The Charity Finance Group and the British Bankers Association have published a free guide to help charities with their banking arrangements.
Banking for Charities is designed for trustees and managers of charities, and provides information on opening a suitable bank account, understanding fees and charges and switching your account.
The guide looks at features likely to be important to charities, such as getting multiple authorisation on online or phone banking, claiming tax relief on interest and determining banks’ ethical policies.
Caron Bradshaw, chief executive of the CFG, said charities held a huge amount of money in bank accounts, but often they were not thinking about whether they were benefiting from the best interest rate and the right services.
"We’d like to see banking move from a passive arrangement to one in which charities are regularly ensuring they are getting the best service," she said. "The launch of this guide provides a key opportunity to encourage all charities to review their banking arrangements to make sure they are best suited to their needs."