The results of the Charity Finance banking survey highlight ongoing challenges in the sector and identify top performing banks.
Charity banking has been a hot topic for the last year with banks coming under scrutiny for the quality of the products and services they offer.
The charity sector is working hard improve the situation and one way it is doing that is gathering data and feedback from charities. The Charity Finance Banking Survey 2024 results have now been released. They are based on around 300 charities responding, with 61% of them having income under £1m. The results reinforce the issues faced, and provide ratings for how individual banks are performing across different areas, which can be a useful guide for groups thinking about changing banking accounts.
The main issues reported remain focused on the bureaucracy involved in setting up accounts and updating details for existing accounts, as well as the more extreme problems of sudden account closure and record loss. Additionally, the environmental, social, and governance credentials of banks are a concern for charities.
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In terms of the rating of banks, the top five overall were:
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The survey also breaks down performance across specific areas; relationship management, branch services, phone services internet services, sector knowledge, fee/charges, interest rates, and ESG credentials.
Of particular interest to members might be the branch services where Reliance Bank, Bank of Scotland and Lloyds all scored highly. For sector knowledge CAF, Resilience Bank and RBS were the top three scorers.
You can find out more about the top five performers in all these categories in our Online Banking resource
