions for these institutions. Regulating on this issue could put additional costs on lenders that could ultimately lead to higher costs for customers. Therefore, while the government recognises and values the vital role played by the charitable sector, I hope you can appreciate that it would be inappropriate for it to intervene in these decisions.

UK Finance has developed a Business Current Account (BCA) finder tool, designed to help businesses, including charities, to compare the full range of bank accounts available and find products that best suit their needs. This tool also has a useful ‘Covid Update’ feature to highlight which providers are currently open and closed to applications.

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