To help schools and trusts explore different banking options, the Department for Education (DfE) asked banks and building societies to submit information about the services they offer.
The banks listed below offer both current and savings accounts. Deposits are protected by the Financial Services Compensation Scheme.
Note: DfE does not yet recommend specific banks or building societies. The banks listed here are those that replied to DfE’s request for information.
Other banking options are available. Seek independent financial advice to find the best option for your organisation.
Before you can open a new account, banks must carry out checks called know your customer (KYC). These checks confirm the identity of your organisation and key individuals.
By law, banks must collect and check details about both your school or trust and certain people in it. This can include:
Each bank can decide how they do these checks, so requirements may differ. Your chosen bank will tell you what they need. Share this information with the right people in your school or trust to help the process run smoothly.
Once your bank has the details they need, checks usually take up to 4 weeks. It may be quicker depending on the complexity of your organisation. For example, the fewer people you add to the account, the quicker it can take.